Zomato’s founder and CEO, Deepinder Goyal has announced to donate around USD 90 million, nearly Rs 700 crore, from vested Employee Stock Ownership Plan (ESOP) to Zomato Future Foundation (ZFF) to help fund the education of children of its delivery partners.
“I am donating all the proceeds from these ESOPs (net of taxes) towards the Zomato Future Foundation (ZFF). The ZFF will cover education of up to two children of all Zomato delivery partners, up to Rs 50,000 per child per annum on actuals (above a certain service quality benchmark) who have been on our fleet for more than five years,” Goyal said. He further added that the amount will go up to Rs 1 lakh per child per annum if the delivery partner completes 10 years with the company.
Goyal further added that Service thresholds of 5/10 years will be lower for women delivery partners. ZFF will also have special programmes for girl children and introduce ‘prize money’ if a girl completes 12th grade, as well as her graduation,
In an internal memo shared with the employees of the company, Goyal said before Zomato went public, he was granted some ESOP by the investors and board on the basis of his past performance and some of the ESOPs vested last month because there is a minimum one year vesting required as per law.
According to Goyal, there would be higher education scholarships over and above these limits for children with higher performance and potential.In case of the company’s delivery partners who meet with “unfortunate circumstances such as accidents, while on the job”, educational and livelihood support for the families will be provided irrespective of the service tenure, he said.
With inputs from PTI.