On a day when Zomato’s shares opened on the stock exchanges at 53 per cent premium, the food delivery company founder Deepinder Goyal said that he was focused on the next 10 years out and beyond, and will not alter course for the 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,” he said in a blog post.
Goyal said the company could not have got where it is 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. 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,” he said.
Goyal said that India is a tough market to operate in, but if you are building to succeed in India, you are already exceptional. He also named Zomato rival Swiggy as one of the best food delivery apps in the world.
Goyal founded Zomato in 2008 just when the Internet economy was beginning to open up. He said that the 10 plus 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 that 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 do the very best we can do today,”