Weeks after stepping down as Group CEO of Zomato and its parent entity Eternal, billionaire entrepreneur Deepinder Goyal is already onto his next big bet.
His new venture, Temple, a wearable technology startup, has raised $54 million in a friends-and-family funding round. The company has been valued at around $190 million post-money, signaling strong investor confidence even at this early stage.
The funding round brings together some of India’s most prominent founders, venture funds, and even Temple’s own employees — many of whom invested their personal capital without any special discounts.
A Comeback Move After Zomato
Back to Startup Mode
After building Zomato into one of India’s most recognized consumer internet brands, Goyal’s decision to step down as Group CEO surprised many. However, his return to the startup ecosystem has been swift.
In a post on X, Goyal revealed that Temple’s funding round was backed by founder friends and early Zomato supporters. He noted that these investors were willing to back the company regardless of whether it eventually goes public.
This detail is significant. It suggests that the investment is based more on belief in Goyal’s vision and execution ability than on short-term exit expectations.
Temple Raises Rs 493 Crore Through Preference Shares
What the Regulatory Filings Reveal
According to filings with India’s Ministry of Corporate Affairs, Temple’s board approved the issuance of 234,799 compulsorily convertible cumulative preference shares.
The shares were issued at Rs 21,000 each, aggregating to approximately Rs 493 crore, which is roughly $54 million.
This structure allows investors to convert their preference shares into equity in the future, typically during a major event like a subsequent funding round or listing.
Who Invested in Temple?
The funding round reads like a who’s who of India’s startup and investment ecosystem.
Deepinder Goyal Leads the Round
Goyal himself is leading the round with an investment of Rs 104.07 crore, signaling strong personal conviction in Temple’s future.
Institutional Investors Backing Temple
Several well-known investment firms have also committed capital:
- Steadview Capital – Rs 90.49 crore
- Peak XV Partners – Rs 54.30 crore
- Dharana Fund – Rs 49.77 crore
- Aaroh Fund – Rs 18.10 crore
- Info Edge Ventures
- Dharana Capital
The mix of venture capital firms and established investors shows strong institutional belief in Temple’s potential.
Star Founders Join as Angel Investors
Beyond institutional capital, several high-profile startup founders have also invested in Temple.
These include:
- Vijay Shekhar Sharma of Paytm
- Kunal Shah of CRED
- Nithin Kamath and Nikhil Kamath of Zerodha
Their participation adds not only capital but also strategic value, given their experience in building and scaling consumer technology platforms.
Eternal Executives Also Invest
Interestingly, several current and former executives from Eternal also participated in the round. These include:
- Akshant Goyal
- Aditya Mangla
- Kunal Swarup
- Akriti Chopra
- Rahul Ganjoo
Their involvement suggests continued trust in Goyal’s leadership and possibly early alignment between Temple and Eternal’s broader ecosystem.
Employees Put Their Own Money In
One of the most notable aspects of the round is that more than 30 Temple employees invested their own money at the same valuation as external investors.
There was no discount offered to them.
This move signals strong internal confidence in the company’s vision. It also creates deeper alignment between the team and the long-term growth of the startup.
In early-stage ventures, employee investment is often seen as a strong positive indicator, showing belief beyond stock options or salaries.
What Is Temple Building?
While detailed product information has not yet been publicly disclosed, Temple is focused on wearable technology.
The global wearable tech market has grown rapidly over the past decade, driven by demand for smartwatches, fitness trackers, health-monitoring devices, and AI-powered personal gadgets.
Given Goyal’s track record in consumer technology, Temple is likely aiming at a mass-market, tech-driven wearable product rather than a niche hardware experiment.
The $190 million valuation indicates investors believe Temple has the potential to build something significant in this space.
Why This Funding Round Matters
A Strong Signal to the Market
Raising $54 million at an early stage is no small feat. Doing so immediately after stepping down from a publicly listed company makes it even more noteworthy.
This funding round sends three clear signals:
- Deep investor trust in Goyal’s ability to build and scale
- Strong founder network support across India’s startup ecosystem
- Early confidence in the wearable technology opportunity
Friends and Family, But Big Names
Although described as a friends-and-family round, the scale and names involved make it far more substantial than a typical early-stage raise.
This is not just symbolic backing — it is significant capital with institutional participation.
The Road Ahead for Temple
Temple is still in its early stages, and much about its product roadmap remains under wraps. However, with Rs 493 crore in fresh capital, the startup now has ample runway to:
- Build its core product
- Invest in R&D
- Assemble a strong hardware and software team
- Scale manufacturing and distribution
If Goyal can replicate even a fraction of the scale he achieved with Zomato, Temple could become one of India’s most closely watched hardware startups.
Final Thoughts
Deepinder Goyal’s move from food delivery to wearable technology marks a bold shift. But if there’s one thing the Indian startup ecosystem has learned over the years, it’s not to underestimate repeat founders with a proven track record.
With $54 million raised, a $190 million valuation, and backing from some of India’s most influential founders and investors, Temple is off to a powerful start.
The real question now is not whether investors believe in Goyal — that part is clear. The question is what Temple is building, and whether it can redefine India’s wearable tech landscape the way Zomato reshaped food delivery.
