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<ul><li><keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword>’s founder and CEO <keyword id="476451" type="General" weightage="20" keywordseo="deepinder-goyal" source="Orion">Deepinder Goyal</keyword> was given ESOPs worth ₹387 crore in the second half of FY2022.</li><li>However, he did not create any wealth out of it as he donated ESOPs worth ₹700 crore in May.</li><li>Goyal had also forgone his salary for three years and did not earn anything in FY2022.</li></ul>Zomato’s founder and CEO Deepinder Goyal received shares worth ₹387 crore under the employee stock option plan (ESOP) in the second half of fiscal year 2022. However, he does not personally gain from it. Goyal <a href="https://www.businessinsider.in/business/corporates/news/zomatos-deepinder-goyal-donates-stock-option-worth-700-crore-to-zomato-future-foundation/articleshow/91371003.cms#:~:text=Zomato%20founder%20and%20chief%20executive,delivery%20partners%2C%20among%20other%20things">donated all his ESOP proceeds worth ₹700 crore</a> to Zomato Future Foundation last month, which will be used towards offering free education to the children of delivery partners and other initiatives. This included the ESOPs allocated to him in the second half of 2022. <cmsannotation type="cmsannotation" annotationid="Not taking any salary till FY2024" comment="subhead" text="Not taking any salary till FY2024">Not taking any salary till FY2024</cmsannotation> Additionally, he also waived off his salary for the entire year that ended in March. He had also taken a pay cut owing to the COVID-19 pandemic. Goyal earned a basic salary of <a href="https://www.businessinsider.in/business/startups/news/checkout-zomato-top-executives-salaries-including-co-founder-and-ceo-deepinder-goyal/slidelist/82289352.cms#slideid=82289373">₹1.96 crore in FY2021</a>, compared to ₹3.5 crore earned in the previous year. As Zomato was preparing for its public debut last year, Goyal announced that he will not be taking any money home for the next three years, as salary. “Deepinder Goyal has voluntarily waived his remuneration for a period of 36 months starting from April 1, 2021 and shall continue to discharge his roles and duties as Managing Director and Chief Executive Officer during this period,” the company had said in its IPO papers. <cmsannotation type="cmsannotation" annotationid="How much did others earn?" comment="subhead" text="How much did others earn?">How much did others earn?</cmsannotation> Zomato — in its regulatory filings on Bombay Stock Exchange (BSE) — revealed that it has incurred an expense of ₹778 crore in salaries and other benefits like ESOPs between October 2021 and March 2022. Here is how much Zomato’s top management earned in the latter half of FY2022: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Designation </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Salary </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ESOP </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deepinder Goyal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Founder and CEO of Zomato </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N/A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹386 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Akshant Goyal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CFO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹50 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sandhya Sethia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company Secretary </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kaushik Dutta </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Director </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N.A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Namita Gupta </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Director </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N.A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aparna Popat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Director </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N.A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gunjan Tilak </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Director </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N.A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sutapa Banerjee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Director </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">N.A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20 lakh </td></tr></tbody><tbody></tbody></table>Source: Zomato’s filing on related party transactions Notably, CFO Akshant Goyal had also forgone his salary for the months of January, February and March. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/news/home-loan-rates-enter-red-zone-will-dent-affordable-and-mid-segment-sales-the-most/articleshow/92079341.cms" style=""></a><a href="https://www.businessinsider.in/business/startups/news/physicswallah-is-indias-first-profitable-edtech-startup-up-here/articleshow/92056796.cms" style="">YouTube channel to a billion dollar company — India’s first profitable edtech unicorn is here</a> <a href="https://www.businessinsider.in/business/ecommerce/news/after-amazon-flipkart-reliance-and-tata-neu-indias-133-billion-ecommerce-market-may-be-too-little-for-a-fifth-player/articleshow/92062540.cms">After Amazon, Flipkart, Reliance and Tata Neu, India's $133 billion ecommerce market may be too little for a fifth player</a> <a href="https://www.businessinsider.in/business/ecommerce/news/india-will-have-more-ecommerce-users-by-2025-than-us-population/articleshow/92062424.cms">India will have more ecommerce users by 2025 than US’ population</a>

Deepinder Goyal, Akshant Goyal — here is how much Zomato’s dream team earned since October 2021

<ul><li>Section 80JJAA of the Income Tax Act gives deduction for three years to employers for hiring new people.</li><li>The current limit of this provision is ₹300,000 a year that effectively means that the compensation of these people should be less than ₹25,000.</li><li>If the limit is increased, it could help in boosting the salaries of and the number of jobs for gig workers.</li></ul>One of the major concerns raised by the gig workers — such as <keyword id="4235145" type="General" weightage="20" keywordseo="delivery-partners" source="Orion">delivery partners</keyword>, drivers and more — who work for companies like Zomato, Swiggy, BigBasket and Blinkit (Grofers), is <a href="https://www.businessinsider.in/business/startups/news/bigbasket-flipkart-and-urban-company-may-have-paid-fair-wages-but-it-wasnt-enough-to-earn-a-living/articleshow/88946309.cms">the lack of decent compensation</a>. But what if we were to tell you that if an existing provision of the Income Tax Act is clarified and amended, it could raise salaries for the gig workers. Under Section 80JJAA provision of the Indian Income Tax Act, companies can get a tax deduction for hiring new people. If a company’s workforce increased by 50, the salary paid to these employees would make the company eligible for an additional deduction of 30% for the next three financial years, Hemal Zobalia, Partner at Deloitte Haskins &amp; Sells LLP explains. For example, if the company is paying ₹1000 annually to each of these 50 employees, it will get ₹300 as tax deduction for each of them for each of the next three years. Essentially, 90% of the first year’s salary, for each of the new employees, will be deducted from the company’s taxable profit. The goal of this provision is to create more permanent employment for those who are “low-skilled”, according to Jimit Devani, a partner at Deloitte Haskins &amp; Sells. The provision is applicable for employees whose salaries are ₹25,000 per month or less.Increasing the salary limit to ₹35,000-₹40,000 may push more companies to hire permanent employees instead of contractual ones. Meanwhile, Zobalia is of the belief that this would also help in further increasing their payout and salaries. But there is a bigger challenge here. This is not a widely availed incentive by the companies for several reasons. First, companies prefer to hire people on contract and keep them on a third party’s payroll. Such companies cannot avail tax benefit under the 88JJAA provision. Bringing people on to the payroll makes them eligible for other benefits like pension, insurance, and severance to name a few, Devani said. The third parties, however, do avail these tax benefits for employees that have been on their payroll for at least eight months, Devani added. The second issue with this provision is that the benefit is available only on the net addition of employees. Say, a company has a total of 10 employees. Five of them quit the company in a year, and six more are hired in the same year. While the company has six new employees, the net addition to the workforce is only one. And, so, the tax rebate is available only for one additional employee, and not all six. Improving this provision under the income tax law may go a long way in creating sustainable employment for people with less-valued skills, across a range of industries including the gig economy of which the likes of Zomato, Swiggy, Amazon and Flipkart are part of. The current state of salaries in the gig economy As per <a href="https://www.businessinsider.in/business/startups/news/urban-company-ola-uber-are-not-the-best-places-for-gig-workers/articleshow/88561764.cms">Fairwork India report of 2021</a>, most newage digital platforms — including Zomato, Swiggy, Uber, Dunzo, PharmEasy and Ola — do not offer fair wages to the contractual workers associated with them. Even though companies like Flipkart, Urban Company and BigBasket pay higher and better, it still may not be enough to make local living wage after costs, the report adds. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avg income range, including cost </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flipkart </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹14,500-₹25,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Urban Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30,000* </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BigBasket </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹18,000-₹24,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zomato </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20,000-₹30,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Swiggy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,000-₹15,000 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Note: Urban Company’s average salary excludes cost Source: Urban Company’s latest report, Apna.co It is important to note that there has been a further reduction in the payout for delivery executives due to decrease in rate cards and incentives, along with increased input costs of petrol and platform commissions. This has made matters worse for the Indian gig workers like delivery partners and drivers, the Fairwork report adds. Fairwork rates digital platforms on their treatment of gig workers who work for them. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/budget/news/budget-2022-why-income-tax-slabs-may-not-change-this-year/articleshow/89179572.cms">Budget expectations 2022: Here’s why income tax slabs may not change this year</a> <a href="https://www.businessinsider.in/budget/news/the-indian-government-has-spent-less-than-half-the-money-it-had-budgeted-for-capital-investments-so-far/articleshow/88852518.cms">The Indian government has spent less than half the money it had budgeted for capital investments, so far</a> <a href="https://www.businessinsider.in/budget/news/budget-2022-expectation-in-higher-standard-deduction-tax-slabs-and-covid-insurance/slidelist/88891751.cms">From higher standard deduction and change in tax slabs to clarity on Covid insurance, here’s what tax experts want from Budget 2022</a>

There’s a way government can prod Zomato, Swiggy, Uber and Ola to increase salaries of delivery partners and drivers

Consulting firms were the top recruiters in the Indian Institute of Management, Calcutta final placement for the 58th batch of the two-year MBA programme followed by <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">finance</keyword>, sales and marketing companies, a statement issued by the institute said. The final placement drive which concluded on February 24, secured 573 offers for the entire 58th batch. The process was conducted in a hybrid mode, it said. The consulting sector recruited the highest (232 offers), followed by the Finance sector (86 offers), and the two sectors accounted for 55.5 per cent of the total hires, the statement said. Leading consulting firms like Accenture Strategy, Bain &amp; Co, Boston Consulting Group, Kearney and McKinsey &amp; Co, were the top recruiters in the consulting sector. Sales &amp; Marketing (52 offers) and General Management (82 offers) combined accounted for 23.4 per cent of total hires, with companies like Aditya Birla Group, <keyword id="462960" type="General" weightage="50" keywordseo="tata-administrative-services" source="Orion">Tata Administrative Services</keyword>, Vedanta, etc, being amongst the top recruiters in this sector. Top software services and E-commerce brands continued their strong showing accounting for nearly 18.2 per cent of hires. Top recruiters included Amazon, Adobe, Flipkart, Microsoft, Navi, Paytm, Salesforce, <keyword id="830092" type="General" weightage="50" keywordseo="zomato" source="Orion">Zomato</keyword>, etc. The placement season concluded with students receiving average yearly compensation of Rs 35.07 lakh and median compensation being Rs 33.67 lakh, with the top 25 per cent percentile (in terms of salaries offered) of students receiving yearly compensation on average of Rs 50.86 lakh. <keyword id="16727203" type="General" weightage="80" keywordseo="akhil-sachan" source="Orion">Akhil Sachan</keyword> from the 58th batch said, "The final placements this year at <keyword id="19478" type="General" weightage="100" keywordseo="iim" source="Orion">IIM</keyword> Calcutta have been exceptional, especially when you take account of the stressed market conditions. The IIM (C) Joka spirit of standing together and not leaving anyone behind stood tall once again when two years' worth of effort fructified during the last week. The placement team has done a commendable job by bringing in a large number of new recruiters and providing a greater variety of roles..." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/nasas-curiosity-rover-captures-first-sun-rays-on-mars/articleshow/98471257.cms">NASA's Curiosity rover captures first 'Sun Rays' on Mars</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/evs-will-increase-indias-dependence-on-china-for-raw-materials-battery-production-gtri-report/articleshow/98470819.cms">EVs will increase India's dependence on China for raw materials, battery production: GTRI report</a>

Consulting firms top recruiters in IIM Calcutta final placement

<ul><li><keyword id="6356755" type="General" weightage="20" keywordseo="IIT-Madras" source="Orion">IIT Madras</keyword> clocked in 100% placements, <keyword id="901000" type="General" weightage="80" keywordseo="iit-jodhpur" source="Orion">IIT Jodhpur</keyword> says that they have successfully placed 97% of BTech, 75% of our MTech and 100% of their MBA students.</li><li>The top recruiters at <keyword id="6354859" type="General" weightage="100" keywordseo="iit" source="Orion">IIT</keyword> Madras were Amazon, CISCO, Deloitte, ICICI and McKinsey.</li><li>At IIT Jodhpur, companies such as Google, Mahindra &amp; Mahindra, Samsung, L&amp;T, ArcelorMittal, Nippon Steel, and ICICI Bank recruited students across specializations.</li></ul>Tech majors, auto companies, consulting firms and even metal sector companies made a beeline for fresh graduates from IIT Madras and IIT Jodhpur. Their average salaries and best offers swelled too exponentially this year. At IIT Madras, the average salary offered rose 30% to ₹16 lakhs per annum. IIT Jodhpur did not reveal the average salary. It said that the best offer received rose by a whopping 90%, without mentioning the actual salary. Around 16% of the students in Madras got pre-placement offers from companies in which they were working as interns. MTech placements soared by around 158% compared with the preceding year in Jodhpur. While IIT Madras clocked in 100% placements, IIT Jodhpur says that they have successfully placed 97% of BTech, 75% of our MTech and 100% of their MBA students. At IIT Madras, maximum job opportunities were available in the consulting and analytics space. Whereas in Jodhpur, computer science and engineering (CSE) and artificial intelligence (AI) branches saw the maximum placements this year. “The curriculum at IIT Jodhpur and the students' performance are a testament to our grit and gumption during perhaps one of the testing times. The MTech placements have been very promising, with a myriad of industry recruiting from IIT Jodhpur across roles. We hope to record even more promising placements next year,” Anuj Pal Kapoor, faculty in charge,career development cell, IIT Jodhpur. <cmsannotation type="cmsannotation" annotationid="Amazon, Deloitte, Nippon Steel, ICICI and more" comment="subhead" text="Amazon, Deloitte, Nippon Steel, ICICI and more">Amazon, Deloitte, Nippon Steel, ICICI and more</cmsannotation> The top recruiters at IIT Madras were Amazon, CISCO, Deloitte, ICICI and McKinsey. The placements started December 2021 through virtual mode, and 26 companies attended the recruitment drive. Of this, 14 companies were first-time recruiters. “The final placement process was conducted from December 2021 onwards and witnessed over 25 companies recruiting for a wide variety of profiles from the campus. The recruiters were overwhelmed with the quality of the programme and the skill set of the participating students,” said R K Amit, faculty coordinator (placement), DoMS, IIT Madras. At IIT Jodhpur, companies such as Google, Mahindra &amp; Mahindra, Samsung, L&amp;T, ArcelorMittal, Nippon Steel, and ICICI Bank recruited students across specializations. A few new recruiters also came this year including American Express, Deloitte, Sutherland, Royal Enfield, Maruti Suzuki, Gartner, Pickrr, Udaan, Tata Elxsi, Eeki Foods, and Lightstorm, among others. Some of the roles offered by the companies were business analyst, R&amp;D engineer, system engineer, management trainee, software developer and many more. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zomatos-blinkit-buy-is-a-poison-pill-that-will-burn-cash-and-delay-profits/articleshow/92490756.cms">Zomato’s Blinkit buy is a poison pill that will burn cash and delay profits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/news/indian-govt-gst-on-online-gaming-casinos-and-horse-races/articleshow/92490270.cms">India is betting on casinos, online games and horse races to fill its coffers</a>

IIT Madras average salary rises 30% while IIT Jodhpur’s best salary rises 90%

<ul><li><keyword id="3127163" type="PERSON" weightage="20" keywordseo="CEO-Deepinder-Goyal">CEO Deepinder Goyal</keyword> owns about 5.5% stake in the company. </li><li>His net worth was estimated to be around $295 million in 2020. </li><li>Goyal also has been granted ESOPs worth over $600 million.</li></ul>The market value of cofounder and chief executive officer (CEO) <keyword id="476451" type="PERSON" weightage="20" keywordseo="Deepinder-Goyal">Deepinder Goyal</keyword>’s stake in the newly-listed company <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> has surged to a whopping ₹5,500 crore ($738 million). Goyal, who founded Zomato along with Pankaj Chaddah in 2018, owns about 5.5% stake in the company. The value of his stake has almost nearly doubled from ₹2,211 crore ($297 million) market value in February 2021, when Zomato was valued at $5.4 billion by external investors. According to a Hurun ‘India 40 &amp; under self-made rich list, 2020’ <a href="https://www.businessinsider.in/thelife/personalities/news/meet-the-top-10-youngest-rich-billionaires-in-india/slidelist/78641061.cms">report</a>, Goyal’s net worth in 2020 was around ₹2,200 crore ($295 million, at current conversion rate) in 2020. The report noted that Goyal’s wealth had increased 16% compared to 2019. However, it has not mentioned any other specifications like the increase in net worth over the years. Goyal received an annual remuneration of ₹1.9 crore (excluding employee stock ownership plan or ESOPs) in the financial year 2021. He has been appointed as the managing director and CEO of Zomato for the next five years until March 2026, with a basic salary remuneration of <keyword id="11706021" type="UNKNOWN" weightage="20" keywordseo="3-5">₹3.5</keyword> crore. However, he has voluntarily waived off his updated remuneration for a period of 36 months from April 1, 2021 onwards. Goyal has also been granted 36.85 crore shares under the ESOP plan. Zomato made a strong debut on the stock exchanges on Friday, July 23. The company’s shares opened at ₹116 on the <keyword id="53581" type="CITY" weightage="20" keywordseo="NATIONAL-STOCK-EXCHANGE">national stock exchange</keyword> (<keyword id="6354646" type="UNKNOWN" weightage="20" keywordseo="nse">NSE</keyword>), representing more than a 51% premium over the issue price of ₹76. The company ended the first day of trade about 8% above the listing price, at ₹125.30. It also breached the market cap of ₹1 lakh crore at 10.16 a.m, only 16 minutes after listing. The market value of shares held by Info Edge, which is the largest stakeholder in the company, has increased to <a href="https://www.businessinsider.in/stock-market/news/info-edges-remaining-stake-in-zomato-is-worth-15000-crore/articleshow/84668883.cms">₹15,000 crore</a> (roughly $2 billion).Meanwhile, Uber’s share has crossed<a href="https://www.businessinsider.in/business/news/uber-made-a-billion-dollar-from-zomatos-listing-without-spending-a-single-penny/articleshow/84672970.cms"> ₹9,000 crore ($1.2 billion)</a> without investing a single penny in the food aggregator business. SEE ALSO <a href="https://www.businessinsider.in/business/news/uber-made-a-billion-dollar-from-zomatos-listing-without-spending-a-single-penny/articleshow/84672970.cms" data-type="tilCustomLink">Uber made a billion dollar from Zomato’s listing, without spending a single penny</a> <a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-are-best-food-delivery-apps-in-the-world-says-zomatos-ceo/articleshow/84668175.cms">Zomato and Swiggy are best food delivery apps in the world, says Zomato’s CEO</a> <a href="https://www.businessinsider.in/science/news/there-are-very-solid-engineering-reasons-why-jeff-bezoss-rocket-looks-exactly-like-you-know-that-/articleshow/84655433.cms">There are very solid engineering reasons why Jeff Bezos' rocket looks exactly like, you know, that</a>

Deepinder Goyal’s stake in Zomato is now worth more than $700 million

<ul><li>The average pay of a <keyword id="5645" type="General" weightage="20" keywordseo="ceo" source="Orion">CEO</keyword> is around ₹10-11.2 crore – higher than the pre-pandemic levels.</li><li>The risk component constitutes 51% of pay for a CEO, on an average.</li><li>The average compensation of a CXO is more than ₹3 crore, and almost 40% of total pay is at risk.</li></ul>The CEOs of <keyword id="51318" type="General" weightage="20" keywordseo="indian-companies" source="Orion">Indian companies</keyword> seem to be doing well. According to a Deloitte report, the average CEO pay is around ₹10-11.2 crore, and it’s higher than what it was before the pandemic. However, more than half of the total compensation is ‘pay at risk’, says the 2022 Deloitte India Executive Remuneration Survey report. Pay at risk is the portion of an employee's compensation that is variable – meaning it is at risk of not being paid out. The report says that this risk component constitutes 51% of pay for a CEO, on an average. “The realized earnings from this component could drop to zero in case of poor share price or fundamental company performance,” says the Deloitte report. Risky or otherwise, organizations seem to be keen on hiking compensation for its top brass. However, they want to ensure that the health of their company is good enough to afford it. The report surveyed over 470 companies in India on quantum and structure of executive compensation. The report has used a consistent definition of pay and approach to value long term incentives like stock options. <cmsannotation type="cmsannotation" annotationid="C-suite pay rises too but with riders" comment="subhead" text="C-suite pay rises too but with riders">C-suite pay rises too but with riders</cmsannotation> The pay for the C-suite has also improved as the CXO pay bounced back from the 2021 levels. As per the report, the average compensation of CXOs is more than ₹3 crore and almost 40% of total pay is at risk. Other than CEOs, chief operating officers and business heads are the highest paid CXOs. For CEOs, 84% of short term investment (STI) is dependent on company performance, whereas, for CXOs this percentage is 50%. “Almost 80% of companies prefer a target-based approach for determining STI. We find that 60% of companies use long-term incentives. ESOPs continue to be the most prevalent type of LTI instrument used,” the report says further. <cmsannotation type="cmsannotation" annotationid="Companies changed their LTI plans post IPO" comment="subhead" text="Companies changed their LTI plans post IPO">Companies changed their LTI plans post IPO</cmsannotation> According to the report, one in three companies who have recently listed changed their LTI plan when transitioning. In the last one year many tech companies like Zomato, Delhivery, Nykaa and Policybazaar. A drop of almost 50% is also observed in the annualized equity burn rate of companies that have recently listed when their pre-IPO grant patterns are compared with their post IPO LTI patterns. Two out of five companies in India had at least one CEO change since 2016, while one in three companies hired new CEOs externally. Out of every three externally hired CEOs, two were at a CXO level role in the previous company, the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/one-in-four-organizations-plan-to-make-variable-a-part-of-the-wages/articleshow/92388801.cms">One in four organizations plan to make variable a part of the wages</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/long-covid-symptoms-can-last-up-to-two-months-in-children-says-lancet-study/articleshow/92400864.cms">Long Covid symptoms can last up to two months in children says Lancet study</a>

CEOs are paid more now but half of the earnings are 'at risk'

<ul><li>3 out of 4 new jobs for undergraduates were added in <keyword id="6358070" type="General" weightage="80" keywordseo="mumbai" source="Orion">Mumbai</keyword> between October to March, says a new report.</li><li>According to the report, the finance hub of India has also recorded the highest average salary hike of 18% in comparison to its metro counterparts, which managed only 11%.</li><li>Overall, the IT sector hired the most people since the pandemic as the demand for tech-enabled skills are still dominating the job market.</li></ul>With hiring levels almost nearing the pre-pandemic levels, the financial capital of India, Mumbai, has reportedly become the top destination for jobs. Infact, 3 out of 4 new jobs for undergraduates were added in Mumbai, according to a new report. The demand for freshers and mid-senior level professionals is at an all-time high in Mumbai. There was also a massive surge in demand for freshers between January and March this year, with a year-on-year growth rate of 50%, revealed the <keyword id="14017499" type="General" weightage="20" keywordseo="Mumbai-Job-Market-report" source="Orion">Mumbai Job Market report</keyword> by Naukri. Similarly, the demand for mid-senior level professionals (10-15 years experience) also witnessed a significant growth of 50% during the same period. <cmsannotation type="cmsannotation" annotationid="Mumbai has recorded highest average salary hike" comment="subhead" text="Mumbai has recorded highest average salary hike">Mumbai has recorded highest average salary hike</cmsannotation> According to the report, India’s financial hub has also recorded the highest average salary hike of 18% in comparison to its metro counterparts, which hovered around 11%. Bengaluru and Delhi were the next best cities in terms of salary hikes, at 15% and 12% respectively. The IT industry, on a quarter-on-quarter basis, witnessed salary hikes of 33%. <cmsannotation type="cmsannotation" annotationid="IT sector creates the highest number of jobs in Mumbai" comment="subhead" text="IT sector creates the highest number of jobs in Mumbai">IT sector creates the highest number of <keyword id="12418043" type="General" weightage="20" keywordseo="jobs-in-Mumbai" source="Orion">jobs in Mumbai</keyword></cmsannotation> In terms of job roles, most employers in Mumbai were looking to hire people in software and software services categories between January and March this year, the report revealed Overall, the IT sector hired the most people since the pandemic as demand for tech-enabled skills still dominates the job market. Other than IT, Mumbai’s job market witnessed a spike in hiring across BFSI (banking, financial services and insurance), education, teaching, real estate, among other sectors. “With a strong rebound in overall hiring activity, the financial hub of India sees a significant jump in job openings to fulfill the talent demand across sectors led by BFSI and Education,” Pawan Goyal, chief business officer at Naukri said. “In the last 3-4 months, Mumbai’s employment market has shown sustained growth which is now also reflecting in salary hikes,” he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/a-third-of-restaurant-goers-dont-even-notice-the-unfair-service-charge-on-their-bills/articleshow/91760670.cms">A third of restaurant goers don’t even notice the ‘unfair’ service charge on their bills</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zomato-posted-a-1222-crore-loss-but-its-stock-gained-18-reasons-behind-the-surge/articleshow/91766080.cms">Zomato posted a ₹1,222 crore loss but its stock gained 18% — reasons behind the surge</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/jet-airways-stock-soars-47-as-its-all-set-to-fly-but-fuel-costs-new-players-indicate-turbulence-ahead/articleshow/91765942.cms">Jet Airways stock soars 47% as it’s all set to fly, but fuel costs, new players indicate turbulence ahead</a>

India’s financial capital added 3 out of 4 new jobs for undergraduates between October and March

<ul><li>Indian <keyword id="3105315" type="PERSON" weightage="20" keywordseo="Foodtech">foodtech</keyword> unicorn <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> has reported a 105% growth in revenue – from $192 million in FY19 to $394 million in FY20. </li><li>The company has also seen its EBITDA loss widen by 5.7% from $277 million in FY19 to $293 million in FY20. </li><li>Zomato founder <keyword id="476451" type="PERSON" weightage="20" keywordseo="Deepinder-Goyal">Deepinder Goyal</keyword> said they expect to make complete recovery over the next 3-6 months.</li></ul>Indian foodtech unicorn Zomato has doubled its revenue from $192 million in FY19 to $394 million in FY20. The company has also seen its EBITDA loss has widened by 5.7% from $277 million in FY19 to $293 million in FY20. “While COVID-19 has impacted the size of our business, it has accelerated our journey to profitability. In terms of the size of the business, COVID-19 has set us back by a year or so – but a year is only a small blip when you are building a company for the next 100 years,” wrote Zomato CEO Deepinder Goyal in a blog. In the first quarter of FY21, with most restaurants being shut and operating on a takeaway only business, Zomato reported a revenue of $41 million and loss of $12 million. But Goyal believes that the COVID-19 pandemic has made their business healthy. “In July 2020, we estimate our monthly burn rate to land under $1m, while our revenue should land at ~60% of pre-COVID peaks ($23m per month). We expect to make complete recovery over the next 3-6 months while continuing to maintain tight control on costs/profitability,” he wrote. While Zomato had laid off 13% of its workforce due to the coronavirus pandemic, 75% of its employees volunteered for partial salary cuts resulting in a total reduction of 14% in payroll costs. However, the original salaries have now been reinstated and the burn rate of July includes the salary costs, said Goyal. Meanwhile, Zomato’s FY20 India food delivery Gross Merchandising Volume grew by 108% over FY19. “ In Q1 FY20, we used to make a contribution margin of –₹47 per order; in Q1 FY21, we made a contribution margin of +₹27 per order,” wrote Goyal. SEE ALSO: <a href="https://www.businessinsider.in/business/news/mukesh-ambani-jio-fiber-and-reliance-invit-set-to-raise-over-1-billion-from-abu-dhabi-and-saudi-sovereign-funds-for/articleshow/76888352.cms">Mukesh Ambani is not done – Jio Fiber to get over $1 billion as Abu Dhabi and Saudi sovereign funds are set to invest in Reliance InvIT</a>

You Searched For "zomato salary" and got 8 results

Deepinder Goyal, Akshant Goyal — here is how much Zomato’s dream team earned since October 2021

Kritti Bhalla

There’s a way government can prod Zomato, Swiggy, Uber and Ola to increase salaries of delivery partners and drivers

Kritti Bhalla

Consulting firms top recruiters in IIM Calcutta final placement

PTI

IIT Madras average salary rises 30% while IIT Jodhpur’s best salary rises 90%

Vaamanaa Sethi

Deepinder Goyal’s stake in Zomato is now worth more than $700 million

Kritti Bhalla

CEOs are paid more now but half of the earnings are 'at risk'

Vaamanaa Sethi

India’s financial capital added 3 out of 4 new jobs for undergraduates between October and March

Vaamanaa Sethi

Zomato has doubled its revenue and founder Deepinder Goyal says COVID-19 has made the company lean and mean

Sanchita Dash

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