Zomato CEO Deepinder Goyal has decided to donate all proceeds from the Employee Stock Ownership Plans (ESOPs) to the Zomato Future Foundation. The value of the ESOPs is close to Rs 700 crore. “I was granted some ESOPs by our investors/board basis my past performance. Some of these ESOPs vested last month. I am donating all the proceeds from these ESOPs towards the Zomato Future Foundation,” Goyal said.
As per the statement released by Goyal, the Zomato foundation will cover the education of up to two children of all delivery agents on the food platform. This will include a sum of Rs 50,000 per annum per child for delivery partners who have been a part of Zomato for more than five years. This amount shoots up to Rs 1,00,000 per annum per child for agents who have been in the fleet for more than 10 years.
The foundation will also have special programs for girl children. As per the program, a girl child will be awarded prize money if she completes Class 12, as well as her graduation. Higher education scholarships will also be offered “for children with higher performance and potential.”
The Zomato foundation claims to provide educational and livelihood support for the families of delivery agents whose lives get affected by unfortunate circumstances, for instance, accidents while on the job. This support will be provided regardless of the tenure of service of the delivery partner, the statement mentions.
Goyal also stated that to protect the interest of shareholders and to churn out maximum benefits for the foundation, he will not be liquidating all the shares immediately. “I do not intend to liquidate all these shares immediately, but over the years. For the first year, I will liquidate less than 10 percent of these ESOPs towards this fund,” he said.
Goyal said the Zomato Future Foundation will also be open for donations from employees and declared that the company will be setting up an independent governance board.
Zomato, last year, made its debut in the Indian stock market, at a market valuation of $12 billion.
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