Food-delivery and restaurant discovery platform- Zomato enters the Indian stock market and has a huge plan to focus to build for the long term. Zomato’s shares listed at nearly 52% premium today and are currently trading between Rs. 120 and Rs. 130 apiece. The market cap briefly crossed the Rs. 1 lakh crore mark.
Deepinder Goyal, CEO, and founder, Zomato, said, “Today is a big day for us. 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,” he said. “We stand proudly and humbly on the shoulders of giants, and we thank everyone for giving us, and so many other startups, the opportunity to look ahead into the future.”
On the way ahead, Goyal said Zomato is going to relentlessly focus on 10 years out and beyond and is “not going to alter our course for short-term profits at the cost of the long-term success of the company”. “The tremendous response to our IPO gives us confidence that the world is full Zomato of investors who appreciate the magnitude of investments we are making, and take a long term view of our business,” he added.
“Even in our hardest times, we’ve had half of our tech/engineering teamwork 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,” the Zomato CEO said.
Zomato has raised Rs. 9,375 crore from public markets. Its issue which opened last week was oversubscribed by 40.38 times, generating a demand of Rs. 2.13 lakh crore, the most in 11 years and the third-highest in Indian capital market history.