CapTable reported on September 16 that food delivery giant, Zomato had put its restaurant loyalty operations on hold along with the stoppage of supply of its additional grocery and nutraceutical services. The company mentioned this decision to be based on the restraints on dining in restaurants pertaining to the COVID-19 pandemic.
Earlier this week, Zomato wrote in a letter to the restaurant partners, in which he stated: “After listening to your feedback and considering the ongoing dining restrictions, we have decided to postpone the launch of the restaurant loyalty program. We’ll come back to you with even a better version of the program at the right time.”
The alteration arrives after the company experienced the sudden resignation of co-founder Gaurav Gupta. He was considered the leading figure and the face of Zomato at the time of initial public offering (IPO), passing integral decisions to the existing investors and the press.
Till then, in the July stock exchanges, the company’s stocks were listed on the market, trading at a net loss of Rs 356 crore during June 30, 2021, the quarter-end period. This came to the company as a shattering fact as the net loss for the previous fiscal was Rs 99.8 crore, much lesser than the current financial year.
However, the revenue witnessed a surge of Rs 916 crore during the quarter-end review. Zomato received a great development compared to the previous year’s Rs 283.5 crore.