Today is a big day for Zomato: CEO Deepinder Goyal By CIOReviewIndia Team

Today is a big day for Zomato: CEO Deepinder Goyal

CIOReviewIndia Team | Friday, 23 July 2021, 04:56 IST

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As food-delivery and restaurant discovery platform Zomato lists on the Indian bourses, Deepinder Goyal, the company’s founder and CEO said their focus remains to build for the long-term.As food-delivery and restaurant discovery platform Zomato lists on the Indian bourses, Deepinder Goyal, the company’s founder and CEO said their focus remains to build for the long-term.

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," Goyal said in a blogpost on Friday.

"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 long-term success of the company".

"The tremendous response to our IPO gives us 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," he added.

"Even in our hardest times, we’ve had half of our tech/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," 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.

Zomato will list on National Stock Exchange and Bombay Stock Exchange today. The company will advance its listing.

Goyal also took the opportunity to thank long-time investors and former employees including cofounder Pankaj Chaddha who cofounded the company with him in 2008.

“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,” he stated in a statement.

In the last 13 years of the company’s founding, when it started out as a restaurant discovery platform, the company has evolved into one of the two most dominant food delivery companies with a presence in over 500 cities.

“I don’t know whether we will succeed or fail - we will surely, like always, give it our best. But I hope that the fact that we are here, inspires millions of Indians to dream bigger than we ever have, and build something way more incredible than what we can dream of.”

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