India's Zomato expects food delivery business to grow 30% annually over 5 years, exec says [Yahoo! Finance]
SOFTBANK GRP UNSP/ADR (SFTBY)
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Source: Yahoo! Finance
rate of 30% over the next five years, a top executive said, hailing the listing of SoftBank-backed peer Swiggy as a boost for the sector. Apps delivering everything from grocery to food within minutes have expanded rapidly in the world's most populous country, turbocharged by demand from the affluent and middle class in its large cities. "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. Swiggy went public in November — more than three years after Zomato hit the bourses — fetching a valuation of $12.1 billion. In food delivery, Zomato has 58% of the market, compared with Swiggy's 34% share. Zomato's food delivery business accounts for about 58% of its topline with the gross order value — encompassing food price, platform fees and delivery charges — at 322.24 billion rupees ($3.82 billion) last
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