Zomato leases its largest warehousing space in the country in Bengaluru

Business Standard

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Online food delivery firm Zomato has leased its largest warehousing space yet in India at Sumadhura Logistics Park in Bengaluru’s Hoskote. The warehousing space spans 300,000 square feet.

In an announcement, the Sumadhura Group said that it aims to invest Rs 600 crore in the first phase of the Sumadhura Logistics Park, which will be spread across 100 acres. It will offer 2.5 million sq ft of commercial warehouse space to companies.

“This collaboration with Zomato marks a significant milestone in our journey as we work towards expanding our clientele in the logistics and warehousing space,” said Madhusudhan G, chairman and managing director (CMD) at Sumadhura Group.

“Our new facility is equipped with the latest amenities to meet the diverse requirements of industries such as e-commerce, pharmaceuticals, manufacturing, automobile, logistics, FMCG, retail, and electronics.”

Later, the logistics park will be expanded to spread across 6 million sq ft.

“This is a strategic move for our group, driven by the increasing demand for warehousing solutions in Bengaluru, particularly in East Bengaluru and surrounding areas,” he added.

Earlier in the day, Zomato reported a consolidated net profit of Rs 138 crore in the December quarter. The company had posted a consolidated net loss of Rs 347 crore in the same quarter in 2022-23, it said in a regulatory filing.

The consolidated revenue from operations in the third quarter of the ongoing year stood at Rs 3,288 crore as against Rs 1,948 crore a year ago. The total expenses were higher at Rs 3,383 crore. The same was Rs 2,485 crore in the corresponding period a year ago, the company said.

On Thursday, the shares of the company ended 2.42 per cent in the green at Rs 144 on BSE. 

First Published: Feb 08 2024 | 4:44 PM IST

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