To start the journey on the highway to success, an entrepreneur needs an idea, one which will set them apart. An idea can be hit by anyone but what comes after this idea is what creates or breaks the business. Desire for something is the first and primary essential. It is tracked by determination and a robust work ethic. Open-mindedness and the skill to recoil back from failure are other vital attributes. Patience is key. An entrepreneur cannot predict results to show in the blink of an eye.
Food is a major force for many. It does come under one of the most essential conveniences for a human being. But waiting for food is something everyone abhors especially when they are hungry. When it comes to a country as active and hardworking as India in its peak lunch hours, getting look at the menu card before ordering food is also a really big problem. Deepinder Goyal and Pankaj Chaddah came up with the absolute solution to the problem of waiting in long queue lines for food. Let’s have a look at how Zomato was started?
How was Zomato founded?
The story of Zomato begun in the organisation of Bain & Company in Delhi. Deepinder and Pankaj worked at this company when they thought of this concept. They saw people standing in a line at mealtime and give the order for their meal when their turn came. From there they got an idea of “Foodiebay” which became a opening to Zomato.
At first, they began scanning all the menu objects of the restaurant and registered them on their intranet website Foodiebay.com. Later on, after seeing a vast flow in their traffic, they decided to introduce their website open to the public.
Funds raised by Zomato
This idea of Deepinder’s and Pankaj’s fascinated Sanjeev Bikhchandani, the creator of Naukri.com. In December of 2010, Sanjeev Bikhchandani offered Zomato funding of 1 million USD through his corporation Info Edge India and from here on, there was no looking back.
In the next round of funding that they got was once again from Info Edge India and this time it was 3.5 million USD and again in the year 2013, Zomato received an astounding 10 million USD from Info Edge India which made Info Edge India an owner of almost 50% of the shares in the start-up. Other stockholders for Zomato include Sequoia Capital, VY Capital, and Temasek. The funds just kept arriving in after this. By the end of 2018, it is estimated that Zomato would’ve received a funding of more than 300 million USD.
Zomato at a glance
Presently, there are over 100 million Zomato consumers globally and people use the application to get in contact with other foodies around the world so that they can get the finest of food in whatever place possible. This being an additional advantage, big restaurants from around the globe send their advertisements to the Zomato app and this is basically how Zomato makes its money.
As of 2018, Zomato regulates 3 million orders on a monthly basis with 1.4 million restaurants registered on its platform. It is available in 10,000 cities and 23 countries worldwide.