Following after Zomato’s grand market debut initial public offering (IPO) and its listing on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), Founder Deepinder Goyal Now in terms of assets, the country stands between 1 percent. According to a Bloomberg report, his personal fortune is now close to $1 billion. The founder of the start-up now has a net worth of about $650 million, which is . considering their 4.7 percent stake in zomatoAccording to the Bloomberg Billionaires Index. According to the report, when one takes into account the 368 million other options that are vested over the next six years, this doubles his wealth.
While that number is still far behind the likes of other billionaires like Mukesh Ambani – who is worth around $80 billion – as well as other Indian billionaires, it is important to note that the start-up billionaire community in India is a small one. According to the report, after a 66 per cent jump in Zomato Ltd for the company, Goyal was essentially pushed into the ultra-rich category.
This IPO was one of the ages as it stands as one of the largest ever done by a start-up, that too in the online food-delivery industry. What started out as a simple restaurant and food listing website broke through the glass ceiling and became a real industrial giant. The journey that started in 2008 is an inspiration for start-up founders and entrepreneurs in India. As a nation, we recorded approximately $6.3 billion in funding and technology deals for the start-up space in the second quarter, according to Bloomberg. This reflects increased entrepreneurial activity and venture capitalist participation.
Zomato is one of the pioneers among Indian Internet unicorns in India to tap into the local capital markets. According to the report, the company with a market capitalization of $13.3 billion represents a positive trend for retail investors in the country. The IPO made huge waves when it opened for trading at over 38.25 times against 71.92 crore shares. The price band for the IPO was fixed between Rs 72 and Rs 76 per equity share, and received over 2,751.27 crore bids. The strongest response was from retail buyers and Qualified Institutional Buyers (QIBs) which lasted from July 14 till the closure of their membership on July 16.
Goyal and his colleague Pankaj Chadha started their Zomato journey by uploading menus of neighborhood cafes and restaurants on their website. At that time it was not even called Zomato. The company was initially dubbed ‘FoodieBay’. The service he provided for collating restaurant-based information quickly came under fire as he attracted the first investment of $1 million from his now-longtime investor, Info Edge India Ltd. Eventually other investors such as Sequoia Capital, Tiger Global Management and Jack Ma. Ant Group Co. joins the ranks, supporting the growth of Zomato.
The company changed over the years as it brought in more services and features like its iconic food-delivery services, restaurant recommendations, table booking, etc. Keeping the future in mind, Goyal is probably looking at bringing the grocery delivery feature to the Zomato app.
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