BackToday is a big day for Zomato. A new day zero: Deepinder Goyal
Zomato Ltd made a strong stock market debut on Friday, listing at ₹115 apiece on the Bombay Stock Exchange (BSE) and ₹116 apiece on National Stock Exchange (NSE)
PremiumBENGALURU: With the online food delivery major listing on the Indian exchanges today, Zomato founder and chief executive Deepinder Goyal said it was a big day for the company, as its focus continues to be on the long-term.
“We are going to relentlessly focus on 10 years out and beyond and are not going to alter our course for short term profits at the cost of long-term success of the company. The tremendous response to our IPO gives us the confidence that the world is full of investors who appreciate the magnitude of investments we are making, and take a long-term view of our business," said Goyal in a blogpost.
Goyal also added that even in the time of crisis, Zomato’s focus has constantly been on the long term.
“Our 10+ year journey has not always been smooth. We have lived through many ups and downs – something not every company has the privilege of living long enough to do. I have made many decisions, which have been good for the company, while some have caused our stakeholders a lot of heartburn. That said, we have found ourselves managing times of crisis on different occasions in much the same way – impatiently staying focused on the long term, executing relentlessly, and committing ourselves to doing the very best we can do today," said Goyal.
“Even in our hardest times, we’ve had half of our tech or engineering team work on long-term initiatives. And during the good times, we double down on the long term even harder. The only short term work we do is whatever will earn us the right to continue building the future. We deeply understand that anything good and meaningful takes decades to build," added Goyal.
Zomato Ltd made a strong stock market debut on Friday, listing at ₹115 apiece on the Bombay Stock Exchange (BSE) and ₹116 apiece on National Stock Exchange (NSE). Its shares climbed to ₹138.65 apiece on BSE in trading action on Friday morning.
“Today is a big day for us (Zomato). A new Day Zero. But we couldn’t have gotten here without the incredible efforts of India’s entire internet ecosystem. Jio’s prolific growth has set all of us up for unprecedented scale. Flipkart, Amazon, Ola, Uber, Paytm – have also over the years, collectively laid the railroads that are enabling companies like ours to build the India of the future," said Goyal.
On the listing day, Goyal also thanked Zomato’s past and current team members who influenced Zomato in various ways.
“They say it takes a village to raise a child, and we are no exception. Hundreds of people have selflessly played a part in making Zomato what it is today. While some of them no longer work with us, the influence of Pankaj, Saurabh, Mohit Kumar, Mukund, Akshar, and so many others can still be felt at Zomato. To our investors who have stood by us through thick and thin; Sanjeev, Mohit, Vamsi, Vishesh, Eric – we thank you for your confidence in us, and we hope to live up to your expectations in the future," said Goyal.
“I believe Zomato and Swiggy are two of the best food delivery apps in the world today," added Goyal on the listing day for Zomato.
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