Home Tech Zomato share price rise over 12% – Know why

Zomato share price rise over 12% – Know why

Zomato to open IPO on July 14, plans to raise Rs 9,375 crore

Zomato’s share price rose over 12 per cent on BSE and NSE on Tuesday after the online delivery platform company had reported a 75 per cent increase in quarterly revenue.

Zomato’s share price was at Rs 63.85, up by 12.02 per cent or 6.85 points on the BSE. On the NSE, Zomato shares gained 12.09 per cent to Rs 63.95.

During the quarter through March, gross order value – or the total value of all food delivery orders placed on Zomato’s online platform – jumped 77 per cent year-on-year to a record high, while average monthly transacting customers were at an all-time high of 15.7 million.

“We think our growth trajectory is back on track, and we don’t foresee “post-Covid ramifications” affecting our growth rate anymore,” said Chief Executive Deepinder Goyal.

Demand for services in India’s food delivery sector, dominated by Zomato and rival Swiggy, surged during the pandemic as the country went into strict lockdowns. While Zomato has logged earnings losses since its listing in 2021, it has seen a consistent rise in orders.