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Zomato posts widened losses for Q3 2021, announces investments in Curefit, Shiprocket
Zomato plans to deploy USD 1 billion over the next one to two years to build a hyperlocal e-commerce ecosystem.
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Zomato
At the same time, quick commerce is expected to grow to become a 5 billion dollar market in the next five years.
The online food delivery market in India was worth around USD 4.66 billion in 2020.
Zomato, which entered the food delivery segment in 2015, completed a billion orders on its platform last week.
The online consumables market, which is currently worth USD 3.8 billion, is expected to reach over USD 30 billion by 2025.
Zomato’s IPO—India’s biggest so far this year—was sold in a price band of INR 74–76 a share from July 14–16.
Zomato, which is currently valued at USD 5.4 billion, is targeting a valuation of up to USD 8.56 billion through the IPO.
Local restaurants have accused Swiggy and Zomato of sky-high commissions, deep discounting practices, and withholding customer data, among other things.
Zomato, which is currently valued at USD 5.4 billion, is preparing to go for an initial public offering next month.