Zomato and Swiggy are best food delivery apps in the world, says Zomato’s CEO
Deepinder Goyalnoted India is a really tough market to operate in.
- Zomato made a strong debut on the stock exchange on Friday, at a premium of 51%.
- The company will use this capital to acquire more companies to expand its presence.
Zomato’s chief executive officer (CEO) and co-founder Deepinder Goyal, in a blog post published only a few hours before the company’s listing on the bourses on Friday, said that Zomato and Swiggy are two of the best food delivery apps in the world.
Goyal noted that India is a really tough market to operate in and if someone is building to succeed in India, they are already exceptional. He also confessed that Zomato has a long way to go before they can call themselves world class by the customers’ standard, but the company is determined to get there.
“I’m a firm believer in India, and where our country will be in the future. India is a tough market to operate in, but if you are building to succeed in India, you are already exceptional. I say that because I believe Zomato and Swiggy are two of the best food delivery apps in the world today,” he said in the blog post.
Goyal also spoke about Zomato's initial public offering (IPO), saying that the tremendous response to its IPO has given the company the confidence that the world is full of investors who appreciate the long term view of its business.
“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.”
Zomato made a strong debut on the stock exchanges on Friday, July 23, as its shares opened at ₹116 on the national stock exchange (NSE). This represented a premium of 51.32% over the issue price of ₹76.
The company plans to use this capital, from public issue, for organic growth, inorganic growth and general corporate purposes. The inorganic growth will include mergers and acquisitions (M&A) as well as investment in tech and customer acquisition.
Founded in 2008 by Deepinder Goyal and Pankaj Chaddah, Zomato has marked its presence in every continent, except Antarctica, through acquisitions and its subsidiaries. In India, the company has over 1.61 lakh delivery partners across 526 cities.
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