In a recent revelation, Zomato's founder and CEO, Deepinder Goyal, disclosed that the foodtech giant is currently operating in its fourth iteration, marking a significant milestone in its 16-year journey. Goyal's statement, made during a candid conversation with Info Edge founder Sanjeev Bikhchandani at Startup Mahakumbh in New Delhi, underscores the rapidly evolving nature of the tech industry and the imperative for businesses to adapt or risk obsolescence.
"None of the business models created today will last beyond a decade," Goyal declared, highlighting the challenges posed by advancing technology.
He underscored the daunting task of building a generational company in the contemporary era, contrasting it with the comparatively easier landscape of decades past.
“It is harder to create a generational company today than few decades ago because of technology. You have to create new businesses out of the outcomes you have created so far, if you want to last. This is Zomato’s fourth version (since it started 16 years back),” Goyal said.
Further, the founder highlighted the importance of culture, reminiscing the time when its employees took voluntary pay cuts to help conserve the company's cash flow amid the Covid-19 pandemic.
In 2020, Zomato has announced to reduce 13 percent of its workforce amid the coronavirus lockdown and proposed a temporary reduction in pay for all the employees.
“80 percent of the team took voluntary cuts. We did not ask anyone. That's building good culture. It’s the only moat in the long run,” he said.
"Building a strong team is one of the biggest privileges as a founder," he added.
'Customer can also be wrong'
Emphasising the importance of active listening and proactive initiatives in building robust customer service and sales channels, Goyal noted that customers may sometimes be wrong or uncertain about their preferences.
"Customers say a lot of things but there have to be enough people in your organisation who listen to them and take initiatives. Customers are also wrong sometimes, and they don't know what they want," he said.
Goyal also mentioned that its quick ecommerce wing Blinkit has the potential to become larger than Zomato's food delivery business in the next one year, maintaining an impressive 80-100 percent year-on-year growth rate.
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