Pathbreaking Success Story of Zomato
Food is the prime mover for anybody across the world. Obviously, there are a number of people who yearn for food and to taste a variety of cuisines that are available. The furtherance in the technology had covered a way for the creation of many novelties and it is no less to mention that food delivery app development is one amongst them. Unnecessary to say, but waiting for food is something which every foodie hates. However, there are lots of people who will find a resolution to this eternal crisis and build a platform to do away with hurdles to a happy meal. Pankaj Chaddah, Deepinder Goyal are such names who have been successful in doing that, at the same time helping food lovers around the world reach out to their one and only solace- food! It will be really interesting to know the Pathbreaking success story of Zomato.
History of Zomato
Zomato- India’s most used and popular food directory was originally initiated under the name ‘Foodiebay’ in 2008 at the peak of the Indian start-up boom. The founders were Deepinder Goyal & Pankaj Chaddah. Both founders are IIT Delhi graduates from 2005 and 2007 respectively and were working as analysts for the consulting firm Bain & Company.
· The idea for struck Deepinder Goyal when his colleagues consistently had a demand for paper menu leaflets of different restaurants, to order food. That’s when his idea of converting these restaurants paper menus into a digital app that is far more accessible and easier to use.
· The thought, even before FoodieBay, was being pursued by Deepinder with another friend Prasoon Jain in Delhi NCR as a business enterprise called Foodlet. However, Prasoon soon moved to Mumbai and left behind Foodlet as a project too.
· Shortly, there was a severe lack of HR and business, which kept Foodlet struggling. This is when Pankaj Chaddah came forward to help Deepinder’s idea, and they began anew by starting FoodieBay.
· The graph of it’s, since then, started bolting only upwards for the company. Deepinder expresses Pankaj as a turning point for the company.
· The team of FoodieBay was just 6 in number but in a short span of 9 months, they became the biggest restaurant directory in the Delhi NCR region by late 2008. The service, after two years of businesses, was renamed as Zomato in 2010.
· The online food delivery space in India is led by two big players- Zomato and Swiggy. There are other players like JustEat, TastyKhana, Foodpanda, and FoodMingo but the competition for the №1 position is majorly restricted between Zomato and Swiggy, backed by big global investors and a large user base.
Funding and Challenges
As the usage of this Zomato has seen a phenomenal surge, the organizers of Zomato decided to make things easier the access of the application for the users. Then a mobile app was built to assist the people and to make access easy for the users. However, novelty demanded more funds. The organizer of the notable job search engine Naukri Sanjeev Bikhchandani was fascinated by Zomato, and he started to invest in the project. In 2010, he invested up to US$ 1 million through Info Edge (India). The extremely following year, the same investors offered them a huge fund of US$ 3.5 million. Next year, a huge amount of US$10 million flooded in from Info Edge. Info Edge now holds more than 50%. Other financiers of this company include Vy Capital, Sequoia Capital, and Temasek.
Mobile app development companies these days had become the growth –driven for any kind of business. But still, Zomato suffers many hurdles, the most significant hurdle they faced was to find a way to cover all the areas in all the pivotal cities so the people who hinge on them do not fail to miss the best restaurants. This complication was present in the initial stages and endures to be a hurdle but the founders along with their squad members are keeping all their endeavors to make the situation better.
Final Thoughts
The Zomato Company has had a turbulent few years, but since 2017 things are looking up. With gigantically successful business tie-ups like Zomato Gold and online food delivery, it has launched a heavy user base, especially in India. To know more go through this blog.
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