‘Don’t have much to worry about’: Zomato CEO Deepinder Goyal after stock tumbled

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.
 
“I am confident about our overall strategy as a business. Let’s continue executing… creating value, cutting costs, and like always, not look at the stock price. We are adequately capitalised and don’t have much to worry about except execution,” Goyal said in his email to his employees.
 
He further added that he was waiting for a bear market for a very long time as this is the time when funding dries out and companies rise to the top due to “the most solid teams and execution”.  The Zomato boss also noted, “Also, let me tell you a secret… I have been waiting for a bear market for a long time now – that is when funding dries up for everyone, and companies with the most solid teams and execution rise up to the top.”
 
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. Goyal also said 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.
 
“There is an important lesson here for all of us which I want to reiterate – we cannot control the market’s sentiments or the macro economic factors which also significantly impact our valuations. What we do control is our execution and the value we create for our internal and external customers. Focus, and execute. In the long term, our stock price, amongst other things will take care of itself,” he further underscored.

Also read: Zomato helps kin of delivery partner killed in Delhi accident with Rs 10 lakh insurance grant