Next, the rapid growth of quick commerce led Zomato to prioritise this segment, culminating in the acquisition of Blinkit in mid-2022 for $568 million. Goyal believed this acquisition would strengthen Zomato’s core food business and ensure long-term success. Unlike its competitor Swiggy, which integrated grocery delivery within their main app, Goyal maintained Blinkit as a separate brand. This strategic decision has yielded results, as Goldman Sachs recently valued Blinkit higher than Zomato at $13 billion.

In July 2021, Zomato filed an initial public offering (IPO) to raise ₹9,375 crore. It debuted with a nearly 65% premium. To further expand its offerings, the company is developing a new District app, poised to compete with platforms such as BookMyShow. This app aims to be a comprehensive platform for dining, movies, sports ticketing, live performances, and more. Zomato has already acquired Paytm’s entertainment ticketing business to bolster its position in this market.

Zomato’s consolidated revenue surged 71% YoY to ₹12,114 crore in FY24. EBITDA stood at ₹42 crore, while PAT reached ₹351 crore.

Amidst fierce competition, Goyal’s vision for Zomato goes beyond mere business growth. He is committed to building a sustainable company, and has set ambitious goals, including achieving 100% electric vehicle-based deliveries by 2030 and attaining net-zero emissions across its food delivery value chain by 2033. The company is focusing on sustainability by ensuring all food delivery orders are 100% plastic-neutral through voluntary recycling initiatives and by partnering with restaurants to minimise food waste.

Zomato supports Feeding India, a non-profit organisation that has served 170 million meals to date. Having a history of organising charity concerts to raise funds for hunger relief efforts through its partnership with Feeding India, the upcoming concert in November featuring international singer Dua Lipa is already sold out, demonstrating strong public interest. These events, featuring popular artists and bands, have not only generated significant funds but have also played a crucial role in enhancing Zomato’s brand image among Gen Z.

Deepinder Goyal to donate ESOPs

Food-Techie At Zomato

Deepinder Goyal to donate ESOPs worth ₹700 cr to Zomato foundation