The online food distribution platform will buy shares in Zomato Growers India and Hands On Trades Pvt. The proposal was approved by the Competition Commission of India (CCI). According to information, Zomato will buy a 9.3 per cent stake in the two companies.
Let us tell you that Zomato is listed on the stock market recently. The IPO of the company has been taken over by investors. Zomato provides an online platform through the App, which connects customers, restaurant partners and distribution partners. At the same time, Grofers India is a private limited company which manages the e-commerce market in India.
HOT is also a private limited company for third-party retailers in B2B wholesale trade, wholesale products, groceries and other merchandise contracting, and food products and groceries for third party merchants. Work related to providing services including warehouse related goods storage.
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Loss to Zomato: Zomato suffered a loss in the first quarter of the current financial year. Recently, the company posted a net profit of Rs. 360.7 crore net loss. Total expenses of the company increased to Rs 1259.7 crore during the quarter, from Rs 383.3 crore in the year-ago period.
What the stock looks like: At the end of Friday’s trading, Zomato shares opened at $ 137.55. The company’s share price rose 1.55%. At the same time, in terms of market capitalization, it is worth Rs 1,07,910.45 crore. After listing, let us tell you that Zomato gave its investors a double profit.
