Zomato CEO Deepinder Goyal will donate all proceeds of his recently vested employee stock option (ESOP) worth Rs 700 crore to Zomato Future Foundation, according to an internal communication sent by Goyal to Zomato’s employees.
“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.
Goyal was granted some ESOPS by the investors and board on the basis on past performance, right before the company went public last year. The foundation will be covering the education of up to two children of all Zomato delivery partners, up to Rs 50,000 per child per annum on actuals, above a certain service quality benchmark, who have been on Zomato’s fleet for more than five years.
“..I do not intend to liquidate all these shares immediately, but over the next few years. For the first year, I will liquidate less than 10% of these ESOPs towards the foundation,” said Goyal in a statement.
This amount shoots up to Rs 1,00,000 per annum per child if the delivery partner completes 10 years with Zomato. 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.”