India's largest food delivery app Zomato is basking in the light of success not only because of its large userbase but also because of its skyrocketing share price. Zomato's Monday Share Price hit Rs 270.81 mark (while writing). As per reports, it is Zomato's all time high price in the stock market. At the last count, the Zomato stock after marking an all-time high of Rs 280 was trading at Rs 271.3, up Rs 6.8 per share or 2.57 per cent. Now, the question arises why Zomato's stock price is rising at the Indian Stock Market? Below is what you should know-
Why Zomato's stock price is skyrocketing?
The answer is special bond between brothers & sisters. India on August 19, 2024 is celebrating Raksha Bandhan in which a sister ties a Rakhi or the holy thread on their brothers' wrist. In return brothers give them gift and an eternal promise to protect their sisters from all dangers. Due to Raksha Bandhan 2024, the use of Zomato and its userbase continuously increased. Reports suggest that the food and quick commerce company ahead of the festivities clocked the highest orders in a day, order per minute as well as hit new records in chocolate sales. The company on the occassion of Rakhi has also made a record by selling 693 rakhis per minute.
Apart from this, on August 17, the company's QC (Quick Commerce) arm Blinkit launched Rakhi special international orders in 12 countries including USA, Netherlands, Canada and France among others. The company on an average delivered orders there in 9 minutes and 42 seconds via its fleet there. The company further revealed that internationally the company bagged the most orders for the US.
Furthermore, Zomato recently launched 'Group Ordering' feature. Zomato's Group Ordering feature is designed to simplify the process of ordering food for groups. Under 'Group Ordering,' users can now create a shared cart without the need to exchange phones or manually consolidate orders. The new functionality allows users to share a link with their friends, who can then add their selections directly to the shared cart.
Zomato Co-Founder Deepinder Goyal took to his X handle and wrote, "Exciting new weekend update: Group Ordering is now on Zomato! You can now share a link with your friends, and everyone can add to the cart seamlessly, making ordering together faster and easier. No more passing the phone around awkwardly to collect everyone's order ...We’re gradually rolling it out to all customers as we speak. In case the feature is available to you, please use it for your house party tonight, and tell us how it goes."
Furthermore, Goyal announced that split payment system is also in the works and it is surely expected to woo the youths on a larger level. A user commented on Goyal's post, "Suggestions --> Payment splitting can also be added." Replying to this, the Zomato Co-Founder wrote, "Coming super duper soon."