
17/07/2024
Deepinder Goyal has become a billionaire after a record rally in Zomato shares since last year. The stock has jumped over 300 percent since the last of July 2023.
From a middle-class background, Deepinder Singh Goyal, an IIT Delhi graduate in Mathematics and Computing, was inspired by his passion for food to create an app for convenient meal ordering. While at Bain and Company, he co-founded FoodieBay.com, later renamed Zomato.com, after recognizing the potential to streamline food ordering processes. With initial funding from Info Edge in 2011, Goyal and his team left their jobs to focus on Zomato’s growth. The company quickly rose to prominence in India’s food tech industry, becoming a unicorn in 2018.
Blinkit, the quick commerce firm owned by Zomato, now has a higher implied value than Zomato’s core food delivery business. Blinkit is valued at $13 billion, up from $2 billion in March 2023, with a per-share value of Rs 119, surpassing food delivery at Rs 98.