Zomato CEO Deepinder Goyal Will Not Take Salary Until FY26: Here’s Why

Zomato CEO and founder Deepinder Goyal has extended his salary waiver for an additional two years, as stated in the company’s Qualified Institutional Placement (QIP) report. Goyal has decided to forgo his salary until March 31, 2026.

According to Zomato’s FY24 annual report, Goyal initially waived his salary for 36 months starting from April 1, 2021. With this latest decision, he will go five years without drawing a salary.

The QIP document states: “Through letters dated March 24, 2021, and April 1, 2024, addressed to our Board, Deepinder Goyal has voluntarily waived his salary from April 1, 2021, to March 31, 2026, while continuing to serve as managing director and chief executive officer during this period.”

Goyal’s decision to forgo his salary is in line with his significant ownership stake in Zomato. As of November 25, his 4.18% stake in the company is valued at approximately ₹10,000 crore, based on Zomato’s closing share price.

Zomato’s stock has experienced remarkable growth in 2023, surging over 140% year-to-date (YTD). On November 26, the shares were trading at ₹279.84 on the Bombay Stock Exchange (BSE). The company’s market capitalization now stands at ₹2,45,243 crore (approximately $28.8 billion), far surpassing its competitor Swiggy, which is valued at ₹99,845 crore (around $11.8 billion).

On November 25, Zomato’s shares rose by up to 6% during early trading, fueled by two key developments. First, the company became the first new-age tech firm to be included in the 30-stock Sensex, India’s benchmark stock market index. Second, Zomato received approval for its ₹8,500 crore ($1 billion) Qualified Institutional Placement (QIP), boosting investor confidence.