Zomato CEO Deepinder Goyal Waives Off Salary For FY22

Foodtech giant Zomato’s CEO and cofounder Deepinder Goyal waived off his salary for financial year 2021-22 (FY22). The disclosure was made in a regulatory filing by the company on Tuesday (June 7).

The startup also spent INR 386.9 Cr on employee stock options (ESOPs) for Goyal in the second half of FY22. The overall expenses for three key managerial personnel (KMPs) on account of ESOPs as well as salary and other benefits amounted to INR 778.8 Cr in the second half of FY22.

Apart from Goyal, the other KMPs include chief financial officer (CFO) Akshant Goyal and company secretary Sandhya Sethia.

The data revealed that Zomato incurred a cost of INR 386.9 Cr for ESOPs granted to CEO Goyal in the second half of FY22. On the other hand, ESOPs for CFO Goyal cost the company INR 3 Cr, while Sethia’s stock option proceeds amounted to INR 30 Lakh during October-March of FY22.

Salary and other expenses of CFO Goyal amounted to INR 50 Lakh during the second half of FY22 despite him waving off his salary for Q4 FY22. Sethi charged INR 30 Lakh as her remuneration for the second half of the year ended March 2022. 

Earlier, the startup’s cofounder had said that he would give away around INR 700 Cr of his ESOPs proceeds in FY22 to the Zomato Future Foundation.

Zomato’s net loss widened to INR 1,223 Cr in FY22 from INR 816 Cr in FY21, while revenue from operations rose to INR 4,192 Cr from 1,994 Cr.

The board of the foodtech giant is likely to convene on June 17 to greenlight the acquisition of quick-commerce startup Blinkit.

Meanwhile, shares of Zomato continued its downward spiral on Tuesday, falling 6.72% to close at INR 65.20.