Zomato IPO: Co-Founders, Senior Executives, A Badminton Player Among Zomato Millionaires

A Zomato food delivery courier rides a motorcycle carrying a customer order in Mumbai (Photographer: Dhiraj Singh/Bloomberg)

Zomato IPO: Co-Founders, Senior Executives, A Badminton Player Among Zomato Millionaires

Co-founders to top executives of Zomato Ltd. will turn millionaires as the restaurant discovery and food delivery platform debuts on the bourses on July 23.

The Ant Financial-backed unicorn's Rs 9,375-crore initial public offering was subscribed 40.38 times. It issued shares at Rs 76 apiece.

At that value, co-founder Deepinder Goyal has the highest employee stock options worth Rs 2,800 crore, according to the red herring prospectus. Goyal separately owns more than 5% in Zomato.

Zomato co-founders Mohit Gupta, Gaurav Gupta, and Gunjan Patidar’s ESOPs are worth Rs 207.8 crore, Rs 202.4 crore and Rs 156.2 crore, respectively.

Chief Financial Officer Akshant Goyal's options are valued at more than Rs 100 crore. ESOPs of Vijay Lancy, badminton player and coach, are worth Rs 4 crore. Lancy is associated with Fitso, the sports facility discovery app that Zomato acquired.

Others like, Ankit Kwatra, founder of Feeding India non-profit that Zomato acquired, has options worth Rs 63 crore.

Founded in 2008, Zomato elevated Pankaj Chaddah, Chopra, Patidar, Gaurav and Mohit to the status of co-founders in the last one year. Chaddah quit in 2018.

Also read: One Factor That May Cap Zomato’s Listing Premium

According to the RHP, Zomato had 3,755 employees globally as of March 2021, including 545 in the product and technology team. And the company has three ESOP categories.

  • Foodie Bay Employee Stock Option Plan 2014: The total number of options available under this plan is 41,766. For each option, 6,700 equity shares shall be allotted.

  • Zomato Employee Stock Option Plan, 2018: A total of 18,135 options are available. 6,700 equity shares shall be allotted upon exercise of one option in this category.

  • Zomato Employees Stock Option Plan 2021: The total number of options available in this category is 50.25 crore. Under the terms of this plan, one equity share shall be allotted against one option.

Only Goyal was allotted 36.85 crore options from the third category. Meaning, his ESOPs alone are worth Rs 2,800 crore.

(Corrects an earlier version that misstated the ESOP values for Vijay Lancy and Ankit Kwatra.)

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