“The IPO was good and the business was doing what it was doing, and a lot of people made a lot of money for the first time in their lives, and these are competent people,” Goyal said at the Economic Times Startup Awards 2024.
He also added: “There was no work within the organization for a while.” When asked about the current situation, Goyal said, “I think we are a very trustworthy team now.”
After making it public, ZomatoThe stock initially underperformed, which affected its market capitalization. This was further exacerbated by global market instability. However, things have changed for the better now, and Zomato has become one of the favorite stocks for investors. According to the BSE, Zomato stock has returned 121% year-to-date (YTD).
Goyal also spoke about Zomato’s relatively late entry into the fast-growing market. fast trade sector, expressing surprise at the exponential expansion of the sector. “I didn’t think it would grow that much,” he added.
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On regulatory scrutiny, the Zomato CEO said that Fast trading is not eating into the market share of Kiranas.. “Blinkit doesn’t even affect companies like Dmart. We are more or less eating into the share of e-commerce players like Amazon and Flipkart as well as modern retail,” he added.
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