Hailed As 'Breath Of Fresh Air' On Shark Tank India 3, Here's The Success Story Of Zomato CEO Deepinder Goyal
When he talks, you sit back and listen! Currently seen on Shark Tank India season 3,?Zomato CEO Deepinder Goyal is already being compared to the most popular shark on the show Ashneer Grover. Several other fans of the show are calling him a breadth of fresh air. The man whose net worth is reportedly Rs 2,030 crores, is a source of inspiration for budding entrepreneurs.?
Here's The Success Story Of Zomato CEO Deepinder Goyal
From IIT to a billionaire!
Deepinder Goyal has a degree in Mathematics and Computing from IIT Delhi. He graduated in 2005. He landed his first job at Bain & Company, a consulting firm. It was during this time that he got the idea of building a food delivery platform Zomato.?
How did he get the idea of building Zomato?
When Goyal was working at??Bain & Company, he saw a lot of people standing in long queues to place their orders. That is when he and his colleague?Pankaj Chaddah?thought this problem should be solved and food should be to be delivered to people at their doorstep.?
Rapid expansion
In 2008, Deepinder Goyal founded the company which was then called Foodiebay along with co-founder Pankaj Chaddah. At this point in time, it was just a restaurant listing and recommendation portal.?In 2011, Zomato expanded across India to Delhi NCR, Mumbai, Bangalore, Chennai, Pune, Ahmedabad and Hyderabad. Later, the company expanded globally to the?United Arab Emirates, Sri Lanka, Qatar, the United Kingdom, the Philippines, and South Africa,?and it was renamed as Zomato. In 2014, it was launched in?Portugal. In 2015, it was launched in Canada, Lebanon, and Ireland.?
In 2015,?Zomato had acquired a Seattle-based restaurant discovery portal called Urbanspoon, thus marking its entry into the US and Australia.?
Food Delivery service
Zomato expanded its horizons in 2015 with food delivery. For this, the company partnered with?Delhivery and Grab for delivery service. In the same year, it also launched a table reservation feature.
In April 2015, Zomato acquired MapleGraph Solutions, a cloud-based point-of-sale (PoS) company, which eventually helped it introduced Zomato Base, its own PoS system tailored for restaurant proprietors that comprised new features such as menu and inventory management, a payment system, and analytical tools. During the same year, Zomato also acquired Sparse Labs, rebranded as Zomato Trace, and seamlessly integrated its cutting-edge real-time delivery location tracking technology into the food delivery platform.
In 2017, the company founded by Deepinder Goyal launched Zomato Infrastructure Services, a cloud kitchen infrastructure service that helped their partner restaurants expand their presence without incurring any fixed costs. Later, it launched Zomato Gold, a paid membership that gave customers discounts and other offers.
The biggest challenge: Covid-19 pandemic
The business hit a low during the pandemic. Deepinder Goyal who was reportedly taking home a salary of?Rs 3 crores in 2020 had reportedly cut it down to Rs 1.96 crore in 2021. While there was a decline in food orders, the demand for delivery of groceries was increasing. So, Zomato started delivering groceries. It also introduced a contactless dining experience at its partner restaurants.?
After the pandemic
In 2021, it ceased its operations everywhere apart from India and New Zealand. In 2022, it acquired Blinkiit. In the same year, Zomato started Intercity Legends in Delhi NCR which enabled their customers to order food from other cities as well.?
Deepinder Goyal's journey from an IIT alumnus to becoming a billionaire is indeed inspiring! What's your take on his appearance on Shark Tank India season 3? Let us know in the comments section below.
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