Deepinder Goyal becomes India's newest billionaire 16 years after launching Zomato

Deepinder Goyal has now become India's newest billionaire, an achievement he reached 16 years after launching Zomato in 2008.

The surge in Goyal's net worth comes from the 4.19% stake he owns in Zomato, the shares of which have grown over 300% in just two years.

Goyal, who recently married Mexican model Grecia Munoz, owns about 36.95 crore shares in Zomato. Notably, the company's market cap is $24.25 billion, or Rs 2.01 lakh crore. 

Based on the company's current market cap, Goyal's holding in Zomato is valued at around Rs 8,423 crore ($1.01 billion).

Goyal’s journey and achievements

Deepinder Goyal's journey from a middle-class background to becoming a billionaire is inspiring. Born in Muktsar, Punjab, Goyal pursued his education at DAV College, Chandigarh, and later graduated from the Indian Institute of Technology, Delhi, in 2005.

His passion for food led him to create Foodiebay.com in 2008, which was rebranded as Zomato in 2009. Under his leadership, Zomato expanded globally and became India's first unicorn to go public in 2021. 

In February 2018, Zomato became the first foodtech startup to join the unicorn startup club after raising funds in a Series H funding round.

The company first secured Rs 4.7 crore (approximately $1 million at that time) in August 2010 from Info Edge Ventures.

Personal life and investments

Goyal’s personal life is as dynamic as his professional journey. He married Kanchan Joshi in 2007, whom he met at IIT-Delhi, and they have a daughter named Sitara.

After separating from Joshi, Goyal married Mexican model and entrepreneur Grecia Munoz, who now resides in India and runs a luxury consumer products startup.

Goyal is also a judge on Shark Tank India and has invested in various startups, including Bira 91, HyperTrack, TerraDo, and SquadStack. His assets include a 5-acre land in Delhi's Dera Mandi village and several high-end cars.

Zomato’s growth and market position

Zomato has shown impressive growth, with its revenue from operations increasing by 71% year-on-year to Rs 12,114 crore in FY24 from Rs 7,079 crore in FY22. The company reported a profit of Rs 351 crore in FY24, compared to a loss of Rs 971 crore in FY23. The success of its quick commerce business, Blinkit, acquired in 2022 for $568 million, has also contributed significantly to Zomato's growth.

Blinkit's valuation has surged from $2 billion in March 2023 to $13 billion, surpassing Zomato’s core food delivery business, as per Goldman Sachs.