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By the end of the trading day, Zomato’s market value was Rs 2.02 trillion. This increase in stock price came after the company decided to raise its platform fee to Rs 6.
Deepinder Goyal, the founder and CEO of Zomato, has joined the billionaire club. This milestone was reached on Monday when Zomato’s stock significantly increased.
Goyal owns 4.19% of Zomato, which is about 369.5 million shares. This stake is now worth around Rs 8,465 crore (about $1.1 billion). Zomato’s stock closed at Rs 229 per share, up by 2.99% from the previous day. During trading, the stock hit a 52-week high of Rs 232 on the Bombay Stock Exchange (BSE).
By the end of the trading day, Zomato’s market value was Rs 2.02 trillion. This increase in stock price came after the company decided to raise its platform fee to Rs 6.
Zomato’s recent success is largely due to its quick commerce business, Blinkit, which has outperformed rivals like Swiggy Instamart and Zepto. Zomato acquired Blinkit in 2022 for $568 million, and it is now seen as the most valuable part of Zomato.
Analysts predict that Blinkit will soon surpass Zomato’s main food delivery business in gross order value (GOV). A note from Goldman Sachs values Blinkit at $13 billion, up from $2 billion in March 2023, surpassing Zomato’s core food delivery business. The note also predicts Blinkit’s GOV will grow at a 53% annual rate from FY24-27, and that both GOV and Ebitda will exceed food delivery by FY29.
While Zomato focuses on growth investments rather than immediate profits, analysts believe Blinkit’s sustainable Ebitda margins (4-5% of GOV) will take longer to achieve than its food delivery business.
However, factors like advertising income, take-rates, and operational efficiencies are expected to gradually improve profitability. Zomato’s food delivery Ebitda margin is among the highest globally, and similar results are expected for Blinkit.
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