Zomato's Deepinder Goyal Makes Headlines as India's Latest Billionaire
Since July 2023, Zomato’s stock rose by over 300 percent due to the success of Blinkit.
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Deepinder Goyal, the founder and chief executive officer of Zomato, has achieved billionaire status, thanks to a significant rise in the company's stock value over the past year.
Today, Zomato's stock went up 4%, reaching a new high of Rs 232 on the Bombay Stock Exchange (BSE).
Zomato’s stock price rose by over 300% since July 2023. This growth is due to the success of Zomato's quick commerce business, Blinkit. The performance of the online food ordering and delivery platform has boosted investor confidence to a great extent.
Blinkit has been performing better than its competitors like Swiggy Instamart and Zepto and is expected to become profitable sooner than expected.
Zomato says Blinkit could reach EBITDA break-even by the first quarter of fiscal 2025.
In 2022, Zomato acquired Blinkit for $568 million, making it the most valuable asset in Zomato's portfolio because of its enhanced financial performance.
