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From Foodiebay to Food Tech Giant: The Evolution and Impact of Zomato and Deepinder Goyal

Goyal’s brainchild, Zomato, has become synonymous with food delivery convenience. As the CEO and co-founder, he has overseen its evolution from a fledgling startup to a colossal food tech enterprise. Zomato’s inception in 2008, alongside co-founder Pankaj Chaddah, marked the beginning of a culinary revolution.

Zomato’s journey

Originally known as Foodiebay, the venture underwent a strategic rebranding in 2011, becoming the household name we recognize today – Zomato. Goyal’s visionary leadership and technological acumen steered the company on an unprecedented trajectory.

Spanning its roots from India, Zomato’s reach now extends to over 24 countries, spanning from Sri Lanka to the United Kingdom and the United Arab Emirates. In a testament to its global impact, the platform operates in more than 10,000 cities, bridging the gap between food enthusiasts and their favorite restaurants.

Goyal’s journey into the food tech realm wasn’t a conventional one. Graduating from IIT Delhi in 2005 with a degree in mathematics and computer science, he ventured into the corporate sphere, joining the ranks of Brain & Company as a management consultant. It was during this corporate stint that Goyal experienced an epiphany. The insatiable demand for diverse culinary experiences among his colleagues ignited the spark that would lead to Zomato’s creation.

Leaving behind the comfort of a stable job, Goyal fearlessly embarked on his entrepreneurial voyage, driven by the ambition to transform how people experience dining. His brainchild, originally christened Foodiebay, rapidly gained traction. A metamorphosis in 2010 saw the brand becoming Zomato, capturing the essence of its mission – to be the ultimate food guide, catering to the insatiable cravings of gastronomes.

Challenges and competition

Like every other company, Zomato had its share of challenges. They faced a major setback in 2015 and incurred massive losses and layoffs putting its survival at stake. However, Deepinder Goyal and Co-founder Pankaj Chaddah were able to turn the tide, which finally led Zomato to become a food tech unicorn in India.

There was, of course, fierce competition in the market as well, with rivals like Uber Eats, Ola-Foodpanda, and Swiggy. But what set them apart were the compelling deals and swift doorstep deliveries. Even though the initial journey for Zomato has been pretty rocky, they have come a long way. 

Their business strategy

In terms of Zomato’s business strategy, its financial approach includes revenue generation through memberships, loyalty programs, and exclusive offers, while its growth strategy emphasizes convenience and comprehensive restaurant information. 

User-friendly platforms, digital marketing, and customer engagement through ratings, reviews, and discounts constitute their marketing tactics. Leveraging social media with a strong presence on Facebook, Twitter, and a regularly updated blog, Zomato is set to take on the domestic as well the international market.

Beyond just sales, they do much more. Zomato’s inclusive approach provides cafes with opportunities for growth, creating jobs, and significantly contributing to the GDP while maintaining a balance between business and societal well-being.

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Snigdha Basu
Snigdha Basu
A multifaceted writer, Snigdha Basu is a freelancer and a columnist at Entrepreneurs Today. She also spearheads Chic Life Edition - her own Digital Magazine with sustainable fashion, beauty, and culture at its core. Reach out to Snigdha at [email protected] for inquiries.
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