Online food delivery Zomato pulls plug on its nutraceutical business
After shutting down its grocery delivery service, online food delivery firm Zomato has pulled the plug on another business - Nutraceutical. Zomato had ventured into the nutraceutical business last year with the launch of health and fitness products.
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After shutting down its grocery delivery service, online food delivery firm Zomato has pulled the plug on another business - Nutraceutical. Zomato had ventured into the nutraceutical business last year with the launch of health and fitness products.
The company has decided to shut it at a time when the government is trying to get stricter about private label norms for marketplace businesses in the country.
The company, which had restarted its grocery business, has shut it down again given the gaps in order fulfillment, poor customer experience, and increasing competition from rivals.
It said its investment in Grofers will generate better outcomes than its in-house grocery effort.
Zomato which got listed last month also reported a net loss of Rs 356 crore during the quarter ended June 30, 2021, against Rs 99.8 crore during the like period of the previous financial year.
The total income of the company stood at Rs 916 crore during the quarter under review. This was a massive jump from a revenue of Rs 283.5 crore reported in the year-ago period.
