Deepinder Goyal became a billionaire due to the rise of Zomato; The stock has jumped 83% so far in 2024

Zomato’s share price rose more than 4% to its fresh 52-week high in Monday’s session, a day after the food delivery aggregator said it is increasing its platform fee from ₹5 to ₹6. It is anticipated that the new platform fees, which will be implemented in certain areas like Bengaluru and Delhi, will have a somewhat beneficial impact on business profitability. On Monday, Zomato became a member of the elite group of companies with a market capitalization (m-cap) of ₹2 trillion. Zomato share price opened at an intraday low of ₹225 on BSE, the stock touched an intraday high of ₹232 per share. Zomato’s share price has risen nearly 83% so far in 2024.
Ruchit Jain, Lead Research Analyst at 5paisa stated that “Zomato share price has recently formed a Higher top Higher Bottom structure and thus is in an uptrend. The 20 DEMA at ₹206 is a good support for the near term, while obstruction can be seen around ₹245-250 zone,”.
With operations in 23 other countries, Zomato is a well-known food aggregator in India. Revenue grew 73.3% to ₹3,562 crore in Q4FY24, led by strong performance across several key segments. With the implementation of platform fees, higher average order value, increased topline and efficient cost controls, EBITDA reached ₹86 crore.
A few weeks before its Q4 results, the business increased the platform cost from ₹4 to ₹5 per order with effect from April 20, an increase of 25%.
According to brokerage firm Geojit Financial Services, Zomato expects significant growth in its rapid commerce and food delivery segments. Zomato’s prospects are bright due to its growing customer base, rising order frequency, growing network of delivery partners, opening of additional outlets, unrealized potential and operating leverage.