Deepinder Goyal becomes India's newest billionaire

Zomato co-founder and CEO Deepinder Goyal, who left an MNC job to start the food delivery platform in 2008, has now joined the growing but elite club of billionaires in India.

The surge in the entrepreneur's net worth comes on the back of a 4.2% stake he owns in Zomato, the shares of which have grown over 300% in just 2 years.

The 41-year-old Goyal, who studied Mathematics and Computing at IIT Delhi, owns about 36.95 crore shares in Zomato.

The new-age stock zoomed over 4% in Monday's session, on the back of an increase in platform fee, to a fresh all-time high of Rs 232.

The stock's market capitalisation also crossed Rs 2 lakh crore mark.

His stake alone in Zomato is now worth about Rs 8,400 crore, making him a billionaire in US dollar terms.

Once ridiculed as a loss-making startup burning cash raised from VCs, Zomato has been a turnaround story ever since it reported its first-ever profit of Rs 2 crore in Q1 of FY24.

Zomato's quick commerce arm Blinkit turned adjusted EBITDA positive in March.

In Q4 of FY24, the firm delivered a consolidated net profit of Rs 175 crore after which brokerages raised target prices.