Zomato gets support from peer Swiggy; love from Oyo & Paytm bosses helped Deepinder Goyal deal with IPO pangs

It has been a big day for Zomato. The food delivery platform opened its initial public offering on Wednesday, and more than 36 per cent of its shares were grabbed in the first few hours.
Minutes before the market was set to open, the anxious Zomato founder Deepinder Goyal took to Twitter to share that he was stress eating. "Just ordered a triple breakfast," he posted.

Within three hours around noon, he shared that his elaborate meal and love made him feel better. "Topping up the breakfast with chai from Chaayos," he wrote.


Endless good luck and congratulatory messages poured in for the 38-year-old entrepreneur.

Wishing Goyal luck, Edelweiss Mutual Fund MD and CEO Radhika Gupta confessed to ordering 'way too much' food on Zomato.


Snapdeal founder Kunal Bahl said that the line between customers and investors will get blurred starting today.


Ritesh Agarwal, founder and CEO of Oyo Rooms, said he was confident that Goyal will do 'amazingly' well.


Paytm founder Vijay Shekhar Sharma said that he was rooting for Goyal.


After Zomato's IPO held strong, Sharma shared a picture of the Zomato office, displaying the wall of fame of the company in 10 years, 20 years and 30 years. In his post, he wrote that he would like to replicate the same concept at Paytm.


Niti Aayog CEO Amitabh Kant congratulated Zomato for the successful IPO. "Zomato has totally redefined the food service & delivery industry. Now present in 10,000 cities in 24 countries, their journey is truly inspirational & mind boggling," he wrote.

Goyal immediately thanked him, and said, "Means so much coming from you."

The company, backed by Jack Ma's Ant Group Co, is the first from a long list of Indian unicorn startups to launch an IPO. It is also the first among Indian online food aggregators.

The official handle of Zomato also posted a famous dialogue by Paresh Rawal from 2000 comedy film, 'Hera Pheri'. "Mereko to aisa dhak dhak horela hai." - which means 'my heart is beating too fast'.


Soon after its peers showered love on the microblogging site.

WazirX, one of India's bitcoin and cryptocurrency Exchange platforms, tried to comfort Zomato with a crypto acronym. The term HODL (Hold on for dear life) is used to encourage people to not sell on an impulse when a cryptocurrency drops or rises, dramatically.


Bengaluru-based company Dunzo thanked Zomato for opening the doors for start-up firms dealing in door-to-door delivery.

Keeping the competition healthy, Swiggy cashed in on Zomato's IPO. Harnidh Kaur, Product Marketing Manager of New Initiatives at Swiggy, shared a notification by the restaurant aggregator which said, "It's a big day for Indian start-ups. We wish our friends well. Invest in something sweet to mark this special occasion..."

"Cheering our friends on because we all grow together," her post read.


Adding a humourous touch to the mood, businessman and comedian Atul Khatri joked that it was time to request tips from the Zomato delivery guys.


The Gurugram-based company had raised a little over Rs 4,196 crore from anchor investors ahead of its initial share sale. The issue, with a price band of Rs 72-76 per share, will be open for public subscription from July 14-16.

The offer received bids for 26.10 crore equity shares against an IPO size of 71.92 crore, stock exchange data showed. The IPO, which will give Zomato a valuation of Rs 64,365 crore, is being touted as the second-biggest since SBI Cards and Payment Services' Rs 10,341 crore issue in March 2020. It will surpass Indian Railway Finance Corp offering in January.

Post-IPO, the valuation of Zomato will be more than the combined market capitalisation of five listed fast food and restaurant companies - Jubilant FoodWorks Ltd (the master franchise for Domino's Pizza in India, Burger King India), fast food restaurant holding company Westlife Development Ltd, Barbeque-Nation Hospitality and Speciality Restaurants.