Deepinder Goyal to Donate Rs 700 Crore to Zomato Future Foundation

Deepinder Goyal, co-founder, and CEO of food technology company Zomato announced the decision to rekindle the welfare spirit of ancient Indian companies and abandon all stock options worth about Rs 700 crore this year. Education of his children to donate to the company's supply partners.

In a widely distributed internal note, Goyal will donate all of this year's ESOP revenues to the Zomato Future Foundation to fund the education of up to two children from all Zomato supply partners involved who has been on its fleet for more than five years.

Initially, it will cover up to Rs.50,000 per child per year based on actual costs but can reach Rs.100,000 when the delivery partner completes 10 years at Zomato. For women, the seniority threshold is lower.

Goyal has been granted ESOPs by Zomato's investors and board of directors based on its performance just before Zomato went public last year. Some of these ESOPs were vested last month as the law requires vesting for at least one year.

To maximize the interests of the Foundation and protect the interests of Zomato's shareholders, Goyal will not liquidate all of these shares immediately but will liquidate them for the next few years. In the first year, he liquidates less than 10% of these ESOPs and supports the Zomato Future Foundation.