Zomato Shares Zoom, Making CEO Deepinder Goyal A Billionaire

Shares of Zomato surged higher on Monday, thus making CEO Deepinder Goyal's entry into the billionaire club.

New Delhi: Shares of Zomato surged on Monday, lunging Food delivery platform's CEO Deepinder Goyal into the billionaire club. Zomato's shares opened higher after the food delivery platform raised the platform fee. 

At 11.39 am, Zomato shares were trading up by 2.29 percent or Rs 227.55 apiece. Intraday, Zomato's stock touched a high of Rs 232 apiece. With this Goyal who holds 36.95 crore shares or 4.24 per cent stake in Zomato, has entered the billionaire club.

Notably, Zomato and Swiggy have once again hiked platform fee to Rs 6 per order, revising it from an earlier Rs 5, a 20 percent increase. 

Currently being charged in Delhi and Bengaluru, the platform fee is different from delivery fee, goods and services tax (GST), restaurant charges and handling charges. The higher platform fee will roll out to other cities as well.

The platform fee goes to the food aggregators to apparently control costs and increase revenues.

In April, Zomato hiked its platform fee by 25 per cent to Rs 5 per order.

Zomato introduced a platform fee of Rs 2 in August last year and later increased it to Rs 3 to improve its margins and become profitable.

The food delivery platforms aim to generate Rs 1.25-1.5 crore a day by levying a platform fee.

With Agency Inputs