Discover 6 articles related to Zomato
Zomato has injected an additional ₹1,500 crore into its quick commerce arm, Blinkit, to expand operations and solidify its market presence. This move brings Zomato's total investment in Blinkit to ₹4,300 crore since its acquisition, highlighting its strategic focus on the burgeoning quick commerce sector.
Zomato has achieved a landmark accomplishment by becoming the first Indian startup to be included in the BSE Sensex, replacing JSW Steel in the index as of December 23, 2024. This development highlights Zomato's robust financial performance, with a 389% YoY profit surge in Q2 FY25 and its significant market capitalization of ₹2.64 trillion. Analysts predict inflows of $513 million as index funds adjust portfolios, reinforcing Zomato’s rising prominence in the market.
Zomato is set to raise Rs 8,500 crore ($1 billion) through a Qualified Institutional Placement of shares to enhance its cash position as it competes with Swiggy and other quick commerce players. CEO Deepinder Goyal stressed that while capital alone cannot secure victory, it is crucial for maintaining a level playing field in a cash-intensive business. With competition intensifying and Swiggy’s upcoming IPO, Zomato aims to fortify its financial standing and continue scaling its operations.
Zomato is once again venturing into logistics with the revamped launch of Xtreme, its parcel delivery service. After suspending the service in July due to low demand, the food delivery giant is now refocusing Xtreme to align with its core strength—last-mile food delivery. Initially aimed at a broad logistics market, Xtreme 2.0 will now serve restaurants that manage their own orders but need high-quality delivery solutions. This move is part of Zomato’s ongoing strategy of experimentation, testing new business lines while staying anchored in its food delivery expertise. Will this pivot lead to lasting success? Only time will tell.
Zomato, led by co-founder Deepinder Goyal, has launched 'Weather Union', the first crowd-supported weather network in India, designed to provide accurate, real-time weather data. This initiative includes over 650 weather stations across 45 major cities, enhancing decision-making in various sectors. Under the 'Zomato Giveback' program, this weather data is freely accessible via an API, promoting economic productivity and community involvement. Zomato encourages public participation by inviting volunteers to host weather stations, marking a significant step in leveraging technology for public good.
In a recent public dialogue, Prime Minister Narendra Modi underscored that in today's India, success is defined by one's hard work and not by their surname. He praised Zomato CEO Deepinder Goyal's entrepreneurial journey, highlighting it as a source of inspiration for many young Indians. This conversation formed part of a broader discussion at a special event where business leaders shared their experiences and insights on India's growing digital landscape and the supportive role of the government in nurturing startups and technological innovation.