26 March 2024 – Deepinder Goyal, the CEO and founder of Zomato, has sounded a warning to startup founders, urging them to prioritize innovation for the longevity of their businesses in the face of rapid technological advancements. Speaking at the Startup Mahakumbh event in New Delhi, Goyal stressed the need for startups to continually adapt and innovate, as existing business models risk becoming obsolete in the ever-evolving tech landscape.
Goyal emphasized the dynamic nature of technology and distribution systems, stating that no business model can sustain itself beyond a decade or two without significant innovation. He underscored the importance of startups reinventing themselves and creating new ventures based on their existing achievements to ensure prolonged success in the competitive market environment.
Reflecting on Zomato’s journey, Goyal revealed that the company has undergone multiple iterations, with its current iteration being the fourth in its 16-year evolution. He highlighted the challenges of building a company that can transcend generations, emphasizing the need for continuous disruption within one’s own business framework.
Furthermore, Goyal hinted at Zomato’s diversification efforts, suggesting that the company’s quick commerce venture, Blinkit, could potentially outstrip its core food delivery business within a year. Zomato’s strategic acquisition of Blinkit (formerly Grofers) in a significant deal in 2022 signaled the company’s intent to expand into the burgeoning instant delivery market in India.
