Tech3 | Deepinder Goyal joins the billionaire club; Namma Yatri's rental ace; and more

One quick thing: Swiggy founders to sell shares in $65-million ESOP liquidity plan

• BluSmart raises $24 million from MS Dhoni Family Office, others

In today’s newsletter:?

• Zomato rally propels Goyal to billionaire club
• Namma Yatri's rental ace
• No new chip subsidy scheme this year

Zomato rally propels Goyal to billionaire club

It's been a remarkable year for Zomato's Deepinder Goyal. His company consistently turned a profit, he tied the knot, and now there's another milestone to celebrate.

Tell me more: Deepinder Goyal is the newest billionaire in town, thanks to his 4.24% stake in Zomato.

• Fueled by a record rally in share prices, Goyal's personal wealth surpassed Rs 8,300 crore ($1 billion) on July 15?

• Zomato's share price ended the day 3% up to close at Rs 229.1 apiece on the NSE

• The company's market capitalisation crossed $22 billion

Goyal sure knows how to celebrate. See for yourself

What's driving the stock?:? Zomato's decision to raise the platform fee from Rs 5 to Rs 6 is expected to generate an additional Rs 25 lakh daily.

• The success of Blinkit has solidified Zomato's position in the industry

• The company's profitable food delivery operations have played a crucial role in driving the stock price up over 300% since July 2023

Small fee, big impact:?While a Re 1 increase in platform fee might seem insignificant to consumers, analysts believe it will have a substantial impact on the company's bottom line.

• Elara Capital said every Re 1 increase in platform fee will lead to a positive impact of Rs 85-90 crore in EBITDA ?
• The platform fee was as low as Rs 2 per order back in April-August of 2023, but has steadily climbed since then ?
• It can go as high as Rs 8-10 per order, as per brokerages

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