Zomato reported a net profit of Rs 138 crore for the October-December period, marking the third straight quarter of the food aggregator’s earnings coming in the green.
In one of its largest warehousing transactions, Zomato has leased 3.08 lakh sq ft at Sumadhura Logistics Park near Bengaluru, according to details shared by the developer.
The built-to-suit warehousing park has been developed by Bengaluru-based Sumadhura Group and the deal has been locked in for seven years.
This is also the largest warehousing space that Zomato has leased in India. A response is awaited on an email query sent to Zomato.
Speaking about the development, Madhusudhan G, CMD Sumadhura Group, said, “This collaboration with Zomato marks a significant milestone in our journey as we work towards expanding our clientele in the logistics and warehousing space. 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.”
The Group has made an initial investment of Rs 600 crore in the first phase of Sumadhura Logistics Park, which spans 100 acres and offers 2.5 million sq ft of commercial warehouse.
The company said it aims to increase the total warehouse space at Sumadhura Logistics Park to 6 million sq ft in the next phase.
Retail has emerged as one of the key drivers for warehousing demand in India over the last five years, with its share increasing from 8 percent in 2019 to 13 percent in 2022, according to a recent report by CBRE.
As per the report’s findings, the collective warehousing demand for e-commerce, FMCG, and retail sectors accounted for nearly 27 percent of the total demand from 2019 to H1 2023.
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Zomato reported a net profit of Rs 138 crore for the October-December period, marking the third straight quarter of the food aggregator’s earnings coming in the green.
Revenue rose 69 percent year-on-year to Rs 3,288 crore at a time when the broader e-commerce sector is reeling under the pressure of high inflation and muted demand.
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- Source: https://www.moneycontrol.com/news/real-estate/zomato-inks-3-lakh-sq-ft-warehousing-deal-near-bengaluru-its-largest-transactionindia_17437991.html
