Zomato - Set For The Grand Feast, But Do Consumers Have The Appetite: Dolat Capital Initiates Coverage
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Dolat Capital Report
Zomato Ltd. has achieved leadership status (~45% plus market share in online food delivery) in the fast growing $4 billion food-tech industry in India.
It is sitting on huge potential opportunity as evident from modest penetration (1.5%) of transacting users with total internet user base of 700 million in India.
Zomato has grown at 62% revenue compound annual growth rate over FY16-21 and is expected to see multi-year hyper-growth given significant scope in terms of volume (transaction frequency, deeper reach in tier- II, III cities) and some bit on pricing (average order values) as increased urbanisation and rising female-working population trends would drive up need for online food ordering into eventual habit formation.
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