You must have heard and read many success stories till date, but have you ever heard that someone can become a millionaire even by feeding them? Yes, today we are going to tell you about one such person who has made a net worth of crores of rupees and 2000 crores by feeding people. Zomato's Deepinder Goyal once had to stand in line to get food, but now he is earning crores of rupees by delivering food to people's homes.
This is how the story started
In fact, when Goyal used to work in the office, the cafeteria used to be crowded during lunch time. The entire staff would stand in a long queue to see the menu. Due to this, time was wasted and sometimes even decent food was not available. Everyone had problems, but no one knew what the solution was.
Then Deepinder came up with an idea. He scanned the menu of the office cafeteria and created a website and posted it on it. Since the menu went online, hits on it started increasing. Deepinder's courage also increased. Inspired by this, he thought of doing something good.
Started work by creating a website
Deepinder wanted to create such a website so that people could get information about all the hotels and restaurants of Delhi sitting at home. He along with his friend Prasun Jain started a venture named Foodlet. Then after some time, Prasun moved to Mumbai and started facing problems in running the foodlet. After this, Foodibay was created on which 2000 restaurants across the country were listed. Then to make the business big, it is important to pay constant attention to it. In 2010 itself, he changed the name of Foodibay to Zomato.
How does Zomato earn?
How does Zomato earn? Actually there are many ways of its revenue. First of all, restaurant advertising. The company charges money to increase the visibility of a restaurant on its app. It also runs ads on the app from which it earns about 75 percent of the income. Second is the delivery fee. The company charges delivery fees from consumers which is divided between the delivery person and the company.
The company also makes money through event advertising. It organizes many events for its associated restaurants and charges some amount from them for this. To get exclusive facilities of Zomato, it has also run loyalty programs like Zomato Gold. Consulting service is also a way of earning for the company. When any restaurant needs advice regarding the area to open a new outlet or branch, she gives them advice. Instead it charges fees.
How are the financials?
As far as financial performance is concerned, Zomato has come into profit. It registered a profit of Rs 2 crore during the September quarter whereas it had incurred a loss of Rs 186 crore in the same quarter a year ago. In this deal of Rs 947 crore, SoftBank made a profit of about Rs 100 crore. It is being told that SoftBank can also sell its remaining stake in Zomato in the coming days. The market value of the company today is above Rs 2000 crore. Its brand value had increased to Rs 2,848 crore in the September quarter.
Brokerage firm HSBC has maintained its advice to buy Zomato. HSBC says that the hyperlocal segment can become a big business for Zomato in the long term.
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