The employee stock option plan (ESOP) that was handed to the chief executive officer and one of the co-founders of food delivery app Zomato, Mr. Deepinder Goyal has amounted to a colossal Rs. 387 crores for just the latter half of the fiscal year of 2022. This is according to official reports by the company which was made public on the 7th of June.
At the same time, ESOPs that were handed out all of the 3 top brass executives of the company totalled to Rs. 779 crores during the full fiscal year that ended in 2022. Out of all this money, Mr. Deepinder Goyal took a massive chunk of Rs. 753 crores for the entire fiscal year that ended in 2022.
The other two key managerial personnel are Mr. Akshant Goyal who is the compay’s current chief financial officer and Sandhya Sethia who is the company’s secretary and the compliance officer. Their employee stock option plans pale in comparison to Mr. Deepinder Goyal’s lucrative one.
However, he recently announced to his employees that he will be giving away his ESOP shares proceedings which are amounting to Rs. 700 crores to the Zomato Future Foundation which is a charitable organisation that finances the education of the kids of their partner delivery drivers. There are around 250 lakh delivery drivers for Zomato all over the nation many of whom have kids and most of them have multiple kids and so this is an admirable donation which will certainly help lakhs of kids around the nation. The Rs. 700 crores amounts to just over 92% of his ESOP proceeds which is a great decision taken by the Zomato CEO.
The reports also stated that Mr. Deepinder Goyal waived off his total income for the recent fiscal year that just ended. Mr. Akshant Goyal earned a total of Rs. 50 lakhs in the 3rd quarter of the 2021-22 fiscal year, but the reports state that for the final quarter of the year that ended in April, he earned no amount meaning that he also waived his income away for those 4 months. His stocks for the last half of the recent fiscal year that ended amounts to Rs. 3 crores.
The tech industry has been reporting losses regularly, and Zomato has openly said to their investors and shares holders that they have been growing consistently and their earnings as also been going up quarter by quarter.