Food delivery company Zomato is broadening its business with a new app called ‘District.’
This app will extend Zomato’s services beyond food delivery to include cinema and shopping experiences.
The new District app will offer various services
Zomato CEO Deepinder Goyal says the company is moving into the lifestyle segment with the District app.
This app will offer a range of services, including shopping and staycations. It will focus on outings, providing dining options, movie ticket bookings, event bookings, and more.
Previously, Zomato focused mainly on food delivery and provided dining services through its main app.
Now, dining services will move to the new District app. CEO Goyal mentioned in a letter to shareholders that the District app will integrate services like dining out, sports ticketing, live performances, shopping, and staycations into one platform.
The new app has not been rolled out yet, and Zomato has not announced an official release date.
However, it is clear that the company plans to aggressively expand into the lifestyle segment.
The performance of the company improved
Zomato’s business has recently grown quickly, boosting its financial performance.
In the June quarter, the company reported a net profit of Rs 253 crore and a 74 percent increase in revenue, which reached Rs 4,026 crore.
The stock jumped 10%
The new app and business expansion plans have positively affected Zomato’s stock.
Today, share prices have risen by over 10 percent. At 12:45 pm on Friday, the stock was trading at Rs 258.75, an increase of 10.53 percent.
