Zomato Reports Soaring Profits and Strategic Expansion

Zomato Ltd's net profit surged to Rs 176 crore in Q2 2024. This marks a significant increase from Rs 36 crore in the previous year. The company plans to raise Rs 8,500 crore via equity shares. Acquisitions and the launch of the 'District' app signal strategic growth strategies.

On Tuesday, Zomato Ltd, an online food delivery company, announced a consolidated net profit of Rs 176 crore for the second quarter, ending September 30, 2024. This marks a significant increase from Rs 36 crore during the same period last year.

The Zomato board approved a substantial fundraising initiative of Rs 8,500 crore through qualified institutional placement of equity shares, signaling strong growth intentions. The revenue from operations soared to Rs 4,799 crore, up from Rs 2,848 crore a year ago, amidst rising expenses reaching Rs 4,783 crore.

The firm's recent acquisitions of Orbgen Technologies Private Ltd and Wasteland Entertainment Pvt Ltd from Paytm have substantially altered its business results. Founder Deepinder Goyal announced the upcoming launch of the 'District' app designed to consolidate various going-out services, reflecting the company's evolution beyond traditional food delivery.

(With inputs from agencies.)