Tue Jan 21 09:10:00 UTC 2025: **Zomato’s Profit Plunges 57%, Goyal’s Net Worth Takes a Hit**
**Mumbai, January 20, 2025** – Food delivery giant Zomato reported a significant drop in net profit for the December quarter, sending its stock price tumbling and impacting the net worth of its billionaire founder, Deepinder Goyal.
The company announced a consolidated net profit of just Rs 59 crore for the quarter, a steep 57.2% decline compared to Rs 138 crore in the same period last year. Zomato attributed the decrease to increased expenses stemming from aggressive expansion of its quick-commerce platform, Blinkit. This expansion, aimed at meeting rising demand, put pressure on profit margins.
Despite a 17% year-on-year growth in food delivery revenue, reaching Rs 5,405 crore, total expenses soared to Rs 5,533 crore. The news led to a nearly 4% drop in Zomato’s share price, closing at Rs 240.95 on the BSE after falling as low as Rs 228.80 intraday. According to Forbes, Goyal’s net worth decreased by USD 50 million following the announcement.
The company acknowledged a broader slowdown in demand impacting its quarter-on-quarter growth. While the financial results were disappointing, Zomato remains a significant player in the Indian food tech market.
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