Kul Bhushan · · 1 min readZomato CEO to donate his entire ESOP proceeds to internal foundation
Zomato CEO and founder Deepinder Goyal will donate all the proceeds he received from the company’s employee stock ownership plan (ESOP) to the Zomato Future Foundation (ZFF), the Economic Times reported. Investors granted Goyal the shares before the company went public.
In a note to employees, the CEO revealed that the shares are worth nearly US$90 million. He added that he would liquidate these over the next few years. To begin, he is liquidating less than 10% of his ESOPs for the foundation.
The ZFF aims to put the children of Zomato riders through school, among other things. Its initiatives include offering up to 50,000 rupees (US$6,500) per annum per child for riders who have been part of the company’s fleet for more than five years.
The foundation also covers financial support for riders who may get injured in accidents while on the job.
Goyal added that the ZFF is open to donations from other Zomato employees as well. The company plans to set up an independent governance board for the foundation.
See also: Zomato’s financial health in 5 charts
The move comes amid increasing concerns over the safety and security of gig workers in India, especially after delivery-focused companies, such as Zepto and Zomato, have launched 10-minute delivery services. Both Zepto and Zomato have rolled out initiatives to target rider well-being.
Currency converted from Indian rupee to US dollar: US$1 = 74.32 rupees
Editing by Miguel Cordon and Jaclyn Tiu
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