Zomato Success Story – Online Food Delivery App
Zomato, Online Food Delivery App which started as Foodiebay in July 2008 at the peak of the Indian start-up boom and renamed Zomato in 2010. Zomato was established by two IIT Delhi alumnus, Deepinder Goyal, and Pankaj Chaddah. Deepinder Goyal belongs to a humble middle-class family. He had studied mathematics & computing. Both are working as analysts for the consulting firm Bain & Company.
Foodiebay started as an online directory for restaurant menus with a team of 6 people. In 2008, It became the biggest inline restaurant directory in the Delhi NCR. After two years of service, Foodiebay was renamed as Zomato in 2010. By 2011 the company moved to cities like Chennai, Hyderabad, Pune, Bangalore, and Ahmadabad. By 2011 the company after establishing a monopoly in Delhi NCR moved to cities like Chennai, Hyderabad, Pune, Bangalore, and Ahmadabad.
Zomato, an online food ordering portal has food delivery options from partner restaurants in select cities. It provides information, user reviews, and menus of restaurants also.
Zomato received approximately INR 167, 000, 00 (USD 16.7 million) from “Info Edge India” between 2010 and 2013. Sequoia, Info Edge, and a new investor Vy Capital raised USD 60 million for the Online Food Delivery App.
By 2012, Zomato started operating in Qatar, United Kingdom, UAE, South Africa, Sri Lanka, and the Philippines. In 2013, countries like New Zealand, Turkey, and Brazil were also added to the list. Zomato acquired the Italian service Cibando and Portuguese company Gastronauci in 2013.
In 2015, along with Sequoia, Info Edge, and Vy Capital investors, Temasek- a Singapore based investment company bringing in USD 110 million for Zomato. To build a new customer database and expand operations, Zomato acquired MapleOS in 2015.
The company turned profitable in all the 24 countries In 2017 and also crossed the 3 million orders in one month. After the funding from Ant Financial Services in February 2018, Zomato’s evaluation reached an unprecedented USD 1.1 billion dollars.
As of 2019, the service of this online food ordering portal is available in more than 10,000 cities and 24 countries. This made Zomato Media Pvt. Ltd. the newest Indian unicorn company.