DEEPINDER GOYAL WAS ready to put everything on the line. It was a blistering May afternoon in 2022, and the Zomato Co-founder & CEO was engrossed in discussions about a potential buyout of quick commerce player Blinkit with CFO Akshant Goyal at the Co-founder’s farmhouse in Delhi. If the deal went through, the Gurugram-headquartered company would gain a foothold in the growing quick commerce space. The hitch was the asking price.
“Akshant and I knew investors would not like it, but we decided to go for it. Our logic was if someone else did it three years later, it would have hurt since we had the money but succumbed to investor pressure,” says 41-year-old Goyal, an IIT Delhi alumnus. The duo thought that the worst that could happen would be that they would get fired. But it made sense to go all in. “It was a paradoxical situation since we could see the opportunity but did not want people to know since the competition was bigger than us,” says Goyal. What complicated matters further was that the Zomato stock was down by a third since its listing in July 2021. “Our necks were on the line, and we were doing this right in the middle of a downturn,” says Akshant, 40, an IIM Bangalore alumnus, who has been with Zomato for nearly seven years. The all-stock deal was sealed in June 2022 at $569 million (then ₹4,447 crore). It has been one and a half years since. Both have retained their jobs; Zomato has posted three consecutive quarters of profit (for Q3FY24, it posted net profit of ₹138 crore and total income of ₹3,507 crore); and investors are loving the stock (it has gained more than 30% since its listing). And, the new-look Zomato is expanding beyond its core online food delivery space, banking on businesses like Blinkit and Hyperpure (a B2B platform for kitchen supplies).
This story is from the March 03, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 03, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Haute Couture in the Kitchen
FASHION BRANDS ARE ENTERING THE RESTAURANT SPACE, AS FOOD SEEMS TO HAVE BECOME THE ULTIMATE FASHION STATEMENT
It's Personal
Mixing work and personal tasks on work machines may be a done thing for many, but it makes sense to have a dedicated device for your personal needs. Here are two such devices
INTO THE BLUE
For WTiCabs Founder and CEO Ashok Vashist, scuba diving is not just an adventure sport. It is a pathway to connect with the ocean
"Challenges are opportunities"
AMIT JAIN CO-FOUNDER & CEO CARDEKHO GROUP CarDekho Group is a digital automotive solutions provider
THE WAIT FOR HIGHER PENSION
ALMOST 18 MONTHS AFTER THE SUPREME COURT RULING, SUBSCRIBERS WHO OPTED FOR A HIGHER PENSION UNDER THE EMPLOYEES' PENSION SCHEME CONTINUE TO WAIT AS THE EPFO, FACING A STAFF CRUNCH, TRIES TO FIGURE OUT THE MATH
"It's possible to have a 25% growth out of India from now on"
Rail Europe Executive Chairman & CEO Björn Bender talks about the India market, the shift to digital, and the way ahead
Evolving Strategies
Companies need to adapt to changing times for a strong workforce
PERKS PRESSURE
IT'S NOT JUST ABOUT THE MONEY ANYMORE FOR EMPLOYEES. FROM FOUR-DAY WORK WEEKS, TO SKILLING ON THE JOB AND MENTAL WELL-BEING EXERCISES, COMPANIES ARE OFFERING A HOST OF BENEFITS TO RETAIN TOP TALENT. IS THIS ENOUGH?
FOSTERING PLURALISM
Axis Bank, with its initiatives and policies, is striving to make a holistic difference to people's careers and hone their skills too
In Keeping With The Times
With a slew of initiatives for its employees, Abbott India is working hard to build a diverse and inclusive workforce