India's answer to DoorDash — except it also delivers groceries in 10 minutes and supplies ingredients to restaurants. Zomato started as a restaurant review site and evolved into a $25 billion delivery empire. The Blinkit acquisition was the masterstroke — quick commerce is growing at 100%+ annually in India. Deepinder Goyal went from posting cafeteria menus online to running India's largest food platform. The stock has 5x'd from its IPO low. Turns out India's 1.4 billion people really like getting food delivered.
Founded
2008
HQ
Gurugram, India
Total Raised
$2.2 billion
Founder
Deepinder Goyal
Status
Public (NSE: ZOMATO) — market cap ~$25 billion
Website
www.zomato.comTHE ORIGIN STORY
Deepinder Goyal was working at Bain & Company in Delhi when he noticed the office cafeteria menu was always crowded with people trying to read it. He built a website to put restaurant menus online.
That simple idea — digitizing menus — became Zomato. It started as a restaurant discovery and review platform (like Yelp for India) before pivoting to food delivery to compete with Swiggy.
WHAT THEY ACTUALLY DO
Commission on food delivery (15-25% from restaurants per order), advertising revenue from restaurant promotions, Zomato Gold subscription ($3-5/month for free deliveries and discounts), and Hyperpure (B2B food ingredient supply). Revenue exceeded $1 billion in 2024.
THE PRODUCTS
Zomato Food Delivery, Blinkit (10-minute grocery delivery), Zomato Gold (subscription), Hyperpure (B2B food supply), Restaurant Discovery and Reviews, Dining Out (table reservations).
HOW THEY GREW
Becoming India's everything-delivery app. Zomato acquired Blinkit (formerly Grofers) — a quick-commerce platform that delivers groceries in 10 minutes.
Quick commerce is growing faster than food delivery. Also expanding Hyperpure (ingredient supply to restaurants) and exploring going-out experiences (events, dining out).
THE HARD PART
Profitability in a low-margin business. Food delivery economics are brutal — after paying delivery drivers, offering discounts, and paying restaurant commissions, the unit economics barely work.
Zomato burned through billions before finally turning profitable in 2023. Competition with Swiggy keeps margins compressed.
WHO BACKED THEM
Ant Group, Tiger Global, Info Edge, Kora Management, Sequoia Capital India
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