In India, the food delivery segment has been witnessing a rapid surge, especially in this pandemic situation. Late-night food delivery and cravings or getting any desired meal at any hour of the day has become a common phenomenon. This brings the food delivery service more frequent and at certain times on an urgent basis. However, despite various food industries having a huge potential market in India at present, there are only a few brands that actually dominate this industry and Zomato accounts for one of them.
Zomato, an Indian restaurant aggregator delivers food to almost every Indian city. Right from menus to reviews, it covers all necessary information required about a restaurant, including any special mentions regarding the bestseller item of that restaurant. It was founded by Deepinder Goyal, the man whose idea and efforts have turned Zomato into one of the most successful food delivery services in our country.
Brief introduction about him
Born in Punjab, India, on 26th January 1983, Deepinder had his education from the Indian Institute of Technology, Delhi. He was a middle-class family child, who after completion of his graduation, showed his keen interest in the food segment and always wanted to encourage his interests by working out for a venture that would help people with their lunch, breakfast and dinner through the convenience of an app. However, owing to financial pressure from this family side, his struggle towards finding something innovative became more challenging.
The idea of Zomato
Ordering food previously was never easy. People before used to go to restaurants to buy food or while ordering online had to choose from multiple restaurants ignorant of their food quality and reviews along with any available discounts. Deepinder, after graduation joined Bain and Company as a Senior Associate Consultant in 2006 during which he founded FoodieBay.com which he later renamed as Zomato.com at Bain and Company, everyone used to stand in long queues to place their orders, so this made Deepinder think of something convenient and hence with his college at Bain he came up with the idea of Zomato, to save time and money while ordering food online.
The growth of Zomatounder the guidance of Deepinder Goyal
Deepinder’s idea made a new kick-start to the entire food tech industry. Soon after he found Zomato, he started to get positive responses and people started to show their interest that further led him to add more restaurants to the list. Deepinder was supported by ample funding from Edge, which invested around $1 million on 11th, August 2006 on Foodie.com later changed to Zomato.com. After this, food delivery and order took a storm and later on several other investors started investing in it. In 2018, it was entitled with the status of a unicorn which ended later in 2020 by closing a $660 million primary financing round at a post-money valuation of $3.9.
Gradually, Deepinder started to infuse newer and modern ideas into expanding his venture by expanding its reach and launching its application name ‘Zomato’ in iOS, Android and Windows. In Hyderabad, Chennai and Ahmedabad, Zomato first took a rapid growth. Later, Deepinder collaborated it with Citibank which was named ‘Citibank Zomato Restaurant Guide’. With each passing year, Zomato needed more funding as it began to maximize its operations but owing to its success, Zomato was never obstructed.
Deepinder’s efforts made him so much success that he stands today with a net worth of Rs 2,200 crore as of January 2021. Under his leadership, Zomato has bagged multiple awards, mostly user’s choice showing customer satisfaction. Deepinder has achieved a rise from the lowest moments of despair and distress to revolutionizing an entire dynamic food segment. The company has expanded its operations to Dubai, South Africa, the Philippines, and SriLanka, UAE, Qatar, the US, and New Zealand. During FY 2011-2012, Zomato Media Pvt. Ltd. reported revenue around INR 2.04 crores that kept rising later. Today, the website of Zomato has over 2.5 million viewers.
Deepinder Goyal recently has proudly announced the highest ever ordering surge recorded by Zomato during December, last year, receiving a record of 4,100 orders per minute on New Year’s Eve.