Zomato CEO Deepinder Goyal extended the voluntary waiver of his annual remuneration of Rs 3.5 crore till the end of the 2025-26 financial year (FY26). Earlier, the executive said that he would let go his remuneration till the end of the 2023-24 fiscal year (FY24).
The qualified institutional placement (QIP) documents of the firm revealed that the chief executive officer will not draw any salary till March 31, 2026, reported Moneycontrol. “Vide letters dated March 24, 2021 and April 1, 2024, addressed to our board, Deepinder Goyal has voluntarily waived his salary for a period starting from April 1, 2021 till March 31, 2026,” the document stated.
The earlier decision to waive off his remuneration was taken at the beginning of the 2020-21 fiscal year (FY21). However, Goyal will continue to operate as the MD and CEO of Zomato during the period. He will also remain entitled to variable pay, the overall amount of which shall be decided by the board at a later date.
The executive holds a share of 4.18 per cent in Zomato and this comes up to more than Rs 10,000 crore as of the end of trading session on November 25 on the BSE, the report noted.
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The overall value of his shares has soared following the strong rally seen in Zomato shares, which jumped more than 140 per cent on a year-to-date (YTD) basis and ended trading at Rs 280.15 apiece on November 26 on the BSE.
The company currently has a market capitalisation of Rs 2,47,550.12 crore. At the same time, its main competitor, Swiggy’s market capitalisation stood at Rs 1,03,349.11 crore.
Notably, Zomato also became the first new-age tech firm to become a part of the 30-stock BSE Sensex platform recently. The company will replace JSW Steel and be listed in the benchmark index from December 23, 2024.
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