Zomato said it will invest $50 million in e-commerce start-up Magicpin for 16 per cent stake as part of a total funding round size of $60 million.
Food delivery platform Zomato, which got listed on stock markets in July, on Wednesday said its consolidated net loss widened 87 per cent to Rs 430 crore in the September quarter (second quarter, or Q2), compared with the year-ago period. Its losses increased 21 per cent, compared with the June quarter.
Zomato Founder and Chief Executive Officer Deepinder Goyal said, “This was due to investments in the growth of our food delivery business. Three reasons to be specific: increased spending on branding and marketing for customer acquisition, increased investments and growing share of smaller/emerging geographies in our business (which are less profitable today, compared to more mature cities), and increased delivery costs due to unpredictable weather and increase in fuel
First Published: Nov 10 2021 | 9:59 PM IST