Zomato invests in Grofers, grocery plans rolled out
Zomato has invested in Grofers and planned to roll out grocery offers.
Due to the hit of pandemic the country is facing economical crisis. Amidst all this, Food aggregator Zomato said "it is recovering well after the pandemic hit year. The first quarter of this fiscal was better than the same period last year. It will soon launch a grocery section on its app".
Zomato, reported operating revenue of Rs 1,993 crore for the year ended March, down 23.5% from Rs 2,604 crore in the year before, according to its red herring prospectus.
“Food delivery business was hit in the first wave of Covid due to fear of virus and surface transmission. The fear of surface transmission has gone away and we have delivered crores of orders in the last 18 months without even a single case of transmission through food delivery,” said chief financial officer Akshant Goyal.
On grocery, Goyal added "We are actively experimenting in this space and recently invested $100 million for a minority stake in Grofers with the idea of getting more exposure to that space. We are in the process of rolling out a grocery delivery mark marketplace on our platform on a pilot basis".
July 27 onwards Zomato's shares will be listed on the stock exchanges. The issue price is decided at Rs 72-76 per share. Zomato is backed by Info Edge, Alipay, Ant Financial, Tiger Global and Sequoia.
