zomato investment, zomato q2 results, zomato q2 earnings, zomato investments, magicpin, fitso divestment, deepinder goyal
ETtech

Zomato CEO Deepinder Goyal.

Mumbai: Food delivery platform Zomato will likely announce a slew of investments in internet startups after releasing its earnings report on Wednesday.
The company is expected to announce investments in business discovery and rewards platform Magicpin, fitness startup Curefit, and logistics aggregator Shiprocket, according to people aware of the development. Zomato cofounder and CEO Deepinder Goyal was appointed as an independent director on Magicpin’s board in July.
The company will also likely announce its divestment from Fitso, a sports discovery platform, in which it invested earlier this year.
In an interview with ET in October, Goyal said that the company was looking to invest in businesses that can add more than $10 billion to their market capitalisation.
“We are investing in some really good founders and companies — all in synergistic or adjacent areas to our business. We hope that over time, some of these companies and founders will choose to merge with Zomato to continue on their growth path. We are not asking any of these founders or companies for future M&A rights. We want chemistry to do the work here,” Goyal said in the interview.
Zomato declined to comment on these developments, citing a violation of the silent period of the markets ahead of announcing its earnings for the July-September quarter.

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zomato investment, zomato q2 results, zomato q2 earnings, zomato investments, magicpin, fitso divestment, deepinder goyal

The investments are being led by Zomato’s corporate development team, which reports to chief financial officer Akshant Goyal. The four-member team is headed by Kunal Swarup, who was previously at Kotak Investment Banking.
The startup had previously invested in online grocery delivery startup Grofers for about a 10% stake. “We have a financial stake in Grofers. Our worst-case scenario is that we have a financial investment that will give us some returns. Hopefully, it is not a financial but a strategic bet. And we’ll see whether it makes sense for us to merge at some point or not. But right now it’s too early to say anything,” Goyal told ET in an interview earlier.
Food remains a core focus
The series of new investments come on the back of the food delivery and discovery platform undergoing changes including a cleaning-up exercise this year as part of which it shuttered its international operations in the US, the UK, Ireland and Singapore.
Earlier this year the company seemed to be focused on building its fitness and health verticals through Fitso and nutraceutical business. Now, it is likely going to divest from Fitso after shutting the nutrition business in September.
“The growth of the food delivery business was such that in the bigger picture, these businesses had ceased to add much to the overall business. We don’t want to build businesses which can add just $1 billion to shareholder value anymore. We need to be prudent with our team’s time and the money in our bank,” Goyal said in an earlier interview when asked about the different businesses the company had shuttered over the year.
Zomato’s revenue from operations increased to Rs 844 crore in April-June, up by 22% from the previous quarter, while net loss rose over 168% from the previous quarter to Rs 360 crore.

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