Zomato shares saw a steady drop in value through Wednesday even after the food aggregator launched a new service that provides home-styled cooked meals.
What Happened? Days after discontinuing its ten-minute delivery pilot, the popular food delivery platform has launched ‘Zomato Everyday’ which offers affordable meals cooked by home chefs to users.
Beginning with select areas of Gurugram, Zomato Everyday aims to tap a void that the company claims is yet to be drawn on.
"Our food partners collaborate with home chefs, who design each recipe with love and care to serve you home-styled, wholesome food at the best prices within minutes. By using only the finest ingredients, the food not only tastes delicious, but every dish is of the highest quality," said Zomato CEO Deepinder Goyal in a blog post.
"With fresh meals starting at only ₹89, our customers can eat healthier and better daily," he added.
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Soon after declaring its financial results for the October-December period, Zomato said that it would relaunch its 10-minute delivery business, Zomato Instant. It is now apparent that the company’s intended relaunch at the time was ‘Zomato Everyday.’
At the bourses meanwhile, Zomato shares did see a spurt on Tuesday amid a wider rebound among new-age stocks. However, the run seems to have been short-lived.
Price Action: Zomato shares were trading 3.43% lower at ₹53.45 on Wednesday afternoon.
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