Food delivery platform Zomato will soon launch a set of private label products in the health and fitness category, founder Deepinder Goyal announced in a tweet on Tuesday.
The Zomato branded products, which can be bought on the food delivery app, include raw whey protein, glutamine powder, collagen sachets and Coenzyme Q10 -- an antioxidant supplement.
Responding to comments on Twitter, Goyal said that the products are “100% original”, made in India and will be delivered by Zomato delivery agents in an average of 15 minutes.
In January, Zomato acquired sports facilities startup Fitso in a mixed equity and cash deal, stepping outside its mainstay of food and delivery services. Fitso Sports standardises facilities at stadiums, fields or courts, implements best practices in facility management using technology and provides trained coaches. According to the company’s LinkedIn page, it operates on a subscription model where members can access and book slots of sports activities across 13 facilities in Delhi-NCR.
The diversification comes as the company is set to launch an initial public offering (IPO) this year, which will mark the first public market outing for an Indian food delivery firm.
In its most recent fundraise, the Gurugram-based company landed $250 million at a valuation of $5.4 billion. The round was led by returning investor Kora Holdings, which infused $115 million in the company, followed by Fidelity Management with $55 million, Tiger Global with $50 million, Bow Wave Capital with $20 million and $10 million from Dragoneer Investment Group.
The company was valued at $3.9 billion in November 2020, when it raised $145 million as part of a $660 million targeted pre-IPO growth funding round.
Zomato’s losses widened over 2.5 times to Rs 2,451 crore for the financial year ended March 2020. While the reports captured only part of the losses due to Covid-19 related national lockdown, Zomato, in its blog post in September 2020, had said that it had seen 85% recovery to pre-Covid gross merchandise value (GMV) levels.