With immediate effect, Zomato has ended its two-year old program 'Zomato Legends', which is a food delivery behemoth based in Gurugram and competes against Swiggy that's on its way to Initial Public Offering.

CEO Deepinder Goyal stated in a post on X platform (previously known as Twitter) that the lack of product market fit for Zomato Legends is the reason behind its closure.

Goyal explained that despite two years of dedicated efforts, Zomato Legends has not managed to establish a successful product-market fit. As a result, the company has decided to cease the service immediately.

In August 2022, Zomato introduced 'Zomato Legends,' an ambitious intercity food delivery service designed to bring specialty dishes from ten different cities in India directly to consumers' homes. This premium offering allowed customers to enjoy renowned delicacies from distant locations, such as ordering Biryani from a celebrated restaurant in Hyderabad while residing in Delhi. The service aimed to provide a curated selection of high-quality restaurants known for their exceptional and consistently delicious food.

Despite its innovative concept, 'Zomato Legends' encountered several operational and market challenges. These difficulties led the company to discreetly discontinue the service in April 2023. However, Zomato saw potential in the concept and chose to relaunch Zomato Legends in July 2023, presumably with adjustments and improvements based on the previous experience.

To drive revenue growth, Zomato, led by Deepinder Goyal, is acquiring Paytm's entertainment ticketing business, which is managed by Vijay Shekhar Sharma, for Rs 2,048 crore (approximately $244 million). This business segment includes ticketing services for a range of entertainment options, such as movies, sports events, and live performances. The acquisition aims to expand Zomato's offerings beyond food delivery, integrating a diverse range of entertainment ticketing services into its portfolio.

Zomato's revenue for the fiscal year 2023 was approximately 6,187 crore or about $750 million. This represented a significant increase from previous years, driven by growth in its food delivery business and new ventures. For the most current revenue figures or updates beyond 2023, checking Zomato’s latest financial reports or news releases would be advisable.