Deepinder Goyal Success Story: Revolutionizing Food Delivery in India with Zomato

The food delivery segment in India has witnessed an unprecedented surge. Late-night cravings, urgent home delivery, etc., have now become the norm. Despite being a huge potential market in India at present, only 2-3 brands dominate this industry, and Zomato is one of them.

Zomato is an Indian restaurant aggregator which delivers food in almost every Indian city. Zomato provides a complete reference for a restaurant. Right from menus to reviews, it covers all the aspects centered around a restaurant. Now, the question in your mind would be who found this brilliant startup to curb all your midnight cravings - it was founded by Deepinder Goyal and Pankaj Chaddah.

Zomato is gradually building on its global presence. They have acquired about 15 startups in different countries, including foreign competitors, to increase their foothold in other countries. In 2014, Zomato acquired Gastronauci, Poland’s restaurant search service, and Cibando, an Italian restaurant finder. They made their biggest acquisition in 2022 by acquiring India-based Blinkit (formerly Grofers) for an estimated $560 Million in an all-stock deal.

Initially named as Foodiebay when it began in 2008, the venture was later renamed as Zomato in 2010.

Deepinder Goyal Biography

Let us look at Deepinder Goyal's Success Story, whose current net worth is Rs. 2,030 Crore.

Deepinder Goyal - Education
Deepinder Goyal - The idea of Zomato
Deepinder Goyal - Zomato's Growth
Deepinder Goyal - Struggle
Deepinder Goyal - Raising funds for Zomato
Deepinder Goyal - The Dream Flight
Deepinder Goyal - Success Story: An Inspiration
Deepinder Goyal - Shark Tank India
Deepinder Goyal - Investments

Deepinder Goyal - Education

Hailing from a middle-class family, Deepinder Goyal had a modest upbringing. After completing his graduation from the prestigious Indian Institute of Technology, Delhi, in 2005 in Mathematics and Computing, his interest in food was an encouragement to conceive a venture that would help people have their lunch, breakfast, and dinner through the convenience of an app.

Deepinder Goyal - The idea of Zomato

Ordering food from home wasn’t easy initially. To order food online, one had to choose from multiple restaurants without any information about the reviews and ratings. Discounts and offers on dining and food delivery were almost non-existent.

After graduating from IIT Delhi, Deepinder joined Bain and Company as a Senior Associate Consultant in January 2006. During his tenure with Bain, he founded FoodieBay.com, which later became Zomato.com. The idea of FoodieBay.com was his eureka moment. At Bain and Company, everyone had to stand in long queues to place their order. Deepinder and his colleague at Bain, Pankaj, came up with a creative solution to save the time they spent ordering food.

It was then the duo decided to create a website for food ordering for Bain employees using the company intranet. To their surprise, the website was a hit and received heavy traffic. The Zomato founders saw an opportunity that could revolutionize the food tech industry.

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Deepinder Goyal - Zomato's Growth

Deepinder’s idea kickstarted a new era. Neither he nor his colleagues thought that their idea would give rise to one of the most popular food aggregation brands.

After their experiment and the response they got from it, they were forced to add more restaurants to the list. By the end of the year, FoodieBay.com was introduced in mega-cities like Kolkata and Mumbai. In the year 2010, their startup started serving customers in Pune and Bangalore.

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Deepinder Goyal - Struggle

Deepinder's initial hurdle came from his family, who were reluctant to leave his stable job at the firm and join the startup journey and lifestyle. Deepinder's wife, Kanchan Joshi, whom he met at IIT, was reluctant initially but later supported his new lifestyle completely. After establishing the startup in big cities, the Zomato owner hired Gunjan Patidar, another IITian, to assist the team in Operations. He had a hectic time running FoodieBay.com since the concept was unique and unknown to people at that time, and difficulties were inevitable. He had to face numerous entrepreneurial problems to convert his hard work into success. During the first two years, they ran the website without any hurdles but found it difficult to scale as more and more restaurants and pubs were being covered under Zomato. It was also a difficult time for them due to dwindling financial resources and trouble in securing funding.

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Deepinder Goyal - Raising funds for Zomato

When the Zomato team was desperate for funding, Info Edge came to its rescue. In August 2011, Info Edge invested $1 million in FoodieBay.com. This was when Deepinder and his team changed the name of the company to Zomato.com. The funding was a morale booster that prompted Deepinder and Pankaj to quit their jobs at Bain and Company and dedicate all their time towards the growth of Zomato.

After this, the trend of food delivery and ordering took India by storm, turning the tide for Zomato. Since their initial funding in 2011, they've gone on to be funded by several investors and achieved the status of a unicorn in 2018. They ended 2020 by closing a $660 million primary financing round at a post-money valuation of $3.9 billion.

With rapid developments in the technology sector, Zomato modified its ways and launched its applications in iOS, Android, and Windows. Increasing popularity gave way to expansion in cities like Chennai, Hyderabad, and Ahmedabad.

After expansion, Zomato collaborated with Citibank, which was named “Citibank Zomato Restaurant Guide.”

The company is now publicly traded. On July 23, 2021, the shares were listed on the BSE and NSE. Its IPO price range was ₹72 to ₹76 per share. The market capitalization of Zomato is $11.67 Billion (as of October 2023). It is the 1306th most valuable company in the world based on market value.

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Deepinder Goyal - The Dream Flight

Under Zomato CEO Deepinder's guidance, the company expanded its operations in countries such as Dubai, UAE, Sri Lanka, Qatar, the United Kingdom, South Africa, the Philippines, and New Zealand.

During FY 2011-2012, Zomato Media Pvt. Ltd. reported revenues worth INR 2.04 crores, which ballooned to INR 11.38 crores during the financial year 2012-2013.

Zomato had around 2.5 million visitors on its website in March 2012. This increased exponentially to 62.5 million during 2014. Their revenues surged too, INR 30.06 crore generated in 2012 as revenue increased to INR 96.7 crore in 2015. Zomato recorded a growth rate of 68.9% in its gross revenue, reaching INR 7,079 crores in FY23.

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Deepinder Goyal - Success Story: An Inspiration

Deepinder has shown how to grow a business by setting up examples for his co-workers. Working for 24 hours is never a cakewalk, especially when there’s pressure from parents upon leaving a well-settled job. Under his guidance, Zomato has received multiple awards, mostly user’s choice - which proves customer satisfaction. At the age of 31, Deepinder Goyal, the founder of Zomato, won Economic Times startup of the year. Rising from the lowest moments of despair and distress to revolutionizing an entire segment is no simple feat. That’s what Deepinder Goyal has achieved. A millennial cannot imagine life without Zomato—Deepinder has taken his venture to enviable heights!

Deepinder Goyal - Shark Tank India

Deepinder Goyal is one of the new sharks on Shark Tank India season 3. At the age of 40, he has become an inspiration to young people and has chosen to impart his knowledge to aspiring entrepreneurs. He joins Ritesh Agarwal, the founder and CEO of OYO Rooms, Azhar Iqubal, the co-founder and CEO of Inshorts, and the returning sharks Aman Gupta, Anupam Mittal, Namita Thapar, Vineeta Singh, and Peyush Bansal on the panel.

The Zomato Founder will seek unique and scalable firms to invest in on Shark Tank India. He is particularly interested in businesses that are challenging the status quo and have the ability to make a significant difference in people's lives. Goyal's addition to the panel of sharks is sure to make the new season even more exciting and informative.

Deepinder Goyal wrote this on his social media:

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Deepinder Goyal - Investments

FAQs

Which Indian Engineer and Entrepreneur Is the Co-founder of Zomato?

Deepinder Goyal is the Co-founder & CEO of Zomato.

How much is Deepinder Goyal's Net Worth?

Rs. 2,030 Crore ($243 Million).

What is Deepinder Goyal's Education?

Deepinder Goyal graduated from the Indian Institute of Technology, Delhi, with a degree in Mathematics and Computing.