Zomato's 10-minute delivery fails to cheer stock market investors
Published On: Tuesday, March 22, 2022 | By: Team KnowMyStock
Indian food-delivery giant Zomato Ltd is facing a backlash on social media for its plans to roll out a 10-minute food service, starting with Gurugram next month, the stock market has not shown any strong reaction to it. The share price of Zomato dipped 1% on Tuesday morning trade, a few hours after the company made the official announcement. However, the announcement was met with widespread skepticism and concern over the safety of the same. Zomato co-founder Deepinder Goyal, said, "After becoming a frequent customer of Blinkit (one of Zomato’s investments in the quick commerce space), I started feeling that the 30-minute average delivery time by Zomato is too slow, and will soon have to become obsolete."Nobody in the world has so far delivered hot and fresh food in under 10 minutes at scale," Goyal wrote on LinkedIn and Twitter. "We were eager to be the first.
Zomato said the instant delivery will be without compromises and is based on eight principles, which include the highest quality of fresh food and world-class hygiene practices among others. Goyal also informed that there will be no penalties/incentives for late/timely deliveries.
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
