Establishing roots in 2008 as FoodieBay, Deepinder Goyal and Pankaj Chaddah, graduates of IIT Delhi, embarked on an entrepreneurial journey, on a mission to simplify food access and save time. Prior to their venture, they gained experience at Bain & Co for nearly four years. The platform began in Delhi before expanding to Mumbai and Kolkata, offering a comprehensive food directory. Within nine months, FoodieBay became Delhi's largest restaurant directory.
In 2010, the founders rebranded the platform to Zomato, drawing inspiration from the word "Tomato." By 2011, it had established dominance in Delhi and expanded to Pune, Bangalore, Chennai, Hyderabad, and Ahmedabad. Embracing the smartphone boom, Zomato launched its mobile app, catalyzing further growth. Venturing beyond borders in 2012, Zomato embarked on international operations, setting foot in the UAE, Sri Lanka, Qatar, the UK, the Philippines, and South Africa. Unfazed by hurdles, it expanded to Turkey, Brazil, and New Zealand by 2013.
In 2017, Zomato celebrated profitability across 24 countries, adopting a zero-commission model that fueled an 81% revenue surge. Online orders surpassed 3 million monthly, with over 1.5 million daily orders. July 2021 marked a milestone as Zomato delivered its 1 billionth order. By FY23, it served 647 million orders to 58 million customers across 800 cities, supported by 226,000 food delivery restaurant partners and 352,000 delivery partners.
Apart from food delivery, zomato has diversified products and services. Zomato wings, a platform that links restaurants in need of funding to willing investors. Zomato AI is an AI powered food discovering tool, integrated in the zomato app, to personalize suggestions. Zomato Hyperpure, a B2B foodtech vertical, revolutionizing restaurant operations by facilitating direct purchase of raw materials from farmers and producers, ensuring quality and freshness. Xtreme is a parcel delivery app, aimed to pick and drop small packages from retailers. With all these services in place, Zomato's revenue streams are diversified and its services are expanded beyond food delivery.
Zomato's growth has been fueled by substantial funding, totaling $3 billion through 23 rounds, with major investors like Info Edge, Sequoia Capital, and Ant Financial. The company's journey culminated in its IPO in 2023. Zomato also made strategic investments in 14 companies, and has acquired 15 companies till date, including an acquisition of quick commerce company, Blinkit with an all stock deal for $569 million. From its humble start to its global success, Zomato's story reflects the power of ambition and resilience, inspiring others to follow their dreams in the world of food and beyond.