Deepinder Goyal, managing director and chief executive officer of food delivery company Zomato, has voluntarily extended the waiver of his annual remuneration of Rs 3.5 crore by two years, till the end of 2025-26 (FY26), according to the company’s qualified institutional placement (QIP) documents.
“Deepinder Goyal has voluntarily waived his salary for a period starting from April 1, 2021 till March 31, 2026, and shall continue to discharge his roles and duties as the managing director and chief executive officer during this period,” documents showed.
In March 2021, Goyal had informed the board that he would forgo his salary for 36 months till the end of FY24. In another letter dated April 1, 2024, he extended this till March 31, 2026.
According to the documents, Goyal will continue to receive the variable pay “at the discretion of our board”. Goyal currently holds a 4.18% stake, valued roughly at Rs 10,000 crore.
In a regulatory filing on Monday, the food delivery platform said the fundraising committee of the board has approved and authorised the opening of its Rs 8,500-crore QIP, setting the floor price at Rs 265.91 per share.
Goyal had earlier said the proposed fundraising would strengthen Zomato’s balance sheet. However, the company in the offer document said the proceeds will be used to bolster its quick commerce business Blinkit and tech capabilities. Of Rs 8,500 crore, Rs 2,137 crore will be allocated for “expenditure towards setting up and running operations of dark stores and warehouses”. As much as Rs 2,492 crore will be spent on “advertising, marketing, and branding initiatives” across business offerings.
Another Rs 1,769 crore will be spent on tech and infrastructure capabilities, and the remaining will be set aside for general corporate purposes.
