Zomato Founder-CEO Deepinder Goyal Joins Billionaire Club

• Deepinder Goyal has become a billionaire following a record rally in Zomato shares, which have surged over 300% since July 2023.
• Zomato's stock hit a new high of Rs230 on the BSE, boosting its market cap past Rs1.8 trillion and making Goyal India's richest professional manager with a net worth of Rs8,300 crore.
• The surge in stock is driven by expectations that Zomato's quick commerce business, Blinkit, will outperform peers and turn profitable sooner than anticipated.
• Analysts expect Blinkit to surpass Zomato's food delivery business in gross order value (GOV) and strengthen its market position, despite a longer path to sustainable EBITDA margins.
• Goldman Sachs values Blinkit at $13 billion, higher than Zomato's core food delivery business, predicting significant growth in GOV and EBITDA by FY29.

Source: Money Control