The $5.4 billion
foodtech firm Zomato has just made its first move with respect to its initial
public offering (IPO) by filing the Draft Red Herring Prospectus (DRHP) with
the Securities and Exchange Board of India (SEBI). Zomato is going for a
whopping $1.1 billion IPO, a first for India’s tech unicorns.
A closer look at the DRHP reveals the take home
salaries of Zomato’s top leaders, including its co-founder and chief executive
officer (CEO) Deepinder Goyal. While only Goyal and Gunjan Patidar, the chief
technology officer of the company hold equity shares, the other executives also
hold ESOPs beyond their salary.
Here’s a look at how much the foodtech unicorn’s
top executives earn:
Goyal started Zomato in 2008 and now holds a 5.5% stake in the company. While Goyal has a basic salary of ₹3.5 crore per annum, the co-founder has taken a pay cut owing to the COVID-19 pandemic. In the financial year ended March 31, 2021, Goyal had a salary of ₹1.96 crore. Goyal also announced that he will not be taking any money home for the next three years, as salary.
According to the DRHP filing,
“Deepinder Goyal has voluntarily waived his remuneration for a period of 36
months starting from April 1, 2021 and shall continue to discharge his roles
and duties as Managing Director and Chief Executive Officer during this period.”
An interesting
fact is that the seed for Zomato was in Goyal’s head when he was in his last
year of engineering at Indian Institute of Technology (IIT)-Delhi. “It was
towards the end of my five years at IIT that I was ordering a Dominos pizza and
back then, you had to call and place an order. So while in college I started a
food ordering company, it didn’t work. It was way too early,” Goyal had said
during a Twitter live chat with the Shiv Nadar Foundation.
Patidar, a graduate of
IIT Delhi, joined Zomato in 2010. Today, he holds the position of chief
technology officer and in FY21 earned ₹1.5 crore.
Gupta, a co-founder of
Zomato and the head of supply now, took home ₹3.7 crore in FY21. Gupta is a
graduate of IIT Delhi and Indian Institute of Management (IIM)-Calcutta.
Goyal earned ₹3.2 crore
in FY21. He joined Zomato in 2017, and has worked with a fintech startup and
Kotak Mahindra Bank earlier. Goyal is a graduate from the University of Delhi
and a holds a post graduate diploma in management from the IIM-Bangalore.
Ganjoo joined Zomato in
2017 and is the head of its food delivery operations. A graduate from
University of Pune and BITS Pilani, Ganjoo earned ₹2.9 crore in FY21.
Gupta joined Zomato in
2018 and as of FY21 he took home ₹3.8 crore. Prior to joining Zomato, Gupta, an
IIM Calcutta graduate, worked with Pepsi and MakeMyTrip
Chopra, an associate of
Institute of Chartered Accountants of India and a graduate of Lady Sri Ram
college in Delhi, joined Zomato in 2010. The head of people development has a
salary of ₹1.6 crore as of FY21.
Das, who is the head of
customer experience at Zomato, earned ₹55 lakh in FY21. As per the DRHP, Das
had joined Zomato in 2011 and left the company in 2018, only to rejoin in 2020.
The head of human
resources at Zomato, Sawhney earned ₹1.3 crore in FY21. A graduate of Amity
University and London School of Economics, Sawhney too had joined Zomato in
2011 and then took a year to rejoin in 2012.
Sethia joined Zomato in
2019, and earns ₹55 lakh as her salary. “Prior to joining our Company, she has
worked for over six years in different roles with JHS Svendgaard Laboratories
Limited, Mideast Integrated Steels Limited and Affle India Private Limited,”
reads the DRHP filing.
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