After Mumbai & B'luru, Zomato expands priority food delivery service to 3 more cities
Mumbai: Online food delivery company Zomato’s shares extended its morning session loss on Tuesday up to 5-6 percent, as the company is expecting an increase in cost due to the employee stock ownership plan (ESOP). Zomato announced results of the fourth quarter of the financial year 2024 on Monday.
In the post-result commentary, the management said that in the current financial year (FY25), the costs may increase due to the grant of ESOPs to senior employees and the leadership team of Blinkit. The food delivery giant said they had sought permission from the shareholders to issue 18.2 crore shares to the employees as ESOP. According to the current market value, ESOPs’ value is around Rs 3,500 crore. Zomato registered a profit of Rs 175 crore in Q4 of FY24.
