As shares of food delivery platform Zomato continued its downward spiral, Deepinder Goyal, managing director and CEO for the company, has voluntarily waive off his salary for financial year 2021-22 (FY22).
The move comes amid 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.
Deepinder, who had started Zomato in 2008, today holds a 5.5 percent stake in the company. He had also taken a pay cut last financial year as well owing to the Covid-19 pandemic.
On the other hand, right before the startup went public on July 21, 2021, Deepinder was granted employee stock options ESOPs worth Rs 700 crore by the investors/ board “basis of his past performance”.
On May 6, 2022, Deepinder had announced that he will be donating all his ESOP proceeds worth Rs 700 crore to the Zomato Future Foundation (ZFF) to offer free education for delivery partners’ children and more.