Zomato board to consider acquisition on 24th June

The board of the restaurant aggregator and food delivery company is scheduled to meet on 24 June 2022 to consider a potential acquisition transaction by the company.

The consideration of the potential acquisition may be discharged through preferential issue of the company's equity shares, Zomato said in a statement on Tuesday, 21 June 2022.

Zomato offers services like restaurants discovery and reviews, home delivery of food, online table reservation, and digital payments when dining out. It also works with restaurant partners to provide tools that enable them to engage and acquire more customers while empowering them with a last-mile delivery service and a one-stop procurement solution - Hyperpure, for ingredients and kitchen products.

On a consolidated basis, Zomato's net loss widened to Rs 359.70 crore in Q4 March 2022 compared with net loss of Rs 134.20 crore in the corresponding quarter last year. Revenue from operations came in at Rs 1,211.80 crore, rising 75.01% compared to Rs 692.40 crore in the same quarter last year.

Shares of Zomato rose 1.69% to Rs 66.15 on Tuesday.

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