Food delivery firm Zomato has prepared a plan to expand its business. The company has launched a new ‘District’ app in implementation of this plan. Through this app, Zomato will expand its scope from cinema to shopping.
These services will be provided through the new app
Zomato CEO Deepinder Goyal says that his company is entering the lifestyle segment through the District app and is going to offer services ranging from shopping to staycation to customers. Through this app, customers will be offered services focused on going out of the house (outing). The services of the new app will include dining, movie ticket booking, event booking etc.
Till now Zomato’s focus was mainly on food delivery. The company was also providing dining service through its main app Zomato. Now the dining service will be shifted to the new app. CEO Goyal has said in a letter to the shareholders about this – Services like dining out, sports ticketing, live performance, shopping, staycation will be integrated on one platform through the District app.
When will the app be rolled out?
Zomato has not yet rolled out the new app. The company has not yet announced the official date for rolling out the new app. However, one thing is clear that the company is working on a plan to aggressively expand its business in the lifestyle segment.
The performance of the company improved
Zomato’s business has grown rapidly in recent times. This has also improved the company’s financial performance. The company’s net profit in the June quarter was Rs 253 crore. At the same time, the company’s revenue has increased by 74 percent to Rs 4,026 crore in the June quarter.
The stock jumped 10 percent
The impact of the new app and business expansion plans is also visible on Zomato’s stock. Today, its share prices have jumped by more than 10 percent. On Friday at 12:45 pm, its stock was trading at Rs 258.75, up 10.53 percent.
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