Online food delivery company Zomato has shut down its intercity service Legends. The company’s owner and CEO Deepinder Goyal has given this information on his X account on Thursday (August 22). Deepinder wrote on his X handle, ‘Update on Zomato Legends – After two years of efforts, we have decided to shut down this service with immediate effect after the product failed to fit into the market. ‘ Legends service started in 2022
Intercity Legends has been shut down at a time when Zomato is investing in many other sectors to increase its revenue and strengthen its position in the market. Intercity Legends was started in 2022. Then there was no minimum order limit in it, but to increase profitability, the company had increased the minimum order limit to Rs 5,000. Despite this, the company was not getting any benefit from this project. This is not the first project that Zomato has shut down after starting it. Earlier also, the company had shut down its logistics service ‘Extreme’. This service allowed merchants to send and receive small parcels. Zomato announced the launch of a new ‘District’ app
Earlier this month, Zomato announced the launch of a new app called ‘District’. This app combines ‘going-out’ business with dining and ticketing (movies and events). This app is a major expansion beyond the company’s core food delivery services and hyper commerce. Zomato’s stock rose 107.11% this year
Zomato’s stock closed at Rs 257.85 today (Thursday, 22 August) with a decline of 0.84%. The company’s stock has given a return of 16.33% in the last one month, 59.07% in 6 months and 180.58% in one year. At the same time, Zomato’s stock has climbed 107.11% this year i.e. from January 1, 2024 till now. Read this news too… Zomato to buy Paytm’s entertainment and ticketing business: Deal will be done for Rs 2,048 crore, approved by the boards of both the companies On Wednesday, Zomato announced the acquisition of Paytm’s entertainment and ticketing business. This deal is to be done for Rs 2,048.4 crore. This giant of the food delivery sector wants to expand its position in the ‘going-out’ segment. At the same time, the troubled fintech major Paytm wants to focus on its core financial services offering. Both the companies said in the exchange filing that cash transactions have been approved by the boards of Zomato and Paytm on August 21 (Wednesday). Click here to read the full news…
