Zomato, the Indian food delivery start-up has recently announced to have recorded a 60% higher Gross Merchandise Value this New Year’s Eve as compared to last year’s record.
After the huge wave of loses for businesses in India because of the unfortunate COVID-19 pandemic, Zomato shares some good news. India’s biggest food delivery start-up has recently recorded a Gross Merchandising Value (GMV) of INR 75 crore, in a single day on New Year’s Eve. The company announced on Thursday that it was clocking around 4,254 Orders Per Minute (OPM) with over 1 lakh delivery partners operating on-ground to deliver orders all across India.
COVID-19 induced lockdowns in the country completely shut the food delivery and hospitality business with restaurants and dine-in café’s being closed and people forced shut into their houses. The past few months for businesses in India have been tough but post-lockdown, food delivery businesses have boomed as compared to physical dine-in segments.
Deepinder Goyal, CEO and founder, Zomato tweeted saying that if the company did not have a constrained supply, it could have hot over INR 100 crore of Gross Merchandising Value on New Year’s Eve.
Market analysts believe that it could be true, considering the boom in the industry as home-bound Indians welcomed this New Year with low-key celebrations and the demand for online food delivery skyrocketed. In this day and age where India is going through a phenomenal digitisation wave, everyone is exploring the online food delivery concept and according to several reports and market analysis, it is believed that this trend will continue for the entire 2021 and maybe after that as well.
According to a report by Financial Express, CEO Goyal mentioned in a statement that customer complaints regarding food delivery services in India have significantly reduced. He further added that Indian start-ups need not look out to other countries for growth opportunities, India has a tremendous market depth to explore.
Zomato recently concluded its Series J funding round worth USD 660 million with participation from 10 investors including Tiger Global Management, Fidelity Management and Research Company from the United States, Baillie Gifford, South Korea-based Mirae Asset Venture Investment, Steadview Capital and a few others.
On this year’s Christmas, the company recorded a 34% higher Gross Merchandising Value than last Christmas and on New Year, there was a 60% boom. At this rate, Zomato definitely has an edge over other market competitors in the food delivery ecosystem.