"I was in the top three of my class."
Deepinder Goyal, the visionary entrepreneur behind one of India’s leading food delivery platforms, Zomato, has captivated the business world with his innovative spirit and determination.
As the co-founder and CEO of Zomato, Deepinder has played a pivotal role in revolutionising the way people order food and dine out in India and beyond.
While many are familiar with Zomato’s success story, not much is known about his personal life and how Deepinder got to where he is today.
We explore six intriguing facts about Zomato’s dynamic CEO, providing insights into his background.
From his humble beginnings to his rise as a prominent figure in the tech industry, these facts offer a glimpse into the journey of Deepinder Goyal and the values that drive his vision for Zomato and beyond.
He Failed 5th Grade
Although he is now a successful businessman, Deepinder Goyal’s early education was a struggle, especially during the fifth grade.
His father intervened to ensure his son’s transition through the educational system.
A pivotal moment occurred in the eighth grade when an exam invigilator decided to help out Deepinder, who was expected to fail.
He said: “When the exam results were declared, I was in the top three of my class.”
This experience shaped his philosophy, emphasising a meaningful and enjoyable life over academic achievements.
Deepinder went on to graduate from Delhi’s prestigious Indian Institute of Technology in Mathematics and Computing.
But his interest in food sparked an idea that would help people have their lunch, breakfast and dinner through the convenience of an app.
Zomato was originally called FoodieBay
Zomato may be one of the leading food delivery services in India but did you know it was originally called FoodieBay?
The idea came from Deepinder noticing a difficulty in ordering food from the comfort of one’s home.
After graduating from IIT Delhi, Deepinder joined Bain & Company as a Senior Associate Consultant.
He and his colleague Pankaj Chaddah founded FoodieBay in 2008, which was a restaurant-listing-and-recommendation portal.
Their website quickly became a hit and the pair realised it could revolutionise the food industry.
In 2010, the company was renamed Zomato as they were unsure if they would “just stick to food” and also to avoid a potential naming conflict with eBay.
Its food delivery service in India began in 2015.
How were Funds Raised?
There were initial difficulties as Deepinder’s family were reluctant for him to leave his stable job.
As more restaurants were covered under Zomato, it became difficult to scale up, especially as financial resources dwindled.
But in 2010, Info Edge came to Zomato’s rescue.
Across four rounds, Zomato raised approximately $16.7 million.
The funding was a morale boost as it prompted Deepinder and Pankaj to quit their jobs at Bain & Company.
Other companies invested in Zomato and in February 2021, the company raised $250 million from five investors, including Tiger Global Management, at a valuation of $5.4 billion.
In July 2021, Zomato went public, opening its initial public offering at a valuation of over $8 billion.
In June 2023, Zomato launched a feature that enabled users to build carts from up to four restaurants and place their order together.
In October 2023, the company started offering hyperlocal package delivery service on a separate app called Xtreme.
Why does he hardly make Public Appearances?
Deepinder Goyal may be a success in the food world but he hardly makes public appearances.
The reason is because he struggles with a stutter.
He says:
“It’s gotten better with time, but there are still a few syllables that I struggle with.”
Deepinder told YourStory that it takes him a lot of “calories” to talk to people. Therefore, he avoids giving interviews and going on stage.
When he was younger, there had been several blows to his confidence but what kept him going was his positive attitude.
Deepinder explains: “Everything is an upside for me.
“I was not supposed to make it, but I did. So whatever problems I face now, it’s all better than what it once was.”
How did he meet his Wife?
Deepinder Goyal wants to keep his family out of the spotlight but he and his wife Kanchan Joshi have known each other for years.
An assistant professor at Delhi University, Kanchan and Deepinder met at IIT Delhi as they were studying in the same faculty.
She was studying maths and Deepinder would see her in the labs.
He soon fell in love with her.
Deepinder revealed:
“I chased her for six months by hanging out with her.”
They ended up getting married in 2007.
In 2013, their daughter Siara was born and she has changed Deepinder’s life in more ways than one.
He explained: “I am more responsible for things in life now. I don’t drive very fast anymore.”
Deepinder is also taking better care of his health by going to the gym several times a week and taking care of what he eats.
Shark Tank India
For season three of Shark Tank India, Deepinder Goyal was announced as one of the new sharks.
At the age of 40, he has become an inspiration to young people and has chosen to impart his knowledge to aspiring entrepreneurs.
In January 2024, he joined Ritesh Agarwal, the founder and CEO of OYO Rooms, Azhar Iqubal, the co-founder and CEO of Inshorts, and the returning sharks Aman Gupta, Anupam Mittal, Namita Thapar, Vineeta Singh, and Peyush Bansal.
Deepinder made an impact on the investment show for his no-nonsense attitude when questioning the pitches.
One particular moment came during a pitch from a fitness company named WTF – Witness the Fitness.
The entrepreneurs were seeking a Rs. 1 Crore (£95,000) investment in return for two per cent equity.
While the pitch was confusing, Deepinder noticed their phone number was incorrect as well as several errors in their presentation.
He told them: “I’ve been staring at the banner for the last 10 minutes, and your number just has four digits.
“Attention to detail, man. What’s going on here? Why is the ‘m’ in ‘India’s most’ in upper case? What do you mean by ‘advance training’? It should be ‘advanced’. Use your AI tools to fix your grammar first.
“Where’s the attention to detail? You’re on national television.”
His impact on Shark Tank India quickly made him a fan favourite.
These six facts about Zomato CEO Deepinder Goyal not only illuminate his remarkable journey but also underscore his unwavering commitment to innovation, entrepreneurship and social impact.
From his early days as a student to his pivotal role in transforming the food delivery landscape, Deepinder’s story is one of resilience, vision and determination.
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