Zomato pulled out of around 225 smaller cities in India due to poor performance

Share via:

Food delivery major Zomato pulled out of around 225 smaller cities in India last month due to poor performance over the past few quarters.

Zomato CFO Akshant Goyal stated in the company’s letter to shareholders, “Recently, in January, we exited around 225 smaller cities that contributed 0.3% of our GOV (gross order value) in Q3FY23 (October-December).” According to its FY22 annual report, Zomato was present in over 1,000 cities. As a result, the listed food delivery giant has reduced its geographical presence in the country by approximately 23%. “Performance of these (225) cities was not very encouraging in the past few quarters,” Goyal continued, “and we did not feel the payback period on our investments in these cities was acceptable.”

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Zomato pulled out of around 225 smaller cities in India due to poor performance

Food delivery major Zomato pulled out of around 225 smaller cities in India last month due to poor performance over the past few quarters.

Zomato CFO Akshant Goyal stated in the company’s letter to shareholders, “Recently, in January, we exited around 225 smaller cities that contributed 0.3% of our GOV (gross order value) in Q3FY23 (October-December).” According to its FY22 annual report, Zomato was present in over 1,000 cities. As a result, the listed food delivery giant has reduced its geographical presence in the country by approximately 23%. “Performance of these (225) cities was not very encouraging in the past few quarters,” Goyal continued, “and we did not feel the payback period on our investments in these cities was acceptable.”

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Will Tira’s Private Label Play Help Reliance Retail Outpace...

Private labels have become a powerful vertical for...

Crypto icon Kabosu, the Doge meme dog, passes away...

Kabosu, the Shiba Inu who became an internet...

Algorand causes a stir with new ad bashing Bitcoin,...

The Algorand Foundation’s latest ad takes a swipe...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!