Zomato to focus on building ecosystem, invest $1 billion in startups

Food delivery company Zomato is planning to invest $1 billion (Rs 7,448 crore approximately) in startups in the quick-commerce space over the next two years, founder Deepinder Goyal said on Wednesday.

Zomato reported widening of its consolidated net loss to Rs 434.9 crore for the quarter ended September 30, 2021, mainly on account of investments in the growth of its food delivery business. The company had posted a net loss of Rs 229.8 crore for the corresponding period of the previous fiscal.

“We plan to deploy another $1 billion over the next 1-2 years, with a large chunk of it likely to go into the quick-commerce space… We are likely to invest more in this space in the near term,” Goyal said on Zomato’s blog.