# Zomato
**Zomato** is an Indian food ordering and delivery platform, founded in 2008 as a restaurant search and discovery service called Foodiebay and renamed Zomato in 2010. Since 2025 it has operated as the flagship brand of **Eternal Limited**, a listed consumer internet group whose businesses also include the quick-commerce service Blinkit, the B2B food supply business Hyperpure, and the dining-out and events platform District.[1](https://economictimes.indiatimes.com/tech/technology/as-eternal-names-a-new-ceo-a-look-back-at-zomatos-journey/articleshow/126990808.cms) • [2](https://m.economictimes.com/tech/startups/food-delivery-giant-zomato-gets-government-nod-for-name-change-to-eternal-ltd/amp_articleshow/119264996.cms)
| Key fact | Detail |
|---|---|
| Founded | 2008 as Foodiebay by Deepinder Goyal and Pankaj Chaddah, then colleagues at the consulting firm Bain; renamed Zomato in November 2010[1](https://economictimes.indiatimes.com/tech/technology/as-eternal-names-a-new-ceo-a-look-back-at-zomatos-journey/articleshow/126990808.cms) • [3](https://www.livemint.com/Companies/DCxQfRYn2f4sXlgbEAfFnI/Zomato-Indias-first-global-app.html) |
| Incorporation | Registered as DC Foodiebay Online Services Private Limited in New Delhi on January 18, 2010; renamed Zomato Media Private Limited in May 2012[4](https://www.bseindia.com/downloads/ipo/Zomato_RHP_070720212008.pdf) |
| IPO | July 2021, price band ₹72–76, oversubscribed more than 38 times; listed at ₹116 on the NSE, a 53% premium, with a market capitalization of about ₹980 billion (₹98,000 crore; roughly $13 billion)[5](https://yourstory.com/2021/07/zomato-ipo-foodiebay-deepinder-goyal-foodtech-unicorn) |
| Blinkit acquisition | June 2022, all-stock deal valued at ₹44.47 billion (₹4,447 crore; then close to $570 million)[1](https://economictimes.indiatimes.com/tech/technology/as-eternal-names-a-new-ceo-a-look-back-at-zomatos-journey/articleshow/126990808.cms) |
| Parent company | Renamed Eternal Limited with effect from March 20, 2025; stock ticker changed from ZOMATO to ETERNAL[2](https://m.economictimes.com/tech/startups/food-delivery-giant-zomato-gets-government-nod-for-name-change-to-eternal-ltd/amp_articleshow/119264996.cms) |
| FY2026 results | Consolidated revenue from operations of ₹543.6 billion (₹5,436,400 lakhs; about ₹543.6 billion (₹54,364 crore)) and net profit of ₹3.66 billion (₹36,600 lakhs; ₹3.66 billion (₹366 crore)) for the year ended March 31, 2026[6](https://nsearchives.nseindia.com/corporate/ixbrl/INTEGRATED_FILING_INDAS_153832_28042026202149_iXBRL_WEB.html) |
| Labor rating | Scored 6 out of 10 in the Fairwork India 2024 assessment of gig-platform working conditions[7](https://wagtail.ruralindiaonline.org/en/library/resource/fairwork-india-ratings-2024-labour-standards-in-the-platform-economy/) |
## Origins as Foodiebay
The company began as a menu-listing project. [Deepinder Goyal](https://www.edgepedia.org/deepinder-goyal) and [Pankaj Chaddah](https://www.edgepedia.org/pankaj-chaddah), working at Bain's Delhi office, noticed colleagues queuing to consult a file of printed restaurant menus, and in 2008 they spent a week scanning menus and putting them online under the name Foodiebay.[1](https://economictimes.indiatimes.com/tech/technology/as-eternal-names-a-new-ceo-a-look-back-at-zomatos-journey/articleshow/126990808.cms) • [3](https://www.livemint.com/Companies/DCxQfRYn2f4sXlgbEAfFnI/Zomato-Indias-first-global-app.html) The service started in Delhi and extended to Mumbai and Kolkata. The two founders quit Bain in late 2009 to work on it full time.[3](https://www.livemint.com/Companies/DCxQfRYn2f4sXlgbEAfFnI/Zomato-Indias-first-global-app.html)
**First funding and the rename.** In 2010 the company received its first institutional investment from [Info Edge](https://www.edgepedia.org/info-edge), the listed holding company behind [Naukri.com](https://www.edgepedia.org/naukri-com), amounting to ₹47 million (₹4.7 crore).[8](https://www.ipolist.in/blog/zero-to-ipo-zomato-eternal-story) The name changed to Zomato in November 2010 after eBay sent a notice objecting to the similarity of "Foodiebay" to its own trademark; the founders also wanted a name not tied to food alone.[3](https://www.livemint.com/Companies/DCxQfRYn2f4sXlgbEAfFnI/Zomato-Indias-first-global-app.html) The legal entity, incorporated in January 2010 as DC Foodiebay Online Services Private Limited, became Zomato Media Private Limited in May 2012.[4](https://www.bseindia.com/downloads/ipo/Zomato_RHP_070720212008.pdf)
In its early years the company was a restaurant search and discovery platform, not a delivery service. It expanded internationally, and by 2018 Goyal described it as present in 10,000 cities across 24 countries.[9](https://economictimes.indiatimes.com/opinion/interviews/its-very-tough-to-let-go-of-even-one-person/articleshow/59939819.cms) That expansion proved costly: in 2014–15 the funding environment tightened, the company shut several markets and laid off many staff.[9](https://economictimes.indiatimes.com/opinion/interviews/its-very-tough-to-let-go-of-even-one-person/articleshow/59939819.cms) The UAE business was offloaded to [Delivery Hero](https://www.edgepedia.org/delivery-hero) in March 2019.[10](https://www.iimb.ac.in/sites/default/files/2023-03/WP%20No.%20675.pdf)
## Moving into delivery and the IPO
Zomato entered food delivery in 2015, after rival [Foodpanda](https://www.edgepedia.org/foodpanda) acquired delivery startups including TastyKhana and Just Eat India; a small internal delivery team was told to accelerate, and the company began delivering orders shortly afterward.[1](https://economictimes.indiatimes.com/tech/technology/as-eternal-names-a-new-ceo-a-look-back-at-zomatos-journey/articleshow/126990808.cms) It later acquired the hyper-local delivery startup Runnr and, in 2020, the Indian business of [Uber Eats](https://www.edgepedia.org/uber-eats).[11](https://economictimes.indiatimes.com/tech/startups/meet-the-top-team-that-steered-zomato-on-the-long-road-to-ipo/articleshow/84384154.cms?from=mdr) • [8](https://www.ipolist.in/blog/zero-to-ipo-zomato-eternal-story)
**The 2021 listing.** Zomato became the first Indian unicorn to go public when its IPO opened on July 14, 2021 and closed on July 16, oversubscribed more than 38 times.[5](https://yourstory.com/2021/07/zomato-ipo-foodiebay-deepinder-goyal-foodtech-unicorn) Shares listed on July 23 at ₹116 on the NSE, 53% above the ₹76 issue price, touched ₹138, and closed at ₹125, valuing the company at a little over ₹980 billion (₹98,000 crore).[5](https://yourstory.com/2021/07/zomato-ipo-foodiebay-deepinder-goyal-foodtech-unicorn) Goyal later said the IPO had not been planned in advance: new foreign direct investment rules barred Chinese investors such as Ant Financial from backing Indian companies, leaving Zomato with a cash runway of six months, and the listing appeared to be the only option.[1](https://economictimes.indiatimes.com/tech/technology/as-eternal-names-a-new-ceo-a-look-back-at-zomatos-journey/articleshow/126990808.cms)
## Blinkit and the Eternal rename
In June 2022 Zomato's board approved the acquisition of Blinkit, formerly Grofers, in an all-stock transaction valued at ₹44.47 billion (₹4,447 crore), then close to $570 million and about 43% below Blinkit's last private valuation of just over $1 billion. The deal drew controversy over pricing and a potential conflict of interest, because Blinkit's founder and CEO Albinder Dhindsa was a former Zomato employee and his spouse was a Zomato cofounder; Goyal responded that the company had objectively evaluated all available quick-commerce options before agreeing to terms.[1](https://economictimes.indiatimes.com/tech/technology/as-eternal-names-a-new-ceo-a-look-back-at-zomatos-journey/articleshow/126990808.cms)
In February 2025 the board approved renaming the company to Eternal Ltd, a name used internally since the Blinkit acquisition to distinguish the parent from the Zomato brand; the [Ministry of Corporate Affairs](https://www.edgepedia.org/ministry-of-corporate-affairs) approved the change with effect from March 20, 2025, and the corporate website and stock ticker moved from zomato.com and ZOMATO to eternal.com and ETERNAL.[2](https://m.economictimes.com/tech/startups/food-delivery-giant-zomato-gets-government-nod-for-name-change-to-eternal-ltd/amp_articleshow/119264996.cms) • [8](https://www.ipolist.in/blog/zero-to-ipo-zomato-eternal-story) By the time of the rename, Blinkit contributed about 77.5% of operating revenue, with net order value of ₹171.3 billion (₹17,132 crore; up 86%) across 2,443 dark stores, while food delivery remained profitable with more than 27 million monthly transacting customers.[8](https://www.ipolist.in/blog/zero-to-ipo-zomato-eternal-story)
## Leadership
Deepinder Goyal served as chief executive from the company's inception.[11](https://economictimes.indiatimes.com/tech/startups/meet-the-top-team-that-steered-zomato-on-the-long-road-to-ipo/articleshow/84384154.cms?from=mdr) Cofounder Pankaj Chaddah left in 2018, and the company subsequently elevated [Gaurav Gupta](https://www.edgepedia.org/gaurav-gupta), food delivery head Mohit Gupta, Chief People Officer Akriti Chopra, and CTO Gunjan Patidar as co-founders.[5](https://yourstory.com/2021/07/zomato-ipo-foodiebay-deepinder-goyal-foodtech-unicorn) In January 2026 Eternal announced in a stock exchange filing that Goyal had resigned as CEO, with Blinkit founder and CEO Albinder Dhindsa named as his successor effective February 1.[1](https://economictimes.indiatimes.com/tech/technology/as-eternal-names-a-new-ceo-a-look-back-at-zomatos-journey/articleshow/126990808.cms)
## Market position and restaurant economics
India's food delivery market is a functional duopoly of Eternal (Zomato) and Swiggy. Per HSBC estimates cited by Reuters Breakingviews, take rates of 24.4% for Zomato and 21.9% for Swiggy are higher than global peers, including China's Meituan.[12](https://www.breakingviews.com/columns/considered-view/indias-food-delivery-duo-is-ripe-disruption-2025-07-09/) Academic surveys of Indian restaurants report platform commission fees typically in the range of 15–30% per order, which, together with promotional discounts and packaging costs, weighs on restaurant margins.[13](https://ijpub.org/ijvra/viewpaperforall.php?paper=IJVRA2604404) A December 2025 study by the National Council of Applied Economic Research (NCAER), based on a survey of 640 restaurants across 28 cities, found that restaurants' revenue share from platforms rose from 22% to 29% between 2019 and 2023, and that the food delivery sector generated ₹1.2 trillion in gross output in 2023–24 while directly employing 1.37 million workers.[14](https://www.prosus.com/news-insights/2025/indias-food-delivery-sector-nearly-doubles-in-two-years-emerging-as-a-powerful-economic-engine-ncaer)
**Gig work conditions.** Zomato classifies its delivery workers as independent "partners" rather than employees.[15](https://vvgnli.gov.in/sites/default/files/Platform%20Employment.pdf) In the Fairwork India 2024 assessment of 11 platforms, Zomato scored 6 of 10 points, tied with bigbasket, Swiggy, and [Urban Company](https://www.edgepedia.org/urban-company); it earned points for safety equipment and training, accident insurance and income compensation for medical absences, accessible contracts, and external audits for bias, but no platform scored on fair representation.[7](https://wagtail.ruralindiaonline.org/en/library/resource/fairwork-india-ratings-2024-labour-standards-in-the-platform-economy/) Eternal is among the aggregators, along with Swiggy, Zepto, Urban Company, Porter, and Uber, challenging Karnataka's Platform-Based Gig Workers ([Social Security](https://www.edgepedia.org/social-security) and Welfare) Act before the [Karnataka High Court](https://www.edgepedia.org/karnataka-high-court), arguing that it creates a parallel regulatory framework alongside the central Code on Social Security; the Act requires aggregators to contribute a welfare fee of 1% on every food and grocery delivery order.[16](https://www.moneycontrol.com/news/business/startup/karnataka-s-gig-workers-act-and-why-delivery-platforms-are-challenging-it-13967538.html)
## Sustainability and social programs
Zomato's investor materials state a goal, adopted from FY24, of achieving net zero emissions across its food delivery value chain by 2033, and describe plastic-neutral deliveries since April 2022.[17](https://www.zomato.com/investor-relations/annual-reports) The company has also run the Zomato Shelter Project, building common resting points and recharge stations offering delivery workers clean drinking water, washrooms, and high-speed internet.[15](https://vvgnli.gov.in/sites/default/files/Platform%20Employment.pdf)
## References
1. [As Eternal names a new CEO, a look back at Zomato's journey, The Economic Times](https://economictimes.indiatimes.com/tech/technology/as-eternal-names-a-new-ceo-a-look-back-at-zomatos-journey/articleshow/126990808.cms)
2. [Food delivery giant Zomato gets regulatory nod for name change to Eternal Ltd, The Economic Times](https://m.economictimes.com/tech/startups/food-delivery-giant-zomato-gets-government-nod-for-name-change-to-eternal-ltd/amp_articleshow/119264996.cms)
3. [Zomato: India's first global app, Livemint](https://www.livemint.com/Companies/DCxQfRYn2f4sXlgbEAfFnI/Zomato-Indias-first-global-app.html)
4. [Zomato Red Herring Prospectus, History and Certain Corporate Matters, BSE India](https://www.bseindia.com/downloads/ipo/Zomato_RHP_070720212008.pdf)
5. [Walk down memory lane: Zomato's evolution from Foodiebay to one of India's top 50 companies by market cap, YourStory](https://yourstory.com/2021/07/zomato-ipo-foodiebay-deepinder-goyal-foodtech-unicorn)
6. [Integrated Filing IndAS, Eternal Limited, NSE India archives](https://nsearchives.nseindia.com/corporate/ixbrl/INTEGRATED_FILING_INDAS_153832_28042026202149_iXBRL_WEB.html)
7. [Fairwork India Ratings 2024: Labour Standards in the Platform Economy](https://wagtail.ruralindiaonline.org/en/library/resource/fairwork-india-ratings-2024-labour-standards-in-the-platform-economy/)
8. [Zero to IPO: The Zomato (Eternal Ltd) Story, IPO List](https://www.ipolist.in/blog/zero-to-ipo-zomato-eternal-story)
9. ['It's very tough to let go of even one person', interview with Deepinder Goyal, The Economic Times](https://economictimes.indiatimes.com/opinion/interviews/its-very-tough-to-let-go-of-even-one-person/articleshow/59939819.cms)
10. [Understanding Zomato's Cap Table, IIM Bangalore Working Paper No. 675](https://www.iimb.ac.in/sites/default/files/2023-03/WP%20No.%20675.pdf)
11. [Meet the top team that steered Zomato on the long road to IPO, The Economic Times](https://economictimes.indiatimes.com/tech/startups/meet-the-top-team-that-steered-zomato-on-the-long-road-to-ipo/articleshow/84384154.cms?from=mdr)
12. [India's food delivery duo is ripe for disruption, Reuters Breakingviews](https://www.breakingviews.com/columns/considered-view/indias-food-delivery-duo-is-ripe-disruption-2025-07-09/)
13. [Impact of Online Food Delivery Apps on Restaurant Profitability in India, International Journal of Versatile Research and Analysis](https://ijpub.org/ijvra/viewpaperforall.php?paper=IJVRA2604404)
14. [India's Food Delivery Sector Nearly Doubles in Two Years, NCAER-Prosus studies](https://www.prosus.com/news-insights/2025/indias-food-delivery-sector-nearly-doubles-in-two-years-emerging-as-a-powerful-economic-engine-ncaer)
15. [Platform Employment report, V.V. Giri National Labour Institute](https://vvgnli.gov.in/sites/default/files/Platform%20Employment.pdf)
16. [Karnataka's gig workers act and why delivery platforms are challenging it, Moneycontrol](https://www.moneycontrol.com/news/business/startup/karnataka-s-gig-workers-act-and-why-delivery-platforms-are-challenging-it-13967538.html)
17. [Investor Relations, Annual Reports, Zomato](https://www.zomato.com/investor-relations/annual-reports)
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*Topic: Encyclopedia › Arts and culture › Food, customs, and everyday culture › Food, cooking and hospitality › Food industry, science, safety, and policy › Food industry, companies and commerce*
*Initially written Sep 17, 2026 · Reviewed: Sep 19, 2026; Sep 30, 2026; Oct 25, 2026 · Edited: Sep 19, 2026; Sep 30, 2026; Oct 25, 2026 · Last review: Oct 25, 2026*
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License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license