Zomato, a food technology company with US$5.4 billion in assets, has just taken the first step, submitting the first draft of the Red Herring Outlook (DRHP) to the Securities and Exchange Commission of India (SEBI). The $1.1 billion IPO is the first offering of an Indian technology unicorn.
A closer look at DRHP reveals the salaries of Zomato’s top management, including its co-founder and CEO Deepinder Goyal. The company’s CTO owns the stock, and other executives own the ESOP in addition to their salary.
Deepinder Goyal founded Zomato in 2008 and currently owns 5.5% of the company. Although Goyal’s basic annual salary is 3.5 billion rupees, the co-founder’s salary has been cut due to the COVID-19 pandemic. In the fiscal year ending March 31, 2021, Goyal received 1.96 million rupees. Goyal also said that he will not take away any money, such as salary, in the next three years.
The DRHP speech stated: “From April 1, 2021, Deepinder Goyal voluntarily waives its salary for a period of 36 months, and will continue to perform its duties of managing director and CEO during this period. An interesting tidbit is that When Goyal entered the final engineering year of the Indian Institute of Technology (IIT)-Delhi, the zomato seed appeared on his head. “At the end of the five years of IIT, I ordered Dominos pizza, and then you have to call and place an order. When I was in college, I started a grocery ordering company, but that didn’t happen. Goyal said in a Twitter chat with the Shiva Nadar Foundation.
Gunjan Patidar, a graduate of Date IIT Delhi, joined Zomato in 2010. Today, He is the Chief Technology Officer and Director and earned $210.1 in this fiscal year.50 million.
Zomato’s co-founder and head of procurement Gaurav Gupta (Gupta) earned £3.7 billion in revenue in 21 fiscal years. Gupta graduated from IIT in Delhi and Indian Institute of Management (IIM) in Kolkata.
Akshant Goyal’s revenue in fiscal year 21 was Rs 3.2 billion. He joined Zomato in 2017 and previously worked in fintech startups and Kotak Mahindra Bank. Goyal graduated from Delhi University and graduated from Bangalore IIM with a degree in management.