Zomato's Goyal to donate Rs 700cr ESOP proceeds to Zomato Future Foundation

 

Food tech goliath Zomato's prime supporter and CEO Deepinder Goyal will give all his worker investment opportunity plan (ESOP) continues worth Rs 700 crore ($90 million) to Zomato Future Foundation (ZFF), as indicated by an inward correspondence sent by Goyal to Zomato's representatives

Goyal was conceded a few ESOPS by the financial backers and board on the premise on past execution, just before the organization opened up to the world last year. A portion of these ESOPs vested last month since there is a base 1-year vesting expected according to regulation.

"I'm giving all the returns from these ESOPs (net of charges) towards the Zomato Future Foundation," expressed Goyal in the inward note.

The Zomato Future Foundation will cover the instruction of up to two offspring of all Zomato conveyance accomplices, up to Rs 50,000 for every youngster for each annum on actuals, over a specific help quality benchmark, who have been on Zomato's armada for over five years.

Goyal said this sum would go up to Rs 1,00,000 for each kid for every annum assuming the conveyance accomplice finishes 10 years with Zomato. For ladies conveyance accomplices, the assistance limits of 5/10 years will be lower. They will likewise have unique projects for young lady youngsters and present 'prize cash' on the off chance that a young lady finishes twelfth grade, as well as her graduation....READ MORE

Zomato cuts 13% jobs, slashes salaries as CEO blames coronavirus

Food delivery app Zomato is cutting 13 per cent jobs as it does not see enough work for all its employees, co-founder and CEO Deepinder Goyal said in a company-wide email on Friday.
"Multiple aspects of our business have changed dramatically over the last couple of months and many of these changes are expected to be permanent. While we continue to build a more focused Zomato, we do not foresee having enough work for all our employees. We owe all our colleagues a challenging work environment, but we won’t be able to offer that to 13 per cent of our workforce going forward," Goyal said in the mail.
These employees will remain with Zomato at 50 per cent salary for the next six months, outplacement teams will help these people look for jobs elsewhere, previously allocated ESOPs will continue to vest during this period of six months, the current health insurance, wherever provided by Zomato will continue for this period along with access to the company's in-house mental wellness team.
Those impacted will get e-mails for a Zoom call with the leadership team within the next 24 hours. The move may impact around 500 of the firm's 4,000-odd employees.
From June, Zomato has asked for a temporary reduction in pay for the entire organisation. Salary cuts will be up to 50 per cent for people with higher salaries and lower for those with lower salaries.

"Our business has been severely affected by the COVID lockdowns. A large number of restaurants have already shut down permanently, and we know that this is just the tip of the iceberg. I expect the number of restaurants to shrink by 25-40 per cent over the next 6-12 months. What actually happens, for better or worse, is anybody’s guess," Goyal said.