Zomato
After grocery, Zomato scraps nutraceutical business: Report
Mumbai/IBNS: Online grocery delivery platform, Zomato, has scrapped another business Nutraceutical after winding up its online food delivery service, media reports said.
According to a Money Control report, the company has confirmed the development, but declined to share further details.
Nutraceuticals are defined as any food-related product which provides medical or health benefits, it said. These could range from food to beverages or even tablets with a claim of prevention or cure of chronic diseases.
Zomato had invested in the segment, hoping to reap benefits from the growing trend among the Indians to adopt healthy food amid the COVID-19 pandemic.
According to the report, Gaurav Gupta, Chief Operating Officer, who was named the head of this division for five years, had said last year that "this business can potentially be a large value driver for Zomato in the future."
Zomato has been on a 'cleaning-up' drive since the last few weeks, the report stated.
The food technology company announced the closure of Singapore and United Kingdom (UK)-based subsidiaries in a stock exchange filing on September 1.
Earlier, it also had announced the winding up of its US subsidiary Nextable Inc.
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