Introduction
In a revealing conversation, Deepinder Goyal, the founder of Zomato, shares insights into his entrepreneurial journey, the challenges faced along the way, and the innovations that have driven Zomato's growth in India's competitive food delivery market. With experiences ranging from near-bankruptcy to becoming an industry leader, Goyal’s story is one of resilience, adaptability, and vision.
The Zomato Journey: Challenges and Triumphs
Early Struggles
Zomato's path was not easy, as Goyal recounts numerous moments where the company faced dire financial straits. "We had funds to survive for only four months, and each month brought new uncertainties," he recalls, highlighting the continuous battle for funding and stability.
- Funding Issues: Goyal explains how Zomato almost went broke several times and how he managed to rally support and resources to keep the company afloat.
- Strategic Decisions: The decision to divest from the UAE market yielded $170 million, which played a crucial role in maintaining Zomato's operations in India.
- Focus on Core Values: Despite the pressures, Goyal maintained a focus on culture and innovative marketing as cornerstones of Zomato’s strategy.
Competitive Landscape
Goyal acknowledges Swiggy as a persistent competitor. "Swiggy was a problem for us, especially when they raised significant funds," he admits. However, rather than allowing competition to dominate his strategy, Goyal emphasizes a different mentality:
- No Competition Mindset: Goyal aligns Zomato’s strategy with its unique identity rather than viewing rivals as threats.
- Innovation Over Imitation: Zomato took bold steps towards innovation, enhancing user experience through creative notifications and constant engagement with the app's interface.
Business Model Breakdown
Revenue Generation
Understanding Zomato's revenue stream is crucial for grasping its operational strategy. Goyal explains, "How does Zomato earn? The answer lies in our commission from restaurants and delivery charges from customers."
- Commission from Restaurants: Zomato charges around 17-20% per order.
- Delivery Charges: Typically, an average charge of about ₹20-25 is billed to customers.
- Average Order Value: Goyal details that when a customer spends ₹400, Zomato's blended commission is around ₹80, making the overall profit per order quite slim but scalable at volume.
Marketing Strategy
Zomato's marketing ethos centers on creating joy:
- Positive Engagement: Goyal emphasizes crafting messages that bring smiles. The marketing team operates on the principle of making people smile, signaling a connection to the brand that resonates with consumers.
- Push Notifications: High engagement through effective notifications has also become a significant marketing advantage for Zomato.
Zomato's Culture: The Driving Force
Importance of Culture
One of the key takeaways from Goyal’s narrative is the role of company culture in Zomato’s success:
- Culture-Led Organization: Goyal believes that a strong organizational culture is crucial and that how people behave determines the effectiveness of the company.
- Self-Growth Mindset: New employees are encouraged to embrace a mindset aimed towards personal and professional growth, aligning their path with Zomato’s evolving objectives.
Insights on Workforce Dynamics
Goyal shares insights on the changing workforce landscape:
- GenZ Hiring: He recognizes that today's workforce, particularly GenZ, possesses intelligence and potential, although sometimes lacks the patience that older generations have.
- Poaching Talent: Goyal discusses strategic hiring practices, emphasizing that the best talent often does not actively seek jobs but is approached based on their skills.
Looking Towards the Future
India’s Economic Landscape
Goyal expresses an optimistic view of India's future, believing it will emerge as a major economic power in the coming decades. "India is developing rapidly, and with it, the food consumption trends will change, offering vast opportunities for growth," he states.
Sum of Lessons Learned
Reflecting on mistakes, including the tendency to expand internationally too soon, Goyal advises entrepreneurs to focus on their core market.
- Power of Focus: "Stay in India and chill. There’s a wealth of opportunity right here," he remarks, emphasizing the importance of concentration and understanding local markets.
Conclusion
Deepinder Goyal’s insights reveal the intricate balance of innovation, resilience, and culture that have defined Zomato's journey. As they continue to navigate challenges and seize opportunities in the evolving food delivery landscape, Zomato stands as a testament to the power of adaptability in the face of adversity. Goyal’s reflections not only inspire budding entrepreneurs but also provide valuable lessons in understanding the dynamics of competitive industries. The future certainly looks promising for Zomato and for India's growing startup ecosystem as a whole.
I want to ask you a weird question. Do you personally write Zomato's notifications? Was Swiggy a real problem?
Swiggy has forever been a problem for us. People don't know that Zomato had almost gone broke multiple times. And everytime he has gone out there and brought money back or made it unbroke.
I actually want to know about those phases We had funds to survive for 4 months only. There's no money, what will you do? Will you bring the money? No, right. Then solve it.
If you don't want to solve it, then you can go out. Someone else will solve it. Was the journey hard? The journey was fun. Challenges are fun.
What have you learnt about India's present and future? Especially when it comes to workforce. -The kind of people we want, they don't look for jobs. -Ohh.
Expand... We do very little business oriented conversations on TRS because honestly not all of you watch entrepreneurship conversations, but today's guest is
Indian entrepreneurship legend, Zomato founder, Deepinder Goyal. We've discussed psychological side of business in a very relaxed manner. We've spoken about failure and struggling phase.
If you want to open big businesses in life, do a lot of things, watch this podcast till the end from a business or start up oriented perspective. I know the entire start up community will watch this podcast but I want
the students in the interiors of India to watch this podcast till the end. It's a very nice conversation with Deepinder Goyal. Learn about Zomato.
Learn about Deepinder's mindset and about future of India on this episode of TRS. Welcome Deepinder Goyal to TRS.
How are you, Sir? -All well, very nice. Should I call you Sir or Bro. -Whatever you want to call me. You have too much of a bro energy. -Is it?
But that's because I don't work for you. Asking a strange question. Do you yourself write those Zomato notifications?
We didn't plan for something like this, but it happened by itself. We tried a few things which worked and it all happened organically. Did something else, that also worked,
then people said your brand is like this and we continued to do it. Were there any phases where you wanted to give up or felt very low? Many a times. -When did you feel the lowest?
I do research before every podcast. I asked a lot of people in the business community what to ask you. Many people said that in the business community,
there is different chatter than what the public knows. There is a lot of respect for your work. But they say people don't know that Zomato almost went broke multiple times.
Everytime you went back and got back the money. And managed the situation. I actually want to know about those phases What was happening from human perspective? What happened in the company?
What did you solve as a human and what did you do for the company? Let's say we've four months of money left. Let's round up and say we had ten million dollars for four months.
Our burn rate was very high back then. -Ok. When the next month is over we should still have 4 months' money left. Then we used to reduce the burn rate. This month we spent 2.5 million.
We were left with 7.5 million. Next month burn rate should have been less than 2. Like this, we always kept four months' money in the bank.
So, if you always have 4 months' money with you, then you have an infinite life span in a way. How does a day in your work life look now?
Wake up in the morning. Go to gym. Get to office. Back to back meetings for 8 to 9 hours. Talk about those 8-9 hours. What do you do?
How do you handle such a big company? I don't. Team is very good nowadays. -How do you handle the team? My work is more or less putting the right people in right places.
As the company upgrades at each stage. you have to hire a new set of top level hires. Or do the same guys get promoted or is it a mix?
It's better to grow from within. So you continue with the old people. Why? Zomato is 15 years old. If you get an external hire,
We have enough people who are 5-6 years old in the system. The context gets changed. If we were a two year old company, we had no choice but to get external hires
But now if I have to bring someone from outside... Let's say we hire someone. Either I have to be very sure that he's really good or that he has a unique skill.
Let's say I have a head of marketing position. If I hire from outside, it will take six months to bring someone. First you'll interview for 3 months. then he'll have to serve 3 months notice.
He'll join in 6 months and there'll be induction for 3 months. Then, after a year's time you'll know his performance. You've lost 2 years. Isn't it?
It's easier for me to pick someone from inside, spend 3 months to grow him and put him in that role. He/She knows the business and that works.
Then how do you deal with that? Same mentality as dealing with mess ups from 2008? -Yes. Ok.
Has it been a difficult journey? Problems are fun. Pain is pleasure. -Yes. BDSM of business. Business BDSM.
It's like the gym. Pain is fun. I respect you a lot for multiple things but I respect you the most for Product skills which manifest as a growth of a business.
I know you're a product person. Nithin Kamath was on the show 2-3 years back and he'd said that probably the most valued thing in the start up ecosystem are the product people.
because product people think in the creativity domain. They build the present on basis of what they think the future should be. Can I take the name of a rival? -Doesn't matter.
I think common man notices this about Zomato vs. Swiggy. People feel Zomato is way more innovative and I know you don't consider competition. I completely agree with that mentality that there is no such thing as competition
as long as you're creating your own journey. This is what I love about you. I think all the GenZ's and people on my team, they notice innovation on Zomato app
Do you agree? -Yes. I would like to tell you a brutal truth. I personally feel reading habit is dying out in the world.
because of short content and podcasts. The world culture is changing and when you say this to an author they don't agree. But it's true.
I represent internet and I understand the thinking of youth. I know you've written a book about culture in Zomato. Many listeners would not read the book ever.
Crunch down the book in this response. Please break down the book you wrote about culture. It's quite simple.
We don't have a process led organization. Ours is culture led organization. And if people and culture is right then the organization works otherwise it doesn't work.
Response to stimuli and pressure. What do they think about their growth and quality of work? All this is culture. Culture book was more of a handbook for employees.
If a new person comes to an induction, give him the book. Let him read it for 4-6 times. And if he works in the company then he'd hopefully read it
because we're paying the person to read this book. You're giving them a roadmap for growth. Of self growth. -Ok
How to think? How to behave? Its a roadmap for that. Chikki saw this on my desk and insisted to publish it as it was good.
I said ok, do it. Is culture the reason for you being able to scale to this extent? This book is about 80% of the core principles.
I've been working on this book for a decade. Finally I was able to isolating the important things. There'll be some more too.
They'll be on the version 2. Is that your secret sauce? -How can it be secret sauce in a company of 10,000 people Ok. Do you think you could scale up due to culture or there are other factors?
I think it is culture. -At least after a certain point? No, I think from the beginning. -From the beginning. Ok.
Do you want to elaborate more on culture? Specifically what does self growth mean for a person in Zomato? I believe that mind set is everything.
You experience doesn't matter, whether it is 5 years, 10 years or 15 years. If you are facing any unique problem, even if you are fresh out of college, You can solve the problem as well as someone who is doing it since 20 years.
Probably better than the person who's doing it since 20 years as you don't come with a baggage. It's about how you unlearn and bring freshness.
And determination to the thing you're trying to solve. Ok. Usually where do you hire from in India? Do you hire from a metro?
Or you hire randomly? -No rules. Do you get a bird's eye view of India? When it comes to workforce, what did you learn about India's present and future?
The kind of workforce we hire is very different. Ideally we don't hire people who are looking for jobs. The kind of people we need, they don't search for jobs.
I like your illegitimacy. But go on. We look for good people, then we work on them; atleast the mid to senior Level. Hiring process is very long.
It's like quoting, dating for 6-12 months. Then we're able to get people. It's a difficult work. Ok. Do you hire GenZ? -Definitely.
Have you learned about GenZs? Is it very different than working with older people? GenZ's are way smarter than we were at that age. And.
Potential is huge, but they've less patience than us at that age. And patience is a virtue which is required at work. I ask ambitious people like you this question. Perhaps it's a rude question.
But I'm not asking this rudely, so sorry. But I will still ask. The question is, what are you running away from?
That's it. -That's it? You just want to say this? -Reason why you do this is you need freedom. In different forms. You won't get absolute freedom no matter what you do.
There is no absolute freedom in this world. But if you get different types of freedom, then it's nice. My research team suggested me to ask you ONDC related question.
Will you talk about it? Easiest way to explain ONDC is that it's government's Zomato. Until now you were playing SmackDown vs. Raw. Now ECW came in.
Are you tensed? No? How will you deal? What's ONDC? Is it even a problem to you? I don't know. -Is it too early to say?
It's risky to say, it's too early to say. Because you can be lazy about it and stop watching it. So, I don't know. I don't want to call it a competition, because it isn't a competition yet.
But you must be studying them. It keeps going. But you already have strategies. -I don't know. I don't think we have.
We'll see when that problem becomes real. Then you take a week-long timeline, put the gun on your head and solve it. This is the mentality.
That if it becomes a real problem then solve it. Was Swiggy ever a real problem at some point? It has forever been a real problem for us.
This is WWE vs. WCW. You're Vince McMahon. Swiggy once raised a billion dollars. We had nothing in our bank at that time.
How did you go further from there? We sold our UAE business. We got 170 million dollars from there.
We slowly kept fighting. Kept working hard. Again same approach. There is only so much money.
We have to reach here. You have so much time. Gun to your head, solve it. So it's more important to have a base level blueprint.
There should be protocol. Gun to the head. I think we must have a determination mind set that we must do it.
Now you must solve this. There is nothing else to do. Either you can start blaming that if you have this, only then you can solve it. But there is no money. What will you do?
If you can't, you leave. Someone else will solve it. Have you ever met Swiggy's founders? -Many a times. What do you talk?
Friendship. Brotherhood. You're playing a cricket match. Shaheen Afridi vs. Virat Kohli.
We gauge the future. It's a nice friendly relationship. We don't talk business. It is not legal to talk current business.
Is it because of public listing? I might get to know about their strategy Competition should be fair. We do not get to the competition.
Do you take motivation from each other on some level? I don't know about him. But I definitely take inspiration from him. Ok.
Have you ever used Swiggy? Never. -This was a tricky question. I've used it for experimental purpose many times.
But haven't used it for real purpose so far. Only when you have to use the app to learn. Ok.
To compare Zomato and Swiggy, I order the samething on both apps. I will openly say something. I use Zomato to order food but I use Swiggy a lot to order groceries.
That's my use case. If I want to order groceries, I'll automatically open Swiggy. I use Swiggy because it was already installed on phone since beginning.
That was my mentality as a user. I'm sure you constantly study user mentality. When you open Zomato app yourself
What do you think as a founder? As a product person, I watch my emotions in a way. If I can do my work seamlessly and calmly. That's a very good thing.
Without having to think. If app irritates me, I get irritated. That's when I know it is not right.
You call, what did you put in the app!? Sorry. We've created a product feedback group on slack where we add these issues. How do you talk?
I'd like to know when. When giving feedback to someone And when his mind doesn't stop running.
When people don't listen. I think then I've to sometimes raise my volume to get my message across. Has that been a good strategy?
Works half the times. What happens when it doesn't work? Nothing. Person has so much noise in their heads that they don't even hear me shout.
This is a random intrusive question. Do you know Ankit Bhaiyanpuria? Fastest ever grown Instagram account. Fastest ever grown social media account.
Have you heard his name? -Yes. Recently he has seen very fast growth. He vlogs everyday and shows his fitness journey every day.
Ex-Zomato rider. Isn't it? -Yes. I've heard about him. I've seen his Instagram profile. Ok.
According to me, he should be one of your brand ambassadors. I think so. I'm giving you a very big input here.
Ashish Chanchlani, YouTuber. They were all 1/3rd of the speed in growth of views compared to Ankit. It's that much.
All the best. But coming back to Zomato delivery partners. Did you ever think there would be so many lives impacted? I want to know more about Zomato delivery partners.
When you were creating the entire plan I remember when Zomato was just a review app. I read your interview back then.
It's true. I'm not lying. I wanted a creative name. I used to be a... Thank you, Bro. -It's a nice name. Thank you.
I remember that you said in this interview that at some point we'll turn into a delivery app. How long did you have this plan for? That's one question. Second is
I'm sure when you thought you would become a delivery app You'd have by then thought about delivery partners too. I had never thought about delivery partners.
Swiggy did it first. And customer love for Swiggy was very high compared to our service. So, it was almost a forced move for us to do it.
This delivery app had to be made in the future because in 2005, I made one out of college. So my first start up was a food ordering app. -Really!?
Actually that was my third start up. But my first serious start up was a food ordering app. That didn't work.
The scanned menus and reviews were a trimmed down version of that start up. Then you went back to it? I had to. Because the whole goal was whenever the market was ready,
Not too serious about these things. Will see if this can be done. But if you can do it, then it will be fine. If it works out, it's good and if it works out successful, it is even better.
And how do you feel now? Detached? That it's done. I'm still working. The bigger it gets, the more harder it is.
When Zomato delivery partners' stories are shown in media or when someone had a bad interaction with a customer. Someone becomes a big Instagrammer.
Zomato is getting marketing from there. I don't think that way. -Why? People say all marketing is good marketing. I don't believe that.
I think good marketing is good marketing and bad marketing is bad marketing. People say that all publicity is... Is good publicity. I don't believe that. -Really?
Tell me. Karma is Karma. If you get marketing by doing bad activities then it'll catch up.
Marketing should leave a good taste in people's mouth. You should associate it with positive emotions. Negative emotion marketing is not marketing. -Ok.
What is the core marketing strategy of Zomato? People from agencies tell you that this is all over the place. Even then people know about the brand.
So your core mentality must be some what right. What is your thought process? Especially your marketing branding team... Is it one team? -Yes, a small one.
I think the principle they've narrowed down to is, we must make someone smile. Whenever you see any of our marketing message or notification or Insta post there should be a smile on people's faces. -Positive energy.
So they try to do that. Just that? First principles thinking. -Yes. So you try to make as many people smile as possible.
You can also narrow down and send non relevant notifications. So we try to achieve generic smiles. Ok.
Ok. I'm assuming you're hiring GenZ's there. -Yes. Has Zomato's marketing changed over the years?
I think distribution channels have changed but the tonality and what we've been able to achieve we try to achieve consistency in that.
Distribution channels mean Facebook first, then Instagram, twitter. And what's the hot thing now? Now hot thing is Insta and push notifications.
Our push notification distribution is pretty high. And many go viral too. And that's a thought out process, a strategy.
Not just something that happened by itself. It actually happened by chance, but it worked. So we sticked on. Ok.
Many delivery partners of Zomato are listening to this podcast. What would you like to tell them? There is a big range in the Zomato delivery partners.
Range of quality of work, of quality of people. Largely I'd say thank you. Continue doing good work and drive safe. Take care of your health and exercise. Don't break your backs.
It's a hard job. So please take care of yourself. What would you like to say to the top level delivery partners? I'd like to tell them the same thing.
So thank you, take care of yourself. Ok. Alright. There's a lot of fraud at the bottom too. I would like to tell the bottom ones
Don't do that. Relax, chill. Do good work. You'll eventually make more money if you... Do they try to make money?
Why do you order from Zomato? You can directly tell us. They run away after picking up customer's food. They tell customer that their online payment didn't go through,
you'll be refunded, give me the cash. Some random things. Does it happen all over the country? It happens less than bottom 1%.
I think it happens less in Mumbai. We don't let that happen. What happens if it happened?
Rider is terminated. So if I ever tweet on Twitter or post something on Insta I get many comments.
Sir, please reactivate my ID. They are all caught due to fraud. It's 98% accurate. 2% of the times, we're at fault
by putting them in a box where they shouldn't be put. Did you anticipate there would be such a problem in food delivery? It happened since Day 1. -Is it?
You knew this was going to happen. -Yes. It happens more in India. In which cities is it happening?
It happens every where. It happened everywhere. Does it happen in Mumbai and Delhi too? Mumbai and Bangalore too? -It happens everywhere.
Or just want to have fun? They think no one will know. This is an app. Generally new riders do this.
Around 20 to 30 thousand new riders join every month. A small percentage out of them think this is just an app. How will they know? But eventually we get to know about it.
This is f****** question. Sorry for the language. How does Zomato make money from one delivery? There are some customer charges.
And we get commission from restaurants because they're getting orders. In a way this is a marketing fee for them. We must pay the rider.
So some money is coming in, some money is going out. The whole goal is that the money coming in must be more than the money going out. If a customer spends Rs. 100 on Zomato.
On food or on delivery charges? Let's say total spend of customer is Rs. 200. We don't make money on the order of Rs 200.
At thousand Let's come to three hundred. That's the average. Depending on the city the average is around 300 to 400.
Let's consider four hundred as the average value. So our blended commission comes upto Rs. 80. Blended commission is around 20%.
It's lesser than 20%. Must be somewhere around 17-18%. Let's consider Rs. 80. And customer delivery charges are Rs 20-25. So the revenue is around Rs. 100.
There's nothing else. And cost of delivery is around Rs 50-60-70 depending on the city and distance. If the distance is more cost is more. If it is less cost is less.
Then customer support charges. If you chat, the cost of the agent. Payment Gateway fee. If you didn't like the food then a refund has to be made.
They were given initially. It was less before too. Just feels like they were more. 50% off upto 80. It's not 50%. It's Rs.80 off.
Order is worth 400. It's just 20%. Isn't it? Nice. -I want to change it, but I don't call this discounting honest.
If you're telling something to your customer, it should be honest. It should be Rs. 80 off. It should'nt be 50% off up to Rs. 80. If the competition continues like this, I will not be able to change.
Because you are saying on the internet people's brand trust on Zomato is increasing. Because the founder is saying things openly.
Are you aware of that? -I don't know. Ok. You are very unprocessed. You just say it. I like it.
This is what the audience also likes. -I'm like this since childhood. If I want to talk a little more about orders, You're roughly making Rs. 80-100 per order and with scale across the country.
That's revenue. From that the rider... All the cost is taken away. Hardly you make Rs 5-10. -Profits.
Five to ten rupees across the country. Not even Rs. 5. There are fixed costs of entire team, the entire tech, server cost, and rest of stuff.
It is difficult to make one to two rupees. -Wow. But at scale. From the core profit of Rs. 1 or 2, how have you become profitable?
When we started making this Rs. 1 to 2, we became profitable. Really? Because the scale and the orders are very big.
Initially our costs were more than revenue. When this balance tipped we became profitable. Is this the long term VC money game?
Like taking VC money... I don't know VC money, but businesses like ours have fixed costs which is quite high. Fixed cost is the engineering team's cost.
Product Managers, Ops. team etc. Now the cost of fixed team will be the same whether my business is 1/3rd size or if it is 10X size. This will remain same.
If I check the team's cost per order when my orders increase, the cost per order of the team will fall. And it is a heavy cost. It's not easy.
If my scale becomes 10X, then my cost per order reduces. So if I don't move anything and the revenue also remained the same. And the rest of my costs remain same and I scale up, my profitability increases.
Is this the reason you're expanding in other countries? We're not expanding to more countries. We're India only business. But you purchased some businesses.
Coming back to India. Just by being a YouTuber. I am just making content. I have a little silo of my audience.
It's a big silo. But it's not very big. May be 20-25 million, as compared to billions of Indians.
And yet I feel, I've got a sample size. We get the data. So I can see a little bit of the future with that data.
Ok. Do you feel the same about Zomato because you're serving so many people all over India.
Have you learnt something about cities, small towns? I think people are making more money. India is developing very fast. I'm excited about India.
There's so much in India for the next decade. If hundred percent is saturation point, then how far have you reached now? Not us, India might have reached up to 10.
India has reached ten. Is it potential wise? -Potential. I think India will become next economic super power in the next 10-20 years. Like China and US scale. I can feel it.
Spending power will increase. -Yes. and people will be able to eat better. Food is one of the things. For ex- There is Blinkit also.
There's Hyperpure too. We've multiple things. You've to just focus on India and scale up here. Our goal now is to focus on India and Indians.
I'm assuming in phase one you targeted metros like Mumbai, Delhi, Bangalore etc. Right. 900 cities. I would like to know about the 900 cities.
Can you name some of those 800-900 cities? I don't know. -The smallest towns My home town Muktsar is also one of them.
If I'm not wrong, it is a 956th city by population. Do people spend there also? -Absolutely. What have you learnt about those cities?
Zomato's use case there is unique because they don't have many things to spend on. What? -How will you go to watch a movie? There are no shopping malls.
If you have money, you want entertainment or something new in your life. Now, at this point, September 2023, What is Zomato's challenge?
I think growth and profit. That's kind of external. Internally we focus on team quality and I think that's my big area of work now.
I act a lot like HR these days. The scale at which you are working, you must care about culture much more than... As I said, right people at the right places
and they are working on right problems then we're sorted. I've to make sure, we're the right people, they've been trained and coached well. So, that's about it.
Is this easier than your previous business phases? That you're focusing on HR now? I think
this is a phase in life where I am able to do it. I don't know whether this phase will last. Tell us about your three-four biggest mistakes in short.
Not specifics, but general learnings from those mistakes. For your entrepreneurs. I have one big thing.
In 2013-14-15, we did a lot of international expansions. At that time, I felt India is small. India does not have a market size. Let's go international.
I should have focused on India, stayed in India. Power of focus? Is the learning power of focus here or to focus on India?
Regulations, people you work with, culture will change with every country. The culture with which you are working in India, it's not the same in Middle East, the US or Europe.
If you go to multiple countries, it becomes harder to run an organization. Compliance, legal bills, regulations are complex. People say that the market size of India is not big.
That's why they want to go outside. I tell them if not today, after ten years it will be too much. And like me, we closed all the international markets.
You will too. You say that India has 90% of your business. Why should I spend 50% of my time for 10% business?
Doesn't work. Isn't it? We shut down international when India was hitting 93% of our revenue.
But so much effort was going into it. I didn't have time to talk to Country Manager of Australia over phone. Why do it? You're just one percent.
It was prudent to shut it down. -Ok. What was your growth mentality before expansion? You wanted growth? -Scale.
You wanted to hit the ball. There should be some ball to hit. If you were 22 years old today and you want to enter into startups
Would you do something like Zomato style again? It's a very hypothetical question. But if you were a young entrepreneur today
which type of business would you do in India? I don't know. It doesn't matter if I am 22 or some other age. If I had a brilliant idea, I'd have chased within Zomato even today!
No, start something new. What new would you like to start? I don't know. You'll take time off to learn. -Yeah.
No, wander mentally. Do you do mental wandering? How? -Yes. I'd read. Reading is my thing.
What do you read? Random books. -Ok. Really? About? -Chemistry, Physics, Biotech. I read everything.
There's nothing like that. -Which was the most impactful book? Which was the most impactful book? I should have the answer to this, but I don't have it.
The Art of Thinking Clearly is what I gifted the most, outside of that. First principles thinking based. I'm assuming. -Human biases.
How to read your own mind? Tell me a little. Humans have a lot of biases. We're not rational.
We take a lot of emotional and stupid calls. I think there are around 70-80-100 heuristics in that. So if you can internalize them, you can take better calls and decisions.
Why do you read chemistry books? I think it's all the same. It's all first principles thinking. Chemistry also teaches you a lot of things.
You could at some point in time. I don't know how. Basically you're saying learn something, you never know when it will be useful. Atleast you'll become smart. -When you need something, you don't know
what should be the solution to this, what should I learn to solve this? Life is not that easy. More the information you download into your brain, you're able to use it sometime
Constant learning process is necessary for business career. I don't know. -For you? I operate like that.
Ok, next time I'll ask you chemistry questions. Deepinder Goyal, thank you. It was fun talking to you. Thank you, Sir. -Lots of love, lots of good wishes.
Reign India. What's going to happen in India in the next ten years, let a lot of this money reach you and Zomato delivery partners.
Thank you, Sir. Appreciate your time. Thank you so much. So this was today's episode. I like business conversations very much. But we do very few business conversations because
honestly, we don't get views on business conversations. So you tell me from business perspective which business legend would you like to see on TRS?
Heads up!
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