Zomato co-founder Deepinder Goyal is aiming for the aviation sector in a daring move that might revolutionise regional air travel in India. Surobhi Das, co-founder of LAT Aerospace, disclosed in a LinkedIn post that the two have been discreetly developing a game-changing aviation firm that seeks to provide high-frequency, reasonably priced air transport to neglected areas of the nation.
Goyal is prepared to take on the aviation industry in his own right. He supports Surobhi Das, a former Zoman, in starting LAT Aerospace. Goyal is LAT Aerospace’s non-executive founder.
According to media sources, Goyal has contributed $20 million of the $50 million that the company has raised.
According to Goyal, imagine buses in the sky: they are reasonably priced, often run, and made to connect areas that the aviation sector has neglected.
He stated further that the LAT Aerospace’s planes will land and take off at small “air-stops” that are constructed closer to residential areas and are no larger than a parking lot. No security lines, no chaos. Simply enter and take off. It’s a challenging industry, but the market is undoubtedly broken.
How the Concept was Born?
Das emphasised that years of practical experience navigating India’s current air travel system served as the inspiration for the idea. In her posting, she stated that Das and Goyal consistently returned to the same inquiry: Why is regional air travel still so disjointed, expensive, and largely unattainable for those who reside in a metropolitan area?
The concept evolved as a substitute for traditional air travel, offering a frequent, low-cost, demand-based system that is effectively a “bus network in the sky”.
LAT Aerospace’s Innovative Flying Model
LAT Aerospace is creating a whole new ecosystem rather than only introducing new aircraft. It is anticipated that their aircraft will fly out of small “air-stops”—landing and takeoff areas no bigger than a parking lot—that are located nearer to residential and business areas.
Many of the inconveniences of conventional air travel would be eliminated as a result, including lengthy journeys to large airports, onerous security checks, and delays.
The act of flying would become much more ordinary and informal if passengers could just walk in and board their flight. Aerospace engineers, systems designers, and aviation enthusiasts are being invited to join the endeavour as it looks to grow its staff.
Goyal’s Incomparable Skills can Turn this Mission Impossible to Possible
Although much remains to be seen in terms of public acceptance, technological viability, and regulatory approval, Goyal’s history of creating one of India’s most well-known software firms lends credibility to this bold aviation venture.
There were days when we used to call different restaurants to place orders and again call up for corrections, directions, and reservations. Then came applications like Zomato, which reversed the whole scenario and made it extremely simple for consumers.
Deepinder Goyal and Pankaj Chaddah founded Zomato in 2008, which eased the process of food delivery and eating out, with the help of which we now can enjoy the best food served by the restaurants in our locality.
Know more about Zomato’s Success Story, Founders, and Team, Startup Story, History, Funding and Investors, Acquisitions, Business Model, Revenue Model, Competitors, and Growth in the article ahead.
Zomato is an Indian food delivery startup restaurant aggregator. It primarily provides concrete information, menus, and user reviews of the restaurants. Along with this, Zomato also has food delivery options from partnered restaurants in the selected cities.
Zomato Story Line
Zomato – Industry
The online food delivery industry in India is anticipated to cross INR 2 lakh crore by 2030, growing at a remarkable 18% CAGR according to a joint report by Bain and Company and Swiggy.
According to growth projections, the market volume is expected to reach US $81.91 billion by 2028, highlighting the noteworthy influence and continued growth of the online food delivery sector in India.
Zomato – Founders and Team
The founders of Zomato are Deepinder Goyal and Pankaj Chaddah. Both are IIT graduates and were working with Bain & Co. in New Delhi before they came together to launch Zomato.
Deepinder Goyal (Co-Founder and CEO, Zomato) and Pankaj Chaddah Co-Founder of Zomato
Deepinder Goyal
Deepinder Goyal, the Co-Founder and CEO of Zomato is an IIT Delhi alumnus. Goyal was not a good student back at school, but he eventually made his way to the prestigious IIT. After completing his graduation, Goyal was hired by Bain and Company, where he served as a Senior Associate Consultant for a little less than 4 years, after which he founded Zomato.
In November 2024, Zomato disclosed in its QIP documents that Deepinder Goyal had waived his annual salary of INR 3.5 crore from April 2021 to March 2026. Goyal was also a shark on Shark Tank India Season 3.
Pankaj Chaddah is a BTech, Mechanical Engineering graduate from IIT Delhi. Chaddah completed his graduation and then went to join Bain and Company, where he served for two and half years before joining Deepinder to found Zomato. However, this co-founder resigned from Zomato in May 2018, where he served as a “conscience keeper and a support system during upheavals,” as he had described his role, for over 10 years. Chaddah founded Shyft (formerly Mindhouse) in November 2019, where he currently serves as a Co-Founder.
Aakriti Chopra, one of the early employees of Zomato, has been promoted to the Co-Founder position. She worked as the Chief People Officer when the promotion landed to recognize her contributions to the company. Aakriti Chopra is the wife of Albinder Dhindsa, the chief of Blinkit, and her promotion came in on June 9, 2022, with the signaling of the companies coming closer. So now, the revelation is somewhat interesting that the Zomato Co-Founder, Aakriti Chopra, is married to the Founder of Blinkit, Albinder Dhindsa.
Gaurav Gupta, who initially joined as the Global Head of the Advertising sales of Zomato and COO and was later promoted to the Co-Founder position of the platform,resigned on September 14, 2021.Gaurav headed the supply of the food-tech company.
On his parting, Gaurav Gupta had drafted a beautiful mail that he sent to everyone at Zomato with a special address to Deepinder Goyal. Zomato CEO Deepinder Goyal did not fail to reply to the touching mail.
Furthermore, Deepinder also tweeted about the exit of his co-founder, thanking him for the amazing journey they spent together. Here goes his Tweet:
Thank you @grvgpta – the last 6 years have been amazing and we have come very far. There’s so much of our journey still ahead of us, and I am thankful that we have a great team and leadership to carry us forward.https://t.co/AJAmC5ie6R
Zomato’s beginning story can be traced back to the creative minds of Deepinder Goyal and Pankaj Chaddah, two IIT Delhi grads who worked in New Delhi for Bain & Company. ‘Foodiebay’ was developed in 2008 by them as a way to save time and streamline food access. It became the biggest restaurant directory in Delhi NCR in an astounding nine months, and it quickly spread to Mumbai and Kolkata.
Following two prosperous years, the business changed its name and became Zomato. Due to the app’s ability to browse menus, read reviews, and place food orders from partner restaurants, its popularity skyrocketed, and it began to expand steadily throughout the world. Foodiebay changed its name to Zomato on January 18, 2010, and by 2019, it had grown into a major international restaurant aggregator with operations in 24 countries and more than 10,000 cities.
Zomato – Startup History
When the founders launched this website, it wasn’t called Zomato back then, it was called Foodiebay. It initially started out in Delhi, then the services were extended to cities like Mumbai and Kolkata.
With the tremendous user base and growth rates that Foodiebay brought in to the founders, they decided to modify it and take it international. That’s when this venture started being called Zomato, as we know it today. It was in 2010 when Foodiebay was officially rechristened as Zomato.
Zomato – Mission and Vision
Zomato states that its mission is “to provide better food for more people.”
Zomato Co-Founder Pankaj Chaddah declared that the vision of Zomato “is to be the global platform when someone is looking for food locally.”
Zomato – Name, Tagline, and Logo
Zomato Logo
The founders changed Foodiebay to ‘Zomato’ to make it more prominent and easier to memorize.
In February 2025, Zomato announced that it renamed the company “Eternal” and unveiled a new logo. This rebranding reflects the company’s expansion beyond food delivery to include the quick-commerce unit Blinkit, live events business District, and kitchen supplies unit Hyperpure. Deepinder Goyal stated that the name change applies solely to the company, not its brand or app. The stock ticker will switch from ZOMATO to ETERNAL.
Some of the prominent products/services of Zomato are:
Zomato Wings: Linking Restaurants and Investors
Zomato unveiled Zomato Wings, a website that links restaurant owners and investors. Serving as a fundraising intermediary, Zomato places a strong emphasis on building a connection between restaurants and venture capital firms to promote expansion in the food sector.
Zomato AI – Revolutionizing Food Discovery
Zomato AI, an innovative AI-powered food discovery companion, is integrated into the platform to redefine how users interact with food-related services. This advanced feature offers personalized suggestions, catering to individual preferences, dietary needs, and moods, revolutionizing the dining experience.
Zomato Future Foundation
Investing in Education: Up to two children of Zomato delivery partners are financially supported by the Zomato Future Foundation, which focuses on education. The project supports employee families and provides further education scholarships for top performance, with an annual coverage of Rs 50,000 per child.
Zomato’s Hyperpure
The B2B food tech vertical Hyperpure by Zomato is revolutionizing restaurant operations. With the help of this program, restaurants can purchase premium foods straight from farmers and producers, guaranteeing the consistency, quality, and freshness of their supply.
Zomato Gold
Free deliveries, VIP access during rush hours, and extra savings on dining and delivery services are all included with this exclusive Zomato Gold membership.
Zomaland
Zomato curates an offline carnival called Zomaland that features interactive installations, musicians, comedians, and some of the best restaurants in town. The finest of Zomato Collections are on display at this large event, which provides an immersive experience that goes beyond the screen.
Xtreme
Zomato’s parcel delivery app, Xtreme, was released in October 2023 and allows retailers to send and receive tiny parcels. Zomato’s revenue streams are diversified and its services are expanded beyond food delivery through Xtreme’s utilization of its vast network of delivery partners.
Zomato – Business Model
Zomato’s business model is a shining example of innovation and change in the food technology industry. Zomato is an international restaurant aggregator and food delivery company based in India that has completely changed how people find restaurants and order food.
Originally established as a restaurant discovery platform, Zomato swiftly evolved to encompass a broader spectrum of services, including food delivery and table reservations. Its success is ascribed to the skillful fusion of state-of-the-art technology, effective logistics, and a user-centric mindset. Zomato’s business model is multidimensional, encompassing many revenue streams and services, which together form a comprehensive ecosystem within the food and restaurant industry.
Zomato is a powerful player in the fast-paced food delivery and restaurant aggregation business. It operates in a highly competitive environment both locally and abroad. Its tenacity, diversification, and skillful use of technology have cemented its position.
Zomato – Revenue Model
Zomato makes revenue from different resources; some of the prominent ones are:
Primary Revenue Source: Zomato’s primary source of revenue is the channel it offers for businesses to place their advertisements on the platform.
Commission-Based Plan: Zomato charges restaurants a fee to be included on its platform and to process orders. Its business plan is based on commissions.
Zomato Pro Membership: Through the Zomato Pro membership program (previously Zomato Gold), a loyalty program that offers members access to special privileges and services, Zomato increases its revenue.
To help the restaurant sector, we will also forego the payment gateway charges incurred on all such orders.
We have already seen more than 200% increase in takeaway order volume in the last few months.
In an exchange filing on October 2, 2024, Zomato approved the issuance of nearly 12 million ESOPs valued at approximately INR 330.17 crore. A total of 11,997,768 shares were allocated under its ESOP schemes, with 11,997,652 options under the ESOP 2021 plan and 116 options under the ESOP 2014 plan.
Earlier, in November 2023, Zomato had granted 10,64,69,448 fully paid-up shares through its ESOPs, totalling around INR 10.65 crore.
On December 2, 2024, Zomato approved the allotment of 47.75 crore equity shares to the Foodie Bay Employees ESOP Trust under multiple ESOP plans, including the Zomato Employee Stock Option Plans of 2018, 2021, 2022, and 2024. This move will increase the company’s share capital from INR 917.28 crore to INR 965.03 crore.
In January 2025, Zomato further expanded its ESOP pool by adding 4.17 crore stock options as part of its ongoing strategy to reward employees and retain talent amid the competitive food delivery market.
Zomato – Challenges Faced
Throughout its progress, Zomato encountered numerous obstacles that called for calculated solutions. One of the biggest challenges was trying to incorporate every restaurant in all of the major cities so that customers could have access to the best local eating alternatives. This goal, which has remained constant since the company’s founding, needs constant work.
Critical obstacles that Zomato faced included possible business losses as a result of relationships being negatively impacted by growing commissions, investor exits having an influence on its cap table, and share price declines subsequent to the acquisition of Blinkit. The Competition Commission of India (CCI) investigated the company for alleged unfair trading practices, focusing on problems including deep discounting and hefty fees.
Zomato has had to deal with controversy, including the #Logout campaign that restaurants started because of their profit margins. Threats to cybersecurity, a significant cyberattack in 2017, and problems with customer service, including the #RejectZomato incident, highlighted the company’s need to deal with a variety of difficulties.
Notwithstanding these obstacles, Zomato demonstrated tenacity by modifying its business plans and operations, rebranding, cutting back on services, and addressing legal issues while highlighting its dedication to expansion and advancement.
Zomato raised INR 8,500 crore through a Qualified Institutional Placement (QIP) by issuing 33.6 crore shares at INR 252.62 each. The offering, which closed on November 28, 2024, will help strengthen Zomato’s financial position, supporting business growth and strategic initiatives, particularly in the quick commerce sector through Blinkit. Prominent mutual funds ICICI Prudential, Motilal Oswal, and HDFC Mutual Fund were among the investors allotted more than 5% of the shares offered in the issue.
To date, Zomato has raised close to $3.4 billion in funding over 24 funding rounds.
Here is a list of all the funding rounds of Zomato:
Date
Stage
Amount
Investor
March 6, 2024
Post-IPO Secondary
$341.5 million
–
November 28, 2023
Post-IPO Secondary
Rs 3,336 crore
August 30, 2023
Post-IPO Secondary
Rs 947 crore
–
November 30, 2022
Post-IPO Secondary
Rs 607.60 crore
Camas Investments
August 3, 2022
Post-IPO Secondary
$392 million
February 2021
Venture Round
$250 million
Kora, Tiger Global, Fidelity
December 2020
Series J
$660 million
Kora, Tiger Global Management
November 2020
Series J
–
–
October 2020
Series J
$52M
Kora
September 2020
Series J
$166 million
Tiger Global
April 2020
Series J
$5 million
Baillie Gifford
January 2020
Corporate Round
$150 million
Ant Financial
March 2019
Corporate Round
$55 million
Delivery Hero
February 2019
Series J
$35 million
Glade Brook Capital Partners
October 2018
Series J
$210 million
Ant Financial
February 2018
Series I
$200 million
Ant Financial
April 2017
Series H
$20 million
Sequoia Capital India
September 2015
Series G
$60 million
Temasek Holdings, Vy Capital
April 2015
Series F
$50 million
Info Edge, Vy Capital
November 2014
Series E
$60 million
Info Edge, Vy Capital
November 2013
Series D
$37 million
Info Edge, Sequoia Capital
February 2013
Series C
$10 million
Info Edge
September 2012
Series B
$2.3 million
Info Edge
September 2011
Series A
$3.5 million
Info Edge
Zomato – Investments
Zomato has invested in 14 companies to date.
Here is a list of the major investments done by Zomato:
Date
Name of the Company
Amount
Funding Round
April 17, 2022
UrbanPiper
$24 million
Series B
March 15, 2022
blinkit
$150 million
Debt Financing
March 15, 2022
Mukunda Foods
$5 million
Corporate Round
March 11, 2022
blinkit
$100 million
Convertible Note
January 28, 2022
Adonmo
$15 million
Corporate Round
January 28, 2022
UrbanPiper
$5 million
Corporate Round
December 10, 2021
Shiprocket
$185 million
Series E
November 10, 2021
Magicpin
$60 million
Series D
November 9, 2021
Shiprocket
$75 million
Corporate Round
November 9, 2021
Cult.fit
$145 million
Series F
June 14, 2018
Loyal Hospitality
–
Venture Round
September 25, 2017
TinMen
–
Seed Round
September 2, 2015
Grab
–
Seed Round
Exit
Zomato has exited from two companies: blinkit and Grab.
Zomato – Acquisitions
Zomato has acquired 16 companies to date.
Here’s a list of the Zomato acquisitions:
Acquired
Date
Amount
Paytm – Entertainment Ticketing Business
August 21, 2024
Rs 2,048 crore
blinkit
June 24, 2022
$725 million
FITSO
January 20, 2021
Rs 100 crore
Uber Eats India
January 21, 2020
$206 million
Tonguestun Food Network Pvt Limited
September 5, 2018
$18 million
Runnr
June 6, 2017
–
Sparse Labs
September 26, 2016
–
Nextable
April 22, 2015
–
MapleGraph Solutions Private Limited
April 14, 2015
–
Mekanist
January 29, 2015
–
Urbanspoon
January 12, 2015
$55 million
Cibando
December 2014
–
gastronauci.pl
September 2014
–
Lunchtime
August 2014
–
Obedovat
August 2014
–
MenuMania
July 2014
–
Zomato – Growth
Zomato has grown far and wide ever since it brought the disruptive idea of food delivery into the Indian ecosystem of startups.
Here’s a look at Zomato’s growth highlights:
By 2011, Zomato had successfully established a monopoly in Delhi, NCR, and had moved to other Indian cities like Pune, Bangalore, Chennai, Hyderabad, and Ahmedabad.
Zomato also kept up with the smartphone boom and timely launched its mobile application. This greatly contributed to its growth.
By 2012, Zomato had begun its overseas operations, full-fledged in countries like the UAE, Sri Lanka, Qatar, the United Kingdom, the Philippines, and South Africa.
In 2013, it added Turkey, Brazil, and New Zealand to its ever-growing list of expansions.
In 2017, Zomato claimed that it was operating profitably in all 24 countries, along with rolling out a zero-commission model. The company claimed that its revenue grew by 81% in this particular year.
In the same year, the online ordering services of the company crossed the mega milestone of 3 million orders per month. Zomato proudly boasts of serving 1.5+ million orders in a day.
Zomato delivered its 1 billion orders in July 2021.
Zomato had 226,000 average monthly active food delivery restaurant partners.
Zomato had352,000 average monthly delivery partners.
It had 647 million orders and 58 million customers in fiscal year FY23.
In Q3 FY25, Zomato posted a revenue of INR 5,405 crore, marking a 64.4% increase from the previous year. However, its profit declined by 57% year-on-year to INR 59 crore due to rising expenses. The company’s diverse business units, including food delivery, Hyperpure, and Blinkit, contributed significantly to its revenue growth. Zomato’s overall revenue for the quarter reached INR 5,657 crore, reflecting strong performance in multiple sectors despite the drop in profits.
Zomato Yearly Financials
Particulars
FY24
FY23
Total Revenue
12,961 crore
7,760.9 Cr
Revenue from operations
INR 12,114 crore
INR 7,079.4 crore
Other income
INR 847 crore
INR 681.5 crore
Profit/(Loss) before tax
INR 291 crore
(INR 1,014.6 crore)
Tax expense
(INR 60 crore)
(INR 43.6 crore)
Current tax
INR 1 crore
INR 0.4 crore
Deferred tax
(INR 61 crore)
(INR 44 crore)
Profit/(Loss) for the year
Profit of INR 351 crore
Loss of INR 917 crore
Zomato Expense Breakdown
FY24
FY23
Total Expenses
INR 12,670 crore
INR 8,775.3 crore
Purchase of stock-in-trade
INR 2,887 crore
INR 1,438.2 crore
Changes in inventories
(INR 5 crore)
(INR 43 crore)
Employee benefit expense
INR 1,659 crore
INR 1,465 crore
Finance costs
INR 72 crore
INR 48.7 crore
Amortization & Depreciation
INR 526 crore
INR 436.9 crore
Other expenses
INR 7,531 crore
INR 5,429.5 crore
Zomato saw growth in FY24, with its operating revenue increasing by 70.8%, reaching INR 12,114 crore compared to INR 7,079.4 crore in FY23. The company also turned profitable, posting a profit of INR 351 crore in FY24, compared to a loss of INR 917 crore in FY23. However, total expenses increased by 44.4% to INR 12,670 crore in FY24, up from INR 8,775.3 crore in FY23.
Zomato – Advertisements and Social Media Campaigns
Zomato Campaign
Zomato’s digital campaign, #zomatoloot, is causing a stir on the internet thanks to its creative marketing approach. Zomato addresses consumers weary of seeing the same old YouTube advertisements for “creamy pasta” and “butter chicken,” and presents an option for interaction.
By encouraging people to make advertisements they would enjoy viewing, the campaign upends the status quo in the advertising industry. Zomato is well known for its meal delivery services, but it has also made a name for itself with clever slogans and creative advertising campaigns. This campaign demonstrates the brand’s capacity to use creativity to engage consumers in ways that go beyond its main service offering.
Zomato has won a range of prestigious awards throughout the years. The food tech giant even bagged the top honors at the seventh edition of The Economic Times Startup Awards, including the Startup of the Year award in 2021.
Zomato – Competitors
Though Zomato is very predominantly present in the industry, it does face a lot of direct and indirect competition. Zomato faces direct competition from Swiggy, and competition from other players, including:
Zomato invested an additional INR 500 crore into Blinkit in January 2025 and plans to open 2,000 stores by December 2025, ahead of its original target of 2026. This expansion is part of Zomato’s strategy to grow beyond food delivery, including areas like quick commerce with Blinkit, live events through District, and kitchen supplies via Hyperpure. However, this rapid growth has increased operating costs and is expected to affect short-term profitability, with the company expecting losses in the near future.
FAQs
What does Zomato do?
Zomato is a foodtech company, which helps users scan through the restaurants and eateries in their town, book reservations, share reviews, opt for home deliveries from them, and more.
Who are the Founders/Owners of Zomato?
The founders of Zomato are Deepinder Goyal and Pankaj Chaddah.
When is Zomato launch date?
Zomato was founded in 2008 by Deepinder Goyal and Pankaj Chaddah in Gurgaon, Haryana India.
Where did Zomato start?
Zomato started in Delhi NCR and is currently headquartered in Gurgaon, Haryana.
What is Zomato South Africa?
Zomato South Africa Proprietary (Pty) Ltd. was a Zomato subsidiary that operated in South Africa. However, Zomato South Africa was shut down by Zomato in January 2022.
How does Zomato make Money?
The main source of revenue is the advertisements channel that the portal offers to display. This accounts for most of its revenue followed by the commissions that it charges to the restaurants. It works on a Commission Business Model.
Is Zomato an Indian Company?
Yes. Zomato is headquartered in Gurgaon, Haryana, India.
What number of orders per day does Zomato deliver?
Looking at the Zomato number of orders per day, we can safely conclude that the foodtech delivers over 1.5 million orders daily.
How did Zomato start?
Zomato, founded as “Foodiebay” in 2008 by Deepinder Goyal and Pankaj Chaddah, began as an online restaurant directory and quickly evolved into a leading food discovery and delivery platform.
