Deepinder Goyal on Capital Allocation

Post the Blinkit acquisition Zomato has invested roughly 2,800 crore rupees into the quick-commerce unit, including a 500-crore infusion in January 2025. The continuing capital top-ups indicate that quick-commerce remained a cash-hungry vertical even after integration, requiring ongoing investment to defend share against Swiggy Instamart, Zepto and newer entrants.

Zomato raised 8,500 crore rupees through a Qualified Institutional Placement in November 2024, partially to fund the Blinkit investment. The QIP signalled a strategic decision to keep equity dilution as the funding lever for the quick-commerce war, rather than debt — a choice with implications for existing shareholders' long-term ownership.

Forbes estimated Goyal's net worth at roughly 1.4 billion dollars as of mid-2026, mostly tied to his Eternal stake. He has since signalled appetite for a second act outside food delivery, including a forehead-worn metabolic-monitoring wearable called Temple priced at about a thousand dollars — an early-stage health-tech bet rather than a fully commercialised venture.

In March 2019 Zomato sold its UAE food-delivery business to Talabat, an early instance of the company exiting markets where the local density was unattractive. The pattern would intensify after 2022 as Zomato quietly wound down most international operations, liquidating ten overseas subsidiaries in under a year — a rare case of a unicorn voluntarily unwinding a global footprint.

Zomato's product breadth — intercity Legends delivery, hyperlocal Xtreme parcel service, Feeding India food-donation vertical, and Post Malone / Dua Lipa concerts under Zomato Live — reflected a portfolio approach to the food surface area. Several bets (Legends, Xtreme) were shuttered after limited traction, while others (Hyperpure, going-out vertical District) survived and became expansion arrows in the Eternal structure.

As of 2023 Zomato provided food delivery and table reservation services across more than 800 Indian cities, while restaurant discovery was restricted to the UAE following the international exits. The refocus on India signalled management's bet that scale at home, rather than footprint abroad, would compound margins and justify the post-IPO valuation re-rating.