A lot of people are calling this a ‘historical moment’. It is not. History is always made in hindsight. Never in the present. Back to work.— Deepinder Goyal (@deepigoyal) July 23, 2021
Zomato shares were finally listed on the National Stock Exchange (NSE) on July 23, opening at Rs 116 apiece. As the food-tech startup’s market capitalisation crossed Rs 1 lakh crore, it became a member of the exclusive club of top 50 companies by market capitalisation.
Behind Zomato’s stellar IPO and valuation is a man who started a company from his own apartment.
After working as a management consultant at a multinational consultancy firm Bain & Company for nearly four years, the 2005 IIT Delhi graduate decided to chase his entrepreneurial dreams.
The idea for a food aggregator and delivery app business struck Goyal and his partner Pankaj Chaddah while looking at their colleagues at Bain wait in line to order food.
The duo started Foodiebay, the precursor to Zomato, in 2008. The name was changed to Zomato to rhyme with tomato.
The platform got investment from Info Edge India Ltd, owned by Sanjeev Bikhchandani, a fellow entrepreneur turned investor.
Working with investors like Tiger Global, Temasek, Baillie Gifford, Kora, Luxor, Fidelity (FMR), D1 Capital, Baillie Gifford, Mirae, Steadview, and Ant Financial has turned Zomato into a Rs 1 trillion company with its public listing.
Goyal, however, remains focused on taking and growing his company forward.
“A lot of people are calling this a ‘historical moment’. It is not. History is always made in hindsight. Never in the present. Back to work,” he tweeted as the company’s shares went public on the NSE.
Moreover, in an open letter on Zomato’s blog, Goyal said, “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.”
While Zomato has become the first Indian unicorn to go public in such a massive way, it will be up to Goyal to ensure that Zomato doesn’t come tumbling down. As a few experts already believe the food delivery platform’s shares are overpriced, it will be Goyal’s responsibility to lead his team to prove them wrong.