Zomato Swiggy Logo
Source: Broki.in

Zomato shares spike up as investors become optimistic about growth after Amazon shuts down food-delivery business

On Nov 28, shares of Zomato traded in green after Amazon decided to shut down its food delivery business by the end of this year.
Amazon told its restaurant partners, “After a careful evaluation, we have decided to discontinue Amazon Food from December 29, 2022.”

Zomato Logo Mockup
Illustration: TechStory

Launched two years ago in 2020, with its office in Bangalore and other select parts of the country, it turned out to pose as rival of online food delivery giants Zomato and Swiggy.

But now it is confirmed to the news agency- Reuters that as part of the annual operating review process the company will remove the employees and shut down their operations in December 2022.