Zomato's shares have experienced a significant increase of 131% year-to-date due to the introduction of its new 'District' app. This app aims to provide a comprehensive platform for dining and entertainment.

Jefferies, a brokerage firm, has expressed optimism about this venture and believes that there is potential for growth in a market that currently faces supply constraints. Jefferies has reiterated its 'buy' rating on Zomato and has set a price target of Rs 335, indicating a potential upside of over 17% from the stock's closing price on Thursday.

The firm notes that although the total addressable market for this initiative may appear limited at present, it is similar to the early stages of food delivery and quick commerce, suggesting significant growth opportunities in the future.