Indian food tech unicorn Zomato is all set to remodel its quick commerce service Zomato Instant to Zomato Everyday. In a letter to the shareholders, its founder and chief executive officer (CEO), Deepinder Goyal wrote that the company is planning to offer customers home-style cooked food at affordable prices with the latest venture.
“We are working on remodeling the Zomato Instant service to focus on offering our customers home-style cooked meals at affordable prices (will be called Zomato Everyday). We believe that this is a large opportunity in a market like India and is relatively untapped currently. We plan to launch this soon in the next few weeks,” he wrote in the letter.
The founder also addressed some key concerns like the slowdown of the food delivery business.
The company started Zomato Instant in 2022 and withdrew the service nearly a month ago.
On Thursday, Zomato revealed its earning in the October-December quarter of the financial year (FY) 203. It witnessed a 75 per cent scale in revenue to Rs 1,948 crore from Rs 1,122 crore in the same quarter one year ago. The net loss also widened to Rs 347 crore in Q3 from Rs 63 crore in the third quarter of FY2022.
Goyal shared the financial performance of the company on his Twitter account.
Here’s our Q3FY23 Report: https://t.co/cX48hzjnH1
— Deepinder Goyal (@deepigoyal) February 9, 2023
If you have any further questions or feedback, please email us at shareholders@zomato.com. Always listening!
Quick snapshots in the 🧵... https://t.co/NdzJ2sOgtj
Talking about the company’s financial performance, Akshat Goyal, the CFO, said, "We still feel confident about reaching Adjusted EBITDA break-even (ex-quick commerce) by Q2FY24 as per our earlier estimate. As far as investments by way of Zomato Gold are concerned, they were already baked into our projections, as the launch of Zomato Gold has been in the works for several months now. The current slowdown in demand was unexpected which is impacting the growth in food delivery profits but despite that, we think we are in a good position to meet our profitability goal."
