Deepinder Goyal’s simple observation at a corporate cafeteria sparked a revolution in how Indians eat. What started as a digital menu board in 2008 has grown into Zomato, a powerhouse platform serving over 20 million monthly transacting users across more than 800 cities. This journey not only reshaped urban dining habits but also created jobs for hundreds of thousands of delivery partners, highlighting the role of homegrown tech in fueling India’s digital economy.

Roots in Everyday Frustration: The Birth of Zomato

Deepinder Goyal, born in 1986 in Muktsar, Punjab, grew up in a middle-class family. He pursued a B.Tech in mathematics and computing at the Indian Institute of Technology, Delhi, graduating in 2005. After joining Bain & Company as a senior associate consultant in 2006, Goyal noticed colleagues queuing up at the office pantry for printed restaurant menus.

This sparked the idea for an online directory. In July 2008, while still at Bain, Goyal launched Foodiebay.com with colleague Pankaj Chaddah. They quit their jobs in November 2009 to focus full-time, incorporating the company as DC Foodiebay Online Services Private Limited in January 2010. By November 2010, the name changed to Zomato to allow flexibility beyond food.

Early on, Zomato focused on restaurant discovery, providing menus, reviews, and recommendations. It partnered with Citibank for a restaurant guide, expanding to 100 cities across 19 countries by 2014, including the UAE, Brazil, and Turkey.

Navigating Challenges: From Discovery to Delivery Dominance

Zomato’s pivot to food delivery in 2015 came amid fierce competition. The company faced funding hurdles and market saturation but secured $1 million from Info Edge in 2011. Global investors like Sequoia Capital, Tiger Global, and Ant Group followed, pushing its valuation to unicorn status in 2018.

A key milestone was the January 2020 all-stock acquisition of Uber Eats’ India operations for $206 million, boosting Zomato’s market share to 52% by absorbing Uber’s 5% slice. This deal redirected users, restaurants, and partners to Zomato’s platform.

The COVID-19 pandemic accelerated growth. Amid lockdowns, Zomato launched contactless dining in April 2020 and Zomato Market for groceries in over 80 cities from April to June 2020. By 2023, it commanded about 54% of India’s online food delivery market, outpacing rival Swiggy.

Zomato’s user base exploded, with over 1.4 million listed restaurants and 12,000 partners. As of 2023, it had around 285,000 active delivery drivers in India. Features like Zomato Gold (now Zomato Pro) engaged 25,440 premium restaurant partners by March 2021.

Financial Milestones: Steady Climb to Profitability

Zomato’s initial public offering in July 2021 marked a watershed. Priced at Rs 76 per share, it listed at a 66% premium, valuing the company at $13.3 billion and making Goyal’s 4.7% stake worth $650 million. The IPO raised $1.26 billion, the largest for an Indian consumer internet firm at the time.

Goyal emphasized transparency in preparations: “Discipline, trust, transparency, no mumbo jumbo in your books, keep it clean—these are the basics,” he told The Economic Times in 2021.

Revenue growth has been robust, driven by food delivery (48.8% of Q4 FY24 income) and quick commerce via Blinkit, acquired in 2022. Consolidated revenue surged from Rs 2,774.9 crore in FY20 to Rs 12,114 crore in FY24, a compound annual growth rate of over 44%.

Fiscal Year	Revenue (Rs Crore)	Key Notes
FY20	2,774.9	Pre-pandemic base; focus on discovery
FY21	4,182	51% growth amid lockdowns; grocery pivot
FY22	7,079	Delivery expansion; Uber Eats integration
FY23	7,804	10% rise; Blinkit acquisition impact
FY24	12,114	55% surge; profitability in food delivery

*Source: Company annual reports and *Equitymaster* analysis.*

Net profit turned positive in FY24 at Rs 351 crore, up from losses in prior years. Blinkit alone doubled revenue to Rs 2,301 crore in FY24.

Recent Moves: Leadership Shifts and Bold Expansions

In 2025, Zomato, rebranded under Eternal Limited, navigated leadership changes. In April, food delivery COO Rakesh Ranjan stepped down, with Goyal taking direct oversight. Another COO, Rinshul Chandra, resigned effective April 7, 2025, after seven years.

Goyal addressed industry concerns in a January 2025 letter to partners, seen by The Economic Times. He tackled fears over 10-minute delivery via Blinkit’s Bistro app, assuring it complements rather than competes with restaurants.

Beyond core operations, Goyal invested $20 million in March 2025 in LAT Aerospace, a startup co-founded by ex-Zomato COO Surobhi Das, focusing on low-cost regional aircraft. In September 2025, Zomato launched “Healthy Mode” in Gurugram to rate meals nutritionally, expanding to other cities. Goyal called it personal: “We made eating out easier than ever, but we never really helped people truly eat better,” he posted on X.

Goyal refuted April 2025 Reddit rumors of market share loss and toxic culture as “utter nonsense,” reaffirming freedom of choice.

Enduring Impact: A Blueprint for Digital India

Zomato’s story underscores tech’s power to connect consumers, restaurants, and gig workers. It has created livelihoods for over 350,000 delivery partners and preserved culinary diversity by spotlighting local eateries. In a market projected to hit $81.9 billion by 2028 at 19.7% CAGR, Zomato’s innovations—like biryani as the top-ordered dish—mirror shifting tastes.

Yet challenges persist: urban slowdowns, competition from Swiggy and quick commerce like Zepto, and calls for fair partner pay. Goyal’s August 2025 X post on global tariffs urged India to build self-reliance: “Global powers will always bully us, unless we become too big to bully—in economy, in technology, in defence, and most importantly, in ambition.”

As Zomato eyes hyperlocal and international growth, Goyal’s vision—from pantry queues to global tables—offers a roadmap for startups: solve real problems with relentless execution.

In India’s bustling digital kitchen, Zomato reminds us that one idea, served hot, can feed a nation.

Also read: Dhan Soars to Unicorn Status with $120M Funding Blitz Led by Hornbill Capital

Last Updated on Tuesday, October 14, 2025 12:42 pm by The Entrepreneur India Team