Deepinder Goyal, CEO and co-founder of Zomato, said the online food delivery company will only invest in companies that can add $ 10 billion to shareholder value.
“We no longer want to create companies that can add just $ 1 billion to shareholder value. We need to be careful with our team’s time and our bank’s money. We will only invest in companies that we believe we will add more than $ 10 billion to our market capitalization in the future, ”said Goyal.
Goyal, however, said there was an urgent need to invest in other companies to fuel Zomato’s growth. “Food delivery is the core business and it is doing well … Food is what we will stay focused on … We are investing in some very good founders and companies – all in areas that are synergistic or adjacent to our business. “, did he declare. Economic times.
When asked if he would be interested in making strategic investments, Goyal said, “If there are exciting opportunities for us, we will definitely be interested.
The statement comes nearly three months after Zomato’s initial public offering (IPO), which earned it a valuation of Rs1 trillion.
Speaking about the company’s change in approach after the IPO, Goyal said, “You become a public company the day you decide to go public, not the day you actually go public. I think we are more aggressive now than before. . “
Elaborating on the transition from a private to a public company, Goyal said, “There is no space for me to lie to our team. And I have to be on the ball as the first person to step into the game. office and the latest to come out every day. None of that has changed as we have become a public company. We firmly believe that we will preserve the foundation of our culture as long as we live . “
Last week, speaking at a Maximum India Conclave panel hosted by the Indian Private Equity and Venture Capital Association, Goyal said, “There is a lot of pressure after the IPO. .. We used to have a lot of love … done so much work around COVID. But everyone forgot about everything after the IPO, which is painful to see. “
Goyal was apparently referring to the negative comment about the company’s high valuation during the IPO. Earlier, investor ace Rakesh Jhunjhunwala said he would not buy Zomato shares at the given valuation.
In its last round table before the IPO, Zomato was valued at $ 5.4 billion.