There’s something about seeing that red Zomato delivery bag zip through traffic that feels oddly comforting, like your food is truly on its way. From its early days, Zomato has found a place not just on our phones, but in our routines, late-night cravings, and family dinners. It’s not just a brand anymore; it’s become part of how we eat and experience food in a digital world.
What started as a simple solution to check restaurant menus has evolved into a platform that knows exactly when we’re hungry and delivers accordingly.
Over the years, it’s quietly woven itself into our lives, especially in moments we didn’t know needed convenience. Be it a quick lunch between meetings or a midnight biryani fix, Zomato has shown up.
In this blog, we’ll delve into the delicious journey Zomato’s been on so far.
About Zomato
Zomato was founded in 2008 by Deepinder Goyal and Pankaj Chaddah in Gurugram, Haryana. It began its journey under the name Foodiebay, created to make restaurant menus more accessible in the Delhi NCR region. Within just nine months, it had become the area’s largest online restaurant directory.
In 2010, the company rebranded to Zomato and gradually transformed into something much bigger. What started as a simple platform to browse menus evolved into a full-fledged food delivery and discovery service. Over time, Zomato expanded across cities, entered international markets, and added features like table reservations, reviews, and loyalty programs, making it one of the most recognized names in India’s online food arena.
Zomato records an annual revenue of INR 13,000 crores as of March 31st, 2024.
Meet the Founders
Zomato’s journey wouldn’t be what it is today without the vision of its founders. Let’s take a quick gander at the brains behind the brand!
Deepinder Goyal
Deepinder Goyal, co-founder and CEO of Zomato, was born on January 26, 1983, in Muktsar, Punjab. Coming from a middle-class background, his journey is a classic example of persistence meeting vision. He earned his degree in Mathematics and Computing from the Indian Institute of Technology (IIT) Delhi in 2005.
After a brief stint working in the corporate world, Deepinder co-founded what would become one of India’s biggest food tech platforms. As of October 2024, his estimated net worth is USD 1.7 billion.
Pankaj Chaddah
Born on December 27, 1983, Pankaj Chaddah is best known as the co-founder of Zomato, alongside Deepinder Goyal. Chaddah played a pivotal role in shaping Zomato’s early growth.
Pankaj Chaddah earned his degree in Mechanical Engineering from the Indian Institute of Technology (IIT) Delhi. He began his professional journey as an analyst at Bain & Company, where he crossed paths with Deepinder Goyal. Their shared vision eventually led to the creation of Zomato.
After a successful stint at Zomato, Chaddah stepped down in 2018 to explore new ventures. In 2019, he co-founded Mindhouse, a wellness-focused platform offering services like yoga and nutrition guidance. The platform was later rebranded as Shyft.
All You Can Do With Zomato
Zomato has grown far beyond just a food delivery app. Its offerings now span across several verticals, making it a comprehensive platform for both customers and restaurant partners. Mainly, Zomato’s business lies in its online food delivery service, where users can browse menus, place orders, make digital payments, and track their deliveries in real-time.
The company ensures safety and quality by partnering with FSSAI-approved outlets and actively promoting eco-friendly practices, such as plastic-free packaging. It also runs Zomato Everyday, a service that connects users to affordable, home-cooked meals from local home chefs.
In addition to delivery, Zomato plays a major role in restaurant discovery and information sharing. It provides detailed listings, menus, price ranges, and customer reviews for thousands of eateries, allowing users to filter results based on cuisine, location, or ratings. Zomato’s table reservation feature enables users to conveniently book tables at their preferred restaurants in advance.
Zomato also supports its restaurant partners through its Restaurant Services Hub, offering essential services like licensing (FSSAI, GST, trademark), staffing solutions, and hygiene audits. For those looking to retain and reward customers, Zomato provides loyalty programs with points-based incentives and exclusive deals.
Beyond food, Zomato has expanded into other domains. Hyperpure, its B2B vertical, supplies restaurants with high-quality ingredients and sustainable kitchen essentials. Whereas, Blinkit, Zomato’s quick commerce arm, caters to instant grocery and essentials delivery. Zomato also offers consultancy services, guiding restaurants on operations and business strategy.
Zomato’s Funding Journey
Zomato has raised a total of USD 1.69 billion across 19 funding rounds since its inception. Its fundraising began on July 4, 2010, and the most recent round was a post-IPO round on November 28, 2024, where it secured USD 1 billion. This latest round saw participation from major institutional investors like Fidelity Investments, Temasek, Naspers, and Baillie Gifford.
Over the years, Zomato has attracted strong backing from both global and domestic investors. It has 34 institutional investors, including notable names such as Info Edge Ventures, Ant Group, and Peak XV Partners. Among them, Sequoia Capital holds the largest stake. In addition, 19 angel investors have also contributed to Zomato’s growth journey.
Breaking Down Zomato’s IPO
In July 2021, Zomato made history as one of the first Indian tech startups to go public. The company launched a book-built IPO worth INR 9,375 crore, which included a fresh issue of INR 9,000 crore and an offer for sale of INR 375 crore.
The IPO bidding window was open from July 14 to July 16, 2021, and Zomato’s shares were officially listed on the BSE and NSE on July 23, 2021. The issue was priced at INR 76 per share, with a minimum lot size of 195 shares for retail investors.
For retail investors, this translated to an entry point of about INR 14,040, or INR 14,820 if bidding at the cutoff price.
Objectives of the IPO
- Strengthening its logistics and technology infrastructure, especially in food delivery and app operations.
- Pursuing strategic acquisitions and investments in businesses that complement its core offerings.
- Boosting customer acquisition, with significant spending planned for marketing, discounts, and loyalty programs.
- Funding day-to-day operations, with up to 25% of the proceeds allocated for general corporate purposes.
Zomato’s Market Share
Zomato holds a strong lead in India’s food delivery space, capturing an estimated 55% to 58% of the market. Its closest competitor, Swiggy, follows with a share of around 42% to 45%. In addition to food delivery, Zomato has expanded its dominance into the quick commerce segment through Blinkit, which has emerged as a key player in the market for rapid delivery of groceries and essentials.
Afterword
Zomato’s journey reflects how innovation and a deep understanding of evolving consumer habits can shape an industry. As the company continues to grow and adapt, it remains a key player to watch in India’s digital and food delivery space.