The leadership traits are a reflection of the leader's behavior that helps in team building and empowerment, which leads to innovation and creativity. Visionary leadership and strategic decision-making fulfill business expectations and focus on the team's growth. A successful leadership style erects a footprint that helps tech entrepreneurs to achieve success. Here is the success story of Deepinder Goyal, the founder of the brilliant startup Zomato. 

Deepinder Goyal dreamed of being an entrepreneur at the Indian Institute of Technology (IIT) Delhi, where he pursued a degree in Mathematics and Computing. As he engaged in various tech projects, his knack for problem-solving and innovation became evident. After completing his studies in 2005, Goyal worked for Bain & Company, a global management consulting firm, gaining valuable insights into business operations. In 2008, Goyal and his colleague Pankaj Chaddah faced the challenge of finding reliable restaurant information. They decided to create one themselves because they were frustrated with the lack of a comprehensive restaurant directory. The site initially referred to as ‘Foodiebay,’ was intended to provide consumers with up-to-date and comprehensive information about eateries, menus, and opinions.

The platform expanded rapidly not only in India but also internationally. Goyal's insight inspired Zomato to broaden its offerings, incorporating food pick-up and online ordering to meet changing consumer demands. The company's rise to prominence as a top-tier food tech firm was attributed to Goyal. Several nations adopted the label, making it a household name for food lovers. The success of Zomato was fueled by Goyal's dedication to inventing, enhancing the user experience, and adjusting to market shifts.

Leadership Traits and Business Strategies of Goyal

Goyal's leadership skills stemmed from his work at Zomato. Goyal's self-esteem has been crucial in shaping his leadership abilities. He is renowned for his persistence, tenacity, and adaptability. These qualities were particularly apparent.

His leadership style is characterized by unity and transparency. He believes in the ideas to flow at all levels. This approach encourages teamwork and creativity by allowing employees to contribute to the company's expansion. He emphasizes his leadership style by being humble and open to feedback.

 Goyal believes in recognizing the group's potential, giving them autonomy, and facilitating their growth. He mainly believes in learning and fostering talent from within the company. The ability of Goyal to personally engage with his employees and focus on their career development has helped Zomato attract and retain the best talent. His strategy includes communicating the need for change, including key stakeholders in decision-making, and fostering a culture that supports innovation.

 To upcoming leaders, Goyal says not to compete stupidly in the market. This is one of his business strategies as well. People should always try to do the right things and not fight stupidly. They should put their efforts into winning the match. Many startups spend their money on unnecessary things. Goyal invests, not spends the cash.  

We Don't Hire People Looking for Jobs: Goyal

“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," Goyal says.

 "GenZ's are way smarter than we were then, and the potential is huge, but they're not as patient as we were then. Being patient is a quality that's needed at work. Zomato is fifteen years old now. The system has enough people who are 5-6 years old. Such a scenario alters the context. We had no choice but to get external hires if we were a two-year-old company. Now, if I have to bring someone from outside, I have to be very sure that he's really good.,” Goyal adds.

 

During an interaction with YouTuber Ranveer Allahbadia on his show, Goyals explained the challenges of hiring from outside, saying, “If I hire from outside, it will take six months to bring someone. First, you'll interview for three months. Then, he'll have to serve a month's notice period in his previous organization. He'll join in six months, and there'll be induction for three months. Then, after a year, you'll know his performance. That way, you've lost two years. It's easier for me to pick someone from the inside, spend three months growing him/her, and put him/her in that role. He/she knows the business, and that works.”

 Zomato's Trailblazing Initiative: Empowering Women

One of the distinctive aspects of Zomato's culture is its progressive approach to women's privileges. The firm has set the standard for establishing rules that promote gender equality and aid women in the workplace. Zomato recognizes the challenges women face in balancing work and family responsibilities by offering extended maternity leave, flexible work arrangements, and other facilities.

Challenges Faced 

Goyal’s family didn’t agree with him leaving his stable job at the firm and joining the startup journey and lifestyle. His wife, Kanchan Joshi, whom he met at IIT, was initially reluctant but later supported his new lifestyle completely. After establishing the startup in big cities, the Zomato owner hired another IITian, Gunjan Patidar, to assist the team in Operations. He had a difficult time running FoodieBay.com since the concept was unique and unknown to people at that time, and difficulties were inevitable. He faced numerous entrepreneurial challenges to achieve success. The first two years were smooth sailing for them, but scaling up was tough as Zomato began covering more and more eateries and bars. They had trouble securing funding due to dwindling financial resources.

Business Model

The initial efforts of the founders were largely devoid of any intention of earning money, and when the website garnered widespread praise, they spotted the potential inherent in its existence. The online food marketplace has 62 million registered users. These advantages have led to the placement of advertisements in numerous eateries, which can result in substantial revenue. Zomato has made it easy for its customers to pay for the charges digitally by launching cashless transactions.