Investor Alert: Zomato CEO Refutes $2 Billion Acquisition Speculations

Zomato's CEO, Deepinder Goyal, dismisses speculation about a $2 billion acquisition of Shiprocket, clarifying no such plans exist

Zomato Ltd's CEO, Deepinder Goyal, denied recent rumors of the food delivery platform acquiring logistics aggregator Shiprocket for $2 billion. In a recent filing, Goyal clarified that the company has no plans for such an acquisition and cautioned investors against relying on speculative reports.

Contrary to initial reports from Bloomberg, Zomato denies making any such acquisition offer for Shiprocket.

"We have noticed that there are certain news articles circulating in the mainstream media with the subject 'Zomato offers to acquire Shiprocket for $2 billion.' We deny this statement and would like to caution investors against such incorrect news floating in the market. We remain focused on our existing businesses with no plans for any acquisition at this moment," the filing read.

Zomato's Q2FY24 saw a consolidated net profit of Rs 36 crore, a noteworthy turnaround from Q2FY23's Rs 251 crore net loss. The current net profit reflects a remarkable 1,700 per cent increase compared to the Rs 2 crore net profit in the previous quarter.

The new age company stands as the only entity to surpass its initial listing price. At 2:45 pm, the shares of Zomato were trading at Rs 127 price level, on the National Stock Exchange.

During Q2FY24, the company experienced a substantial 71.46 per cent increase in revenue from operations, amounting to Rs 2,848 crore as compared to Rs 1,661 crore in the corresponding period last year.

On a year-to-date basis, the shares of the Zomato have soared to more than 111 per cent or 67 points on the National Stock Exchange.

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