After Zomato was impacted massively by the bear run on Dalal Street, Zomato CEO Deepinder Goyal said in a letter to his employees that the company does not have much to worry about except execution and that he is confident about Zomato’s overall strategy as a business. Goyal added that the company is adequately capitalised and that he was waiting for a bear market for a very long time.
The Zomato boss added that bear market is the time when funding dries out and companies rise to the top due to solid teams and execution. He also mentioned that this could be due to the global sell-off in growth tech stocks which impacted stocks like Doordarshan, Peleton, Delivery Hero, Netflix and Zoom.
He added in a letter to his employees, as accessed by The Economic Times, that Zomato as a company had no control in its valuation going up from $8 billion in the IPO to $17 billion at its peak and vice versa. He further noted that Zomato as a company does control execution and the value it creates for its customers and investors.
Shares of Zomato Limited zoomed 10 percent to hit an intraday high of Rs 100.2 on BSE after crashing 19 percent to hit an intraday low of Rs 92.25 on the BSE on Monday. The market cap of Zomato has risen to RS 76,903.48 crore on the BSE.
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