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Zomato’s CFO, Akshant Goyal, says the company was loss-making with unclear profitability prospects when it went public.
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Despite initial backlash, Zomato’s acquisition of Blinkit has matured ahead of expectations.
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Goyal credits clear communication and a strong management team for Zomato’s successful turnaround.
Zomato, India’s leading food tech company, has made a remarkable turnaround from its loss-making days. CFO Akshant Goyal revealed that the company went public without a clear path to profitability but has since achieved stellar financial performance.
Zomato’s initial public offering (IPO) was an unplanned decision, made during a lunch break, due to dried-up private market funding. Despite skepticism, Zomato’s management team delivered on its promises, achieving full-year profitability in FY24.
Goyal also discussed Zomato’s acquisition of Blinkit, which faced criticism at the time. However, the business has matured faster than expected, vindicating the company’s decision. Clear communication and a strong management team were key factors in Zomato’s success.
Zomato’s turnaround serves as a lesson for startups: with effective leadership, communication, and execution, companies can overcome initial challenges and achieve long-term success. As Zomato continues to grow, its story offers valuable insights for India’s burgeoning startup ecosystem.
