Zomato is unleashing a brand new app called ‘District,’ and it’s about to make your social life a whole lot easier. With District, you can not only find and book restaurants but also snag tickets for movies, sports events, live performances, and more. It’s basically your one-stop shop for all things fun and food!
CEO Deepinder Goyal is dreaming big, saying that if District performs like they hope, it could become Zomato’s third-largest consumer-facing business. Imagine that—a world where going out is as big as ordering food online!
The dining-out business is already running at a sizzling $500 million in annualized gross order value and making money. So, it’s safe to say they’re not just cooking up a storm; they’re serving up success.
In a shareholder letter, Goyal mentioned that District won’t just be about dining out. Oh no, it’s also set to handle movie tickets, sports events, and live shows, among other exciting activities. Zomato is also working on adding even more features—staycations, anyone?
CFO Akshant Goyal hinted that District will be its own app, kind of like how Blinkit is its own thing. They plan to use their existing food delivery traffic to keep customer acquisition costs low—smart move!
Right now, the going-out segment is already adding some serious dough to Zomato’s revenue—INR 95 crore this quarter, which is a whopping 126% increase from the previous quarter. Zomato’s net profit for Q1 FY25 has skyrocketed to INR 253 crore, compared to just INR 2 crore last year, with revenues up by 74%.
Oh, and in case you missed it, Zomato is also eyeing a deal with Paytm to grab their movie ticketing and events business. So, stay tuned—things are about to get even more interesting!
