SUMMARY
Zomato CEO Deepinder Goyal said that startups need to constantly innovate if they want to last for a long time
Speaking with Info Edge’s Sanjeev Bikhchandani at ‘Startup Mahakumbh’, Goyal said that Zomato, founded in 2008, is currently in its fourth version
Startup Mahakumbh aims to bring together startups, investors, incubators, accelerators and industry leaders together to foster innovation, collaboration, and knowledge sharing
Highlighting the need for constant innovation for startups, zomato
founder and CEO Deepinder Goyal on Monday (March 18) said that no business model can last for more than a decade today amid the rapid evolution of technology.
“With all the tech and the distribution systems that are changing, no business model will last beyond a decade or two. So you have to actually innovate and create new businesses out of the outcome that you have created so far, if you want to last longer,” Goyal said.
The CEO was in a conversation with Info Edge founder Sanjeev Bikhchandani during a session at the ongoing ‘Startup Mahakumbh’ in New Delhi.
Goyal said that Zomato, founded in 2008, is currently in its fourth version.
Elaborating on this, he said that Zomato continuously looks to disrupt its own business to keep changing with time and stay relevant. Goyal said that the company, which also owns quick-commerce platform Blinkit, is currently running a competition under which it is offering funds to small teams within Zomato to come up with ideas that can disrupt its business.
“… this could lead to the Zomato version five or Blinkit version two, and Blinkit is also part of the Zomato version four. In one year’s time, Blinkit will be bigger than Zomato. So, I don’t know how long Zomato will have its own relevance,” Goyal added.
It is pertinent to note that the management of Zomato has reiterated multiple times that the company’s quick commerce business has the potential to grow bigger than the food delivery business in the long run.
Meanwhile, Goyal and Bikhchandani also discussed the reasons behind struggles and failures of well-established startups. Talking about this, the Zomato founder said that it could be due to financial constraints, intense competition, or even complacency.
The three-day Startup Mahakumbh is being touted as one of the biggest startup events in the country. It aims to bring together startups, investors, incubators, accelerators and industry leaders from several sectors under one roof to foster innovation, collaboration, and knowledge sharing.
Speaking during the inaugural session earlier in the day, Department for Promotion of Industry and Internal Trade (DPIIT) secretary Rajesh Kumar Singh said that the Centre is in the final stages of preparing a dedicated policy to promote deeptech startups in the country.
