Newsletter dated 22nd September, 2015

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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“The beginning is the most important part of the work…”
Law Updates:
 The anti-evasion wing dealing with indirect taxes has summoned
executives of a number of companies across sectors to check on
business details and asking if they have paid service tax that could run
into hundreds of crores of rupees. Service tax authorities have also
issued notices to companies.
 The government has appointed CANBANK Venture Capital Fund Ltd
(CVCFL) as the agency to implement the Electronics Development
Fund (EDF). The EDF is set up as a 'Fund of Funds' to participate in
'Daughter Funds' which in turn will provide risk capital to companies
developing new technologies in the area of electronics, nano-electronics
and Information Technology (IT), an official statement said.
 India's brick-and-mortar retailers are preparing to approach the Delhi
High Court once again after failing to get a response from the
government in their quest for parity in foreign direct investment norms.
At present, India allows 51% FDI in multi-brand retailing, with a whole
host of conditions including 30% mandatory local sourcing and $100
million upfront investment.
PROFESSIONALS INPUTS:
 Vide DGFT Public Notice No. 37/2015-2020 dated September 21, 2015
notified Amendment in Para 2.63 of HBP, 2015-20 for temporary
import / export of exhibits without Authorisation, the condition of
submitting of both bond / security to Customs and ATA Carnet have
been replaced by either bond / security to Customs or ATA Carnet.
 Vide CBDT Press Release dated September 21, 2015 provides for a one-
time compliance opportunity which will end on 30th September, 2015
for filing declaration under compliance window of the Black Money Act.
 SEBI seeks public comments on Sumit Bose report. The Securities and
Exchange Board of India has sought public opinion on the proposals
made by the government appointed committee on curbing mis-selling
and rationalising distribution incentives in mutual funds. At present,
there is cap of one per cent that comes from the fund house capital or
profits.
MARKET WATCH:
SENSEX: 26259.93 66.95 NIFTY: 7993.90 16.80
SILVER: 36059.00 -113.00 GOLD (MCX): 26318.00 -27.00
USD/INR: 65.63 -0.12 CRUDE OIL: 3059.00 -21.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
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Date: 22nd September, 2015

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DEEPINDER GOYAL
Founder & CEO, ZOMATO
“Changed the way people looked at food ordering and created the
first global app from India…”
Deepinder Goyal is the Founder and CEO of Zomato. Zomato started as a
simple website carrying menus (usually scanned) and featuring the phone
numbers of restaurants. It is now a business valued around $1 billion that
allows customers to order food, book tables, and, in some markets, even pay
for it.
Early life and education
Deepinder graduated with a Mathematics and Computing degree from IIT Delhi in 2005 and hails from
Muktsar in Punjab. Prior to starting Zomato, Deepinder worked as a management consultant with Bain
and Company in New Delhi. It was at Bain that Deepinder conceived the idea of an online restaurant
information service after seeing the demand for menu cards among his colleagues. He left Bain in 2008 to
start Zomato (then foodiebay) out of his apartment and has since overseen strategy and product
development.
Career
Yes, after graduating, while I was working at Bain and Company, I noticed people queuing up in the pantry
everyday trying to look for menus to order food and that’s when the idea struck me – what if we could
access these menus online. The users can use this website that will provide in-depth information about
restaurants and events (e.g. menu cards, contact details, pictures, directions, rating and reviews) to its
users helping them make a well informed decision before stepping outside their house. One can also get an
opinion about the restaurants through the reviews written by people who have already visited the place-
“says Deepinder”. In the last three years since we started this venture, I have played every conceivable role
possible at Zomato, earlier known as Foodiebay. Be it designing the first landing page of the website,
collecting menu cards from hotels and restaurants in and around Delhi; scanning, rating and uploading
those; marketing the portal at almost no-cost; and of course, getting hold of advertisers.
ZOMATO, Food discovery and Ordering site
Zomato, founded in 2008, is India’s largest restaurant guide listing over 42,000 restaurants across 12
cities in the country – Delhi NCR, Mumbai, Bangalore, Chennai, Kolkata, Pune, Hyderabad, Ahmedabad,
Jaipur, Chandigarh, Lucknow and Indore. Zomato was started by IIT Delhi alumni in July 2008 for Delhi
NCR and has expanded its services over a span of 4 years to 12 cities in India. Info Edge has invested over
$6.5M in Zomato since 2010. Zomato has recently forayed into print as well with the Citibank Zomato
Restaurant Guide 2012. Zomato is headquartered in New Delhi and currently employs 150 people. Zomato
has expanded into the international markets with the launch of their Dubai section and will expand to
more cities in the Middle East and South East Asia by the end of 2012.
Over 4 million Zomato users come to the website every month to search places for dining out, home
delivery, catching up or nightlife. This creates a highly targeted platform for restaurant owners to market
their product to customers who are looking for meal options and this forms the key revenue generator for
Zomato. The model is based on hyper-local advertising and also takes into account user preferences - this
combination is scalable to quite a large extent.
Deepinder has been an active and eager acquirer. In an acquisition binge last year, he acquired seven
companies including Urbanspoon in the US.he doesn’t shy away from speaking his mind on public issues
and is very active on micro-blogging site Twitter. He stood up for Net neutrality when leading telecom
service provider Airtel launched a platform, Airtel Zero, which would allow free access of some websites on
it network.