Deepinder Goyal Early life
Deepinder Goyal is an Indian entrepreneur and the founder of Zomato, an online food delivery and restaurant discovery platform.
He was born on January 4, 1983, in Muktsar, Punjab, India. Deepinder grew up in a middle-class family. Both his parents are teachers.
Deepinder completed his engineering degree in Mathematics and Computing from the Indian Institute of Technology Delhi in 2005.
After graduating from IIT Delhi, Goyal started working as a consultant for the global management consulting firm Bain & Company. He worked there for several years before leaving to start his own business.
Deepinder married Kanchan Joshi who he met at IIT, Delhi.
In 2008, Goyal left his job at Bain & Company to start Zomato with his colleague, Pankaj Chaddah.
The Idea behind Zomato
The idea for building a brand like Zomato was established in the New Delhi headquarters of the management consulting firm Bain & Co. In Bain, Pankaj Chaddah was a Senior Analyst while Deepinder Goyal held the position of Senior Associate Consultant.
While working for Bain, many of Deepinder’s coworkers were used to ordering food. As most of his coworkers are bachelors, they don't receive home-cooked food.
While working, they observed people standing in a queue for hours to look at the menu cards in the food court, to place a food order.
So, they decided one day to come up with a solution, and "Foodiebay" is what came of that notion in 2008. In the initial phase, they got a lot of traffic from the website.
On the company's private network, they uploaded scanned copies of the menu. The workers soon began utilizing the facilities, saving them time and money.
Originally named "Foodiebay," the startup began as a restaurant review website that allowed users to find information about restaurants, menus, and user reviews.
In 2010, the online restaurant directory and food guide foodiebay.com has changed its name to Zomato.com. Zomato is derived from the word "tomato" and has a zing to it that increases brand recognition.
The company's goal in rebranding was to enable it to enter the nightlife listing market and broaden its scope of operations beyond food and restaurant listings.
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Zomato's Growth Story
Under Goyal's leadership, Zomato has grown into one of the largest and most successful food-tech startups in the world. The company has raised more than $2.6B in funding over 22 rounds.
In 2012, Zomato created the first Android and iOS app. And it went global and expanded into the UAE, Sri Lanka, Qatar, the UK, the Philippines, and South Africa.
In 2013, Zomato raised $37 million from Sequoia Capital and InfoEdge.
In 2015, Zomato launches its online food ordering service, allowing users to order food from restaurants directly through the Zomato app or website.
In 2016, Zomato acquires the Indian operations of its biggest rival, Urbanspoon India, and enters into a partnership with online restaurant booking platform, NexTable, to expand its online reservation services.
In 2017, Zomato launches its premium subscription service, Zomato Gold, in India and several other countries, offering users discounts and other benefits at select restaurants.
In 2018, Zomato acquires the Indian operations of Uber Eats, Uber's food delivery business, in a deal reportedly worth around $350 million. Also, it became a UNICORN.
In 2021, Zomato goes public with an initial public offering (IPO) on the Indian stock exchanges, raising around $1.3 billion and becoming one of the most valuable food-tech startups in the world.
As of 2021, Zomato has over 1.5 million restaurant partners and more than 70 million monthly active users.
Deepinder Goyal's overall net worth is roughly ₹2,200 crore. Furthermore, he is known as the youngest self-made millionaire in India.
Deepinder Goyal's Struggles and Challenges
Here are some of the struggles and challenges Deepinder has faced throughout his career:
- Funding: Zomato's early years were challenging, with the company struggling to raise funds. Deepinder and his team had to bootstrap the company for the first few years and rely on personal savings and small loans from family and friends.
- Competition: Zomato faced stiff competition from established players like Justdial and Burrp, as well as newer entrants like Swiggy and Uber Eats.
- Expansion: As Zomato grew, it faced new challenges in expanding into new geographies. The company had to navigate complex regulatory environments, cultural differences, and local market conditions.
- Monetization: Zomato's revenue model was initially based on advertising, but the company had to find new ways to monetize the platform as it grew. Deepinder had to experiment with various revenue streams, including online ordering, table reservations, and subscription services.
- COVID-19: The COVID-19 pandemic had a major impact on Zomato, as restaurants were forced to shut down or limit operations. Deepinder and his team had to pivot quickly and adapt to the new reality, launching new services like grocery delivery and contactless dining.
Despite these challenges, Deepinder Goyal and his team have built Zomato into one of India's most successful startups, with a presence in over 25 countries.
Deepinder Goyal's Achievement and Awards
Here are some of Deepinder’s achievements and awards:
- In 2013, he was named one of the "Young Turks of Technology" by CNBC-TV18.
- In 2015, he was awarded NDTV Indian of the year.
- In 2018, he was named the Entrepreneur of the Year at the Economic Times Awards for Corporate Excellence.
- In 2021, he was named among Time magazine's 100 most influential people in the world.
- In 2021, he got featured in the Forbes India Rich List with a net worth of $2.2 billion.
Final Thoughts
Despite facing numerous obstacles along the way, Deepinder never gave up on his vision of revolutionizing the food delivery industry in India.
Through Zomato, Goyal not only disrupted the traditional restaurant and food delivery market but also created a new culture around food discovery and socializing.
He showed with the right combination of technology, user experience, and customer service, anyone can create a successful business that truly adds value to people's lives.
Deepinder Goyal's story serves as an inspiration to aspiring entrepreneurs around the world, showing that with passion, hard work, and a relentless pursuit of excellence, anything is possible.
