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India's Zomato expects food delivery business to grow 30% annually over 5 years, exec says

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CHENNAI : Indian food delivery major Zomato expects its key meal delivery business to grow at an annual rate of 30 per cent over the next five years, a top executive said, hailing the listing of SoftBank-backed peer Swiggy as a boost for the sector.

FILE PHOTO: The logo of Indian food delivery company Zomato is seen on its app on a mobile phone displayed in front of its company website in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration/File Photo

"The food delivery sector is still in its nascent stages in the country and ... more competition will only foster innovation and growth which will benefit the sector overall," Rakesh Ranjan, Zomato's food delivery CEO, said on Monday. Ranjan expects the company to maintain that pace for the next four to five years,"if not more" as he eyes additional growth from the launch of new restaurants.

Zomato has also been rolling out new features, including scheduled delivery, option to grab canceled orders at discounted prices, and a large order fleet that supplies food for gatherings of up to 50 people.

 

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