Zomato is said to have decided to focus on areas that have the potential to attract large businesses within the next ten years. The food delivery platform plans to focus on three areas, food ordering and delivery, fast commerce and sourcing for restaurants, according to a report. The company’s new focus was revealed to shareholders at Zomato’s annual general meeting on Tuesday. Shareholders were also told that the company’s food delivery business was heading towards profitability, according to a report.
At the company’s annual general meeting on Tuesday, Zomato Chairman Kaushik Dutta revealed that the company will narrow its focus on food delivery, the company’s Hyperpure service and rapid commerce, according to a PTI report.
According to Dutta, the company has been able to keep “adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) are brought under control” while still achieving strong growth, amid the pandemic. ongoing coronavirus and economic concerns in the current financial year, according to Dutta.
Dutta reported that Zomato’s saw a 15% decline in its dining-related segments in the current financial year, after COVID-19 regarding the lockdown as well as the company’s decision to cease its international operations and non-core business activities.
According to the report, the company will now focus on areas that could grow into meaningful large businesses over the next decade, noting the size and scale of the platform. Shareholders are also informed that the company’s business is stable and profitable, while the food delivery industry in India has a major growth path, according to PTI.
Zomato currently has 4,500 EV delivery partners while 18% of orders were delivered by bicycle as of March, according to Dutta. Meanwhile, the company reportedly plans to put a phone number on a partner’s bag, which customers can call to report speed.
The company’s president also said that adoption of the company’s Hyperpure delivery services for restaurants has increased. Dutta said that Zomato’s acquisition of Blinkit was completed in August and that the company is working on a personnel integration, according to the report.