Zomato’s IPO Prospectus Reveals Salary of Top Management
Zomato’s draft red herring prospectus for an initial public offering (IPO) reveals the salary of its top executives.
It shows that its MD & CEO, Deepinder Goyal, draws a basic salary of Rs 3.5 crore and he took a pay cut amid the pandemic in the last financial year. In FY 2020-21, the CEO had taken a remuneration of Rs 1.96 crore.
“Vide letter dated March 24, 2021 addressed to our Board, 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,” it said.
As per the prospectus submitted with the SEBI, Goyal now holds 5.5 per cent stake in the company.
It also said that Gaurav Gupta, co-founder and currently the head of supply, had received a gross remuneration of Rs 3.7 crore. Similarly, Gunjan Patidar, the co-founder of the company and currently the Chief Technology Officer, who joined the company on January 19, 2010, was paid a gross remuneration of Rs 1.5 crore last fiscal.
Akshant Goyal is currently the Chief Financial Officer of the company and during FY 2021, he was paid a gross remuneration of Rs 3.26 crore.
The online food delivery platform has filed for an initial public offering (IPO) with the Securities Exchange Board of India (SEBI), as the food delivery platform intends to raise Rs 8,250 crore this year amid the growing business in the pandemic.
In a draft red herring prospectus (DRHP) filed with the market regulator, Zomato said it aims to raise Rs 8,250 crore in capital by offering the company’s equity shares for sale.
Of this, Rs 7,500 crore will be through fresh issuance and the rest of the Rs 750 crore will be an offer for sale for its existing investor Info Edge.
Zomato has already converted itself into a public limited company from a private one.
It is planning for a $750 million-$1 billion IPO later this year, as more and more people are ordering food online amid the ongoing pandemic.
In February, Zomato raised $250 million (around Rs 1,800 crore) in a new funding round from five different investors. The transactions valued Zomato at a post-money valuation of $5.4 billion.