News

Swiggy`s share turns stale, back at public listing price in just 1 day Online food delivery and quick commerce company Swiggy shares slipped 7.54 per cent to close at Rs 421.60 on Thursday -- just 24 hours after its strong public debut in a bearish market -- due to profit booking on higher level.  During the intra-day trading, shares of Swiggy touched Rs 489 on higher side and Rs 418 on the lower side. Trading volume and value in the trading session stood at 5.61 crore and Rs 2,522 crore on the NSE, respectively. Swiggy's shares were listed in the...
Swiggy`s share turns stale, back at public listing price in just 1 day
Swiggy`s share turns stale, back at public listing price in just 1 day
Source: IANS
2024-11-14 05:17:13 pm
Prosus, Tencent made billions of dollars in Swiggy IPO It rained billions of dollars for global investment group Prosus and Chinese conglomerate Tencent as they raked in the moolah from their investments in Zomato-rival Swiggy’s IPO as it made its stock market debut on Wednesday at a valuation of over $11 billion.  According to the company's draft red herring prospectus (DRHP), Prosus invested nearly Rs 9,055 crore ($1.07 billion) in the online food platform and made Rs 26,927 crore ($3.2 billion) in IPO, thus netting a $2.12 bi...
Prosus, Tencent made billions of dollars in Swiggy IPO
Prosus, Tencent made billions of dollars in Swiggy IPO
Source: IANS
2024-11-13 05:56:01 pm
Swiggy`s shares jump 15% in Indian debut, value company at $11.9 billion Shares of Indian food and grocery delivery firm Swiggy jumped nearly 15% in their trading debut on Wednesday, bucking weakness in the broader market and a better performance than some analysts had predicted for the loss-making firm after its $1.4 billion IPO. The stock had listed at 420 rupees ($4.98) on India's National Stock Exchange and rose to a high of 448 rupees by late morning, compared to its issue price of 390 rupees, even as the country's benchmark indexes slid after a sp...
Swiggy`s shares jump 15% in Indian debut, value company at $11.9 billion
Swiggy`s shares jump 15% in Indian debut, value company at $11.9 billion
Source: Reuters
2024-11-13 01:43:29 pm
Swiggy lists with 6% premium on the BSE Swiggy has debuted at Rs 412.00 on the BSE, up by 22 points or 5.64% from its issue price of Rs 390.00.  The scrip is currently trading at Rs 404.20, up by 14.20 points or 3.64% from its issue price.  It has touched a high and low of Rs 419.95 and Rs 390.70 respectively. So far 27.31 lakh shares were traded on the counter. The offering, which was open for subscription between November 6, 2024 and November 8, 2024 was subscribed 3.59 times. The issue price was fixed at Rs 39...
Swiggy lists with 6% premium on the BSE
Swiggy lists with 6% premium on the BSE
Source: Accord Fintech
2024-11-13 11:35:00 am
Zomato introduces feature to `rescue` over 4 lakh cancelled food orders a month Online food delivery platform Zomato on Sunday launched a new feature called ‘Food Rescue’ to save more than 4 lakh orders being get cancelled on the platform every month for various reasons by customers.  Zomato CEO Deepinder Goyal said cancelled orders will now pop up for nearby customers, who can grab them at an unbeatable price, in their original untampered packaging, and receive them in just minutes. The original customer, and those in their immediate vicinity, wil...
Zomato introduces feature to `rescue` over 4 lakh cancelled food orders a month
Zomato introduces feature to `rescue` over 4 lakh cancelled food orders a month
Source: IANS
2024-11-11 09:51:48 am
Tepid response to Swiggy IPO continues, 35 pc subscription on Day 2 Swiggy IPO continued to see a tepid response from investors on the second day of bidding on Thursday. The Rs 11,327 crore IPO was subscribed 0.35 times or 35 per cent on the second day.  The food delivery company's IPO was opened on Wednesday and subscribed 12 per cent on the first day. As of 5 p.m. on Thursday, qualified institutional buyers (QIBs) subscribed 28 per cent or 0.28 times, the non-institutional investors (NIIs) portion saw 14 per cent or 0.14 times, retail individ...
Tepid response to Swiggy IPO continues, 35 pc subscription on Day 2
Tepid response to Swiggy IPO continues, 35 pc subscription on Day 2
Source: IANS
2024-11-08 09:27:09 am
Online shopping up in South Korea in Sept over strong food delivery demand Online shopping sales in South Korea grew 2 per cent on-year in September, driven by increased demand for food delivery services and mobile devices, the statistics agency said Friday.  According to data from Statistics Korea, the combined value of online shopping transactions came to 19.56 trillion won ($14.21 billion) in September, compared with 19.18 trillion won tallied a year earlier, Yonhap news agency reported. Spending on food and beverages surged 10.5 per cent on-year to re...
Online shopping up in South Korea in Sept over strong food delivery demand
Online shopping up in South Korea in Sept over strong food delivery demand
Source: IANS
2024-11-01 09:59:55 am
India's Zomato misses Q2 profit estimates, hurt by store expansion costs Indian food and grocery delivery firm Zomato reported a smaller-than-expected rise in second-quarter profit on Tuesday as the company added more new stores, which weighed on margins. Its consolidated net profit rose to 1.76 billion rupees ($20.94 million) in the quarter ended Sept. 30, from 360 million rupees a year earlier. Analysts, on average, had expected a profit of 2.70 billion rupees, according to data compiled by LSEG. The company also approved raising up to 85 billion rupees...
India's Zomato misses Q2 profit estimates, hurt by store expansion costs
India's Zomato misses Q2 profit estimates, hurt by store expansion costs
Source: Reuters
2024-10-22 04:05:34 pm
Zomato inches up on acquiring OTPL, WEPL Zomato is currently trading at Rs. 256.20, up by 0.20 points or 0.08% from its previous closing of Rs. 256.00 on the BSE. The scrip opened at Rs. 257.30 and has touched a high and low of Rs. 257.80 and Rs. 255.20 respectively. So far 471845 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 280.00 on 19-Aug-2024 and a 52 week low of Rs. 92.61 on 29-Aug-2023. Last one week high and low of the scrip stood at Rs. 269....
Zomato inches up on acquiring OTPL, WEPL
Zomato inches up on acquiring OTPL, WEPL
Source: Accord Fintech
2024-08-28 12:46:22 pm
Swiggy targets $15 billion valuation in India IPO, sources say SoftBank-backed Indian food delivery giant Swiggy is targeting a valuation of around $15 billion for its upcoming stock market offering to raise $1-1.2 billion, three people familiar with the matter said. The deal would make it one of biggest Indian initial public offerings this year. Swiggy competes with Zomato in India's online restaurant and cafe food deliveries sector, and both have made major bets on the new so-called quick commerce boom where groceries and other products are b...
Swiggy targets $15 billion valuation in India IPO, sources say
Swiggy targets $15 billion valuation in India IPO, sources say
Source: Reuters
2024-08-24 09:43:24 am
Zomato sees block deal worth Rs 5,438 crore for 21 crore shares Online food delivery platform Zomato saw a block deal on Tuesday where 21 crore shares (around 2.4 per cent equity) worth Rs 5,438.5 crore changed hands.  The block deal, likely by Antfin Singapore, was executed at an average of Rs 258 per share. The Zomato stock was marginally down at Rs 259.58 apiece in the morning trade after the block deal. Antfin Singapore Holding last held a 4.24 per cent stake in the food aggregator valued at nearly Rs 10,000 crore. According to report...
Zomato sees block deal worth Rs 5,438 crore for 21 crore shares
Zomato sees block deal worth Rs 5,438 crore for 21 crore shares
Source: IANS
2024-08-20 10:25:47 am
Blinkit rival Zepto set to raise $340 million at $5 billion valuation  Quick commerce company Zepto is set to raise $340 million in the new round of funding, a report said on Wednesday. “The company has secured interest from Mars Growth and General Catalyst at a valuation of $5 billion which is a 40 per cent hike from the past funding round valuation of $3.6 billion,” the report said. Adit Palicha-led Zepto had raised funding of $665 million or Rs 5,560 crore in June at a valuation of $3.6 billion. The company aims to double the number...
Blinkit rival Zepto set to raise $340 million at $5 billion valuation
Blinkit rival Zepto set to raise $340 million at $5 billion valuation
Source: IANS
2024-08-14 05:23:18 pm
India's Zomato surges past Q1 profit estimates as Blinkit serves growth India's Zomato reported a bigger-than-expected increase in quarterly profit on Thursday, boosted by strong demand for its food and grocery delivery services. The company's consolidated net profit rose to 2.53 billion rupees ($30.22 million) in the April-June quarter from 20 million rupees a year earlier. Analysts, on average, had expected a profit of 2.15 billion rupees, according to LSEG data. Quick commerce companies such as Zomato's Blinkit, the Tata group-owned BigBas...
India's Zomato surges past Q1 profit estimates as Blinkit serves growth
India's Zomato surges past Q1 profit estimates as Blinkit serves growth
Source: Reuters
2024-08-01 03:59:22 pm
Zomato relaunches `Intercity Legends` service with minimum order value of Rs 5K Online food delivery platform Zomato has relaunched its 'Intercity Legends' service with a minimum order value of Rs 5,000.  The service, which allowed users to order food from popular restaurants in other cities, was paused in April and has been relaunched with a fresh look within the app. It is now called "Legends" and allows users to customise their orders with dishes from various restaurants across cities in the same transaction. All orders placed before 7 p.m...
Zomato relaunches `Intercity Legends` service with minimum order value of Rs 5K
Zomato relaunches `Intercity Legends` service with minimum order value of Rs 5K
Source: IANS
2024-07-04 06:04:13 pm
In talks with Paytm to acquire its movies and events biz: Zomato Online food delivery platform Zomato on Sunday confirmed that it is in discussions with financial services major Paytm for acquiring its movies and ticketing business but “no binding decision has been taken at this stage”.  In a stock exchange filing, the company said the discussion to acquire Paytm’s movies and ticketing business is being undertaken “with an intent to further strengthen our Going-out business and is in line with our stated position of focusing...
In talks with Paytm to acquire its movies and events biz: Zomato
In talks with Paytm to acquire its movies and events biz: Zomato
Source: IANS
2024-06-17 09:15:22 am
Zepto set to raise $650 million at $3.5 billion valuation Quick grocery delivery platform Zepto is geared up to raise nearly $650 million from existing and new investors. According to sources, the funding will take Blinkit closest rival’s valuation to around $3.5 billion. Sources told IANS that Nexus and its limited partner StepStone will lead the new funding round. The company did not immediately comment on the development. This is the company's second big fundraise in about a year's time. Zepto raised $200 million in A...
Zepto set to raise $650 million at $3.5 billion valuation
Zepto set to raise $650 million at $3.5 billion valuation
Source: IANS
2024-06-13 10:13:08 am
ONDC clocks all-time high of 8.9 million transactions in May The government-run Open Network for Digital Commerce (ONDC) on Monday said it recorded an all-time high of 8.9 million transactions across retail and ride-hailing segments in May.   This represented a robust 23 per cent month-on-month increase in total transaction volume, the ONDC said in a statement.  In the retail segment, the ONDC hit a new peak of 5 million orders in May, up from 3.59 million in April. The network also saw a single-day record of 200,000 retail transactions...
ONDC clocks all-time high of 8.9 million transactions in May
ONDC clocks all-time high of 8.9 million transactions in May
Source: IANS
2024-06-03 05:40:06 pm
US-based Baron Capital again increases Swiggy`s valuation to $15.1 bn US-based asset manager Baron Capital has again increased IPO-bound online food delivery platform Swiggy's valuation to $15.1 billion.  The latest valuation as of March 31 shows a 24 per cent increase from Baron’s previous mark-up of Swiggy’s valuation to $12.2 billion, according to regulatory filings with the US Securities and Exchange Commission (SEC). This development comes at a time when Swiggy is preparing for its IPO. The company has obtained shareholders' ...
US-based Baron Capital again increases Swiggy`s valuation to $15.1 bn
US-based Baron Capital again increases Swiggy`s valuation to $15.1 bn
Source: IANS
2024-06-03 05:09:45 pm
Zomato shares slide over report claiming 50 pc decline in its stock amid competition Online food aggregator Zomato saw its shares sliding on Friday after global financial services company Macquarie forecasted about a 50 per cent decline in the company's share price in the next 12 months owing to fierce competition.  Zomato shares fell over 5 per cent, before recovering a bit, and was hovering around Rs 173 a piece. The global brokerage firm has reiterated its "underperform" rating for Zomato, giving its stock a price target of Rs 96. According to r...
Zomato shares slide over report claiming 50 pc decline in its stock amid competition
Zomato shares slide over report claiming 50 pc decline in its stock amid competition
Source: IANS
2024-05-31 02:14:53 pm
After Mumbai & Bengaluru, Zomato expands priority food delivery service to 3 more cities Online food delivery company Zomato has now expanded the 'priority food delivery service' to three more cities -- Delhi, Hyderabad and Pune -- after piloting the offering in parts of Mumbai and Bengaluru. According to the details available on the Zomato app, the company is offering users the choice to choose the priority delivery option to get their food delivered up to 5 minutes faster compared to standard delivery. For the service, the company is charging Rs 19 to Rs 29 per or...
After Mumbai & Bengaluru, Zomato expands priority food delivery service to 3 more cities
After Mumbai & Bengaluru, Zomato expands priority food delivery service to 3 more cities
Source: IANS
2024-05-16 09:31:48 am
Zomato stock slumps after ESOP announcement Online food delivery company Zomato's shares extended its morning session loss on Tuesday up to 5-6 percent, as the company is expecting an increase in cost due to the employee stock ownership plan (ESOP). Zomato announced results of the fourth quarter of the financial year 2024 on Monday. In the post-result commentary, the management said that in the current financial year (FY25), the costs may increase due to the grant of ESOPs to senior employees and the leadership team of Blinki...
Zomato stock slumps after ESOP announcement
Zomato stock slumps after ESOP announcement
Source: IANS
2024-05-14 04:29:23 pm
Swiggy Instamart Debuts Star Wars and Harry Potter Merchandise, Bringing Movie Merch to Quick Commerce Swiggy Instamart will now deliver official Star Wars merchandise on the platform, just in time for May 4th - a day celebrated by Star Wars fans worldwide. Swiggy Instamart is the first quick commerce platform to start delivering movie merchandise, marking a new category in the quick commerce industry. Fans of the galaxy far, far away can now get their hands on a variety of Star Wars products including the lightsaber, posters, mugs, fridge magnets, stickers, bobbleheads, and T-shi...
Swiggy Instamart Debuts Star Wars and Harry Potter Merchandise, Bringing Movie Merch to Quick Commerce
Swiggy Instamart Debuts Star Wars and Harry Potter Merchandise, Bringing Movie Merch to Quick Commerce
Source: PR Agency
2024-05-04 12:41:34 pm
Buy Zomato Ltd For Target Rs. 200 - JM Financial Institutional Securities Zomato reported a very strong quarter in 3Q, as most headline numbers were either in line or ahead of JMFe, amidst tough macros. Guidance was also robust, with the management suggesting 50%+ YoY growth in Consol. Adj. Revenue in the near term (vs. 40%+ guided in the medium term earlier), while also retaining its Adj. EBITDA break-even guidance for Blinkit by 1QFY25. Food delivery GOV grew a decent 6.3% QoQ (+27% YoY, broadly in-line JMFe), a marginal miss on guidance. Blinkit, on the other ha...
Buy Zomato Ltd For Target Rs. 200 - JM Financial Institutional Securities
Buy Zomato Ltd For Target Rs. 200 - JM Financial Institutional Securities
Source: JM Financial Services
2024-04-28 09:34:51 am
Blinkit now more valuable that Zomato`s core food business Zomato’s quick delivery service, Blinkit, has become more valuable than its core food delivery business, according to a new Goldman Sachs report. While Zomato’s food delivery business is valued at Rs 98 per share, Blinkit’s “implied value” is at Rs 119 per share, or about $13 billion, according to the investment bank’s report. In March last year, Goldman Sachs marked Blinkit’s valuation at $2 billion, reports TechCrunch. The report forecasts ...
Blinkit now more valuable that Zomato`s core food business
Blinkit now more valuable that Zomato`s core food business
Source: IANS
2024-04-26 11:50:45 am
Zomato increases mandatory platform fee to Rs 5 Online food delivery platform Zomato has hiked its platform fee by 25 per cent to Rs 5 per order. Zomato introduced a platform fee of Rs 2 in August last year and later increased it to Rs 3 to improve its margins and become profitable. Buoyed by record food orders on New Year’s Eve, the food delivery platform in January increased its mandatory platform fee to Rs 4 from Rs 3 per order across key markets. The new platform fee is levied on all customers, including Zomato Gold. ...
Zomato increases mandatory platform fee to Rs 5
Zomato increases mandatory platform fee to Rs 5
Source: IANS
2024-04-22 09:35:33 am
Swiggy appoints Titan`s Suparna Mitra as independent director Online food delivery platform Swiggy on Thursday announced the appointment of Suparna Mitra as an independent director to its board. Mitra, who is the CEO of Titan Company Limited’s Watches and Wearables Division, brings over 30 years of experience in lifestyle and retail. "I look forward to collaborating with the board members and management team of Swiggy; aimed at value-creation and values-based governance," Mitra said in a statement. Mitra was appointed to the com...
Swiggy appoints Titan`s Suparna Mitra as independent director
Swiggy appoints Titan`s Suparna Mitra as independent director
Source: IANS
2024-04-04 05:18:53 pm
IRCTC ecatering Partner Zoop Clocks 20 Lac Train Meals in 2023, Aims INR 50 Cr Revenue in FY 2024 Train travel has always been associated with comfort and affordability. However, beyond its traditional charm, it has also emerged as a hub for culinary exploration in recent years. Initiatives like the IRCTC ecatering policy, with trusted partners such as Zoop, offer passengers a wide menu for IRCTC food order. According to the IRCTC Corporate Plan (FY 24-28), catering services accounted for 27% of FY 22 revenue, following internet ticketing. Online food order in train surge during peak seas...
IRCTC ecatering Partner Zoop Clocks 20 Lac Train Meals in 2023, Aims INR 50 Cr Revenue in FY 2024
IRCTC ecatering Partner Zoop Clocks 20 Lac Train Meals in 2023, Aims INR 50 Cr Revenue in FY 2024
Source: PR Agency
2024-04-04 03:49:02 pm
'Pure veg mode' fleet will also wear colour red: Zomato CEO Facing flak over his decision to launch a ‘pure veg mode,’ Zomato Co-founder and CEO Deepinder Goyal on Wednesday said the company has decided to remove the on-ground segregation of its rider fleet on the ground using the colour green. Earlier, the riders for ‘pure veg mode’ were supposed to wear only green uniform, not the Zomato’s colour red. “While we are going to continue to have a fleet for vegetarians, we have decided to remove the on-ground seg...
'Pure veg mode' fleet will also wear colour red: Zomato CEO
'Pure veg mode' fleet will also wear colour red: Zomato CEO
Source: IANS
2024-03-20 11:58:51 am
Zepto becomes first quick-commerce firm to levy platform fee of Rs 2 Zepto has become the first quick-commerce company to introduce a platform fee of Rs 2 per order. The platform fee will apply to a select set of users. Currently, Zomato-owned Blinkit and Swiggy Instamart, both competitors of Zepto, do not charge a fee on grocery orders, but collect a platform fee from food delivery orders. "We do not believe in being over-dependent on delivery fees to be profitable. We believe in core operating efficiency and cost reduction to be profitable. We ...
Zepto becomes first quick-commerce firm to levy platform fee of Rs 2
Zepto becomes first quick-commerce firm to levy platform fee of Rs 2
Source: IANS
2024-03-13 03:43:07 pm
China`s Antfin sells Zomato stake worth $341.5 million China's Antfin sold a 2.1% stake in Indian food delivery platform Zomato worth $341.5 million on Wednesday, stock exchange data showed. The stake sale comes amid tensions between Beijing and New Delhi over issues ranging from border disputes to India's increasing scrutiny of Chinese businesses and investment. Antfin, which held a 6.42% stake in Zomato as of December-end, sold 176.4 million shares in the price range of 160.11-160.40 rupees each. About 56.8 million shares were bou...
China`s Antfin sells Zomato stake worth $341.5 million
China`s Antfin sells Zomato stake worth $341.5 million
Source: Reuters
2024-03-07 09:25:44 am
Swiggy, IRCTC ink MoU to provide food delivery service on trains  Online food delivery platform Swiggy on Tuesday said that the company has signed a Memorandum of Understanding (MoU) with the Indian Railway Catering and Tourism Corporation (IRCTC) to provide food delivery service on trains. As part of the MoU, Swiggy will deliver food to train passengers travelling via Bengaluru, Bhubaneswar, Visakhapatnam and Vijayawada. The service is likely to expand to 59 additional city stations across the country in the coming weeks, the company said. &...
Swiggy, IRCTC ink MoU to provide food delivery service on trains
Swiggy, IRCTC ink MoU to provide food delivery service on trains
Source: IANS
2024-03-05 04:14:38 pm
India`s Zomato hits record high, bucking internet stocks` sluggishness Shares of Indian food delivery platform Zomato hit a record high on Friday, as improving profitability paves the way for future growth, triggering a turnaround in investor sentiment. Zomato is the most-valuable internet stock in Asia's third-largest economy, with a market capitalisation of more than 1.51 trillion rupees ($18 billion). On Friday, its shares rose nearly 5% to 173.5 rupees. India's several new-age internet companies that hit the markets during the IPO frenzy in 202...
India`s Zomato hits record high, bucking internet stocks` sluggishness
India`s Zomato hits record high, bucking internet stocks` sluggishness
Source: Reuters
2024-03-01 02:34:45 pm
IRCTC surges on tying up with Bundl Technologies Indian Railway Catering and Tourism Corporation is currently trading at Rs. 961.85, up by 25.90 points or 2.77% from its previous closing of Rs. 935.95 on the BSE. The scrip opened at Rs. 946.70 and has touched a high and low of Rs. 965.00 and Rs. 946.00 respectively. So far 370283 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1049.75 on 23-Jan-2024 and a 52 week low of Rs. 557.15 on 29-Mar-2023. Last one week...
IRCTC surges on tying up with Bundl Technologies
IRCTC surges on tying up with Bundl Technologies
Source: Accord Fintech
2024-02-23 09:13:58 am
Zomato zooms on reporting consolidated net profit of Rs 138 crore in Q3 Zomato is currently trading at Rs. 148.25, up by 4.25 points or 2.95% from its previous closing of Rs. 144.00 on the BSE. The scrip opened at Rs. 146.90 and has touched a high and low of Rs. 151.45 and Rs. 142.30 respectively. So far 8915684 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 151.45 on 09-Feb-2024 and a 52 week low of Rs. 49.00 on 28-Mar-2023. Last one week high and low of the scrip stood at Rs. 151...
Zomato zooms on reporting consolidated net profit of Rs 138 crore in Q3
Zomato zooms on reporting consolidated net profit of Rs 138 crore in Q3
Source: Accord Fintech
2024-02-09 01:50:08 pm
Zomato registers Rs 125 cr profit in Q3 FY24, revenue up 53% Food delivery platform Zomato on Thursday said it registered Rs 125 crore in profit in the third quarter (Q3) of the current financial year -- an improvement by Rs 390 crore as compared to the same quarter last year. Consolidated adjusted revenue grew 53 per cent year-on-year to Rs 3,609 crore in Q3 FY24 for the company. Gross order value (GOV) across its B2C businesses grew 47 per cent YoY to Rs 12,886 crore. On an annualised basis, Zomato crossed Rs 50,000 crore of GOV in its B2C busi...
Zomato registers Rs 125 cr profit in Q3 FY24, revenue up 53%
Zomato registers Rs 125 cr profit in Q3 FY24, revenue up 53%
Source: Reuters
2024-02-08 03:36:09 pm
All kinds of preparations on for Swiggy`s IPO: Co-founder Online food delivery platform Swiggy's co-founder and CEO Sriharsha Majety has said that all preparations are underway for its mega Initial Public Offering (IPO), via which it is likely to raise $1 billion later this year. "We've been preparing for our IPO. We've added independent directors to the board and there are all kinds of preparations that are on," Majety told Moneycontrol. For its IPO process, the company is likely to have picked seven investment banks, in...
All kinds of preparations on for Swiggy`s IPO: Co-founder
All kinds of preparations on for Swiggy`s IPO: Co-founder
Source: IANS
2024-01-16 09:40:03 am
Indian online delivery platforms served 65 lakh food orders on New Year`s Evening There were 65 lakh online food delivery orders from Zomato, Swiggy and others on the New Year's Eve 2023, setting a record and delivering 18 per cent higher volumes than the New Year's Eve 2022, a report showed on Thursday. The average order value (AOV) on the day was also at least 30 per cent higher compared to other days of the year, according to market research firm Redseer Strategy Consultants. “Spike days like the IPL, Cricket World Cups, Diwali, NYE etc. are critical...
Indian online delivery platforms served 65 lakh food orders on New Year`s Evening
Indian online delivery platforms served 65 lakh food orders on New Year`s Evening
Source: IANS
2024-01-11 03:17:39 pm
Zomato introduces daily payouts for restaurant partners  Online food delivery platform Zomato on Wednesday introduced a new feature called "daily payouts" to support emerging restaurant partners. Currently, the feature will be available for restaurant partners who receive 100 or fewer orders a month, according to the company. "Our discussions with various restaurant partners highlighted the financial challenges smaller eateries face, using the traditional weekly payout system. This feature is designed to address this crit...
Zomato introduces daily payouts for restaurant partners
Zomato introduces daily payouts for restaurant partners
Source: IANS
2024-01-10 04:17:09 pm
US-based Invesco raises Swiggy`s valuation to $8.3 bn US-based investment company Invesco has raised IPO-bound food delivery platform Swiggy's valuation to about $8.3 billion. This is the second consecutive time the global asset management company has increased Swiggy's value, according to regulatory filings. In October last year, Invesco increased the food delivery platform’s valuation to about $7.85 billion. Swiggy had reached a $10.7 billion valuation in a round led by Invesco in January 2022. In May last year, Inves...
US-based Invesco raises Swiggy`s valuation to $8.3 bn
US-based Invesco raises Swiggy`s valuation to $8.3 bn
Source: IANS
2024-01-04 11:59:40 am
Brokerages wait for clarity to factor in impact of GST notice on Zomato  In a filing to the exchanges, Zomato informed that it has received a show cause notice dated December 26, 2023 from the Directorate General of GST Intelligence, Pune Zonal Unit, JM Financial Institutional Securities said in a report. The notice requires the company to show cause as to why a tax liability of slightly over Rs 4 billion towards delivery charges collected by it from the customers on behalf of the delivery partners should not be demanded along with relevant interest and p...
Brokerages wait for clarity to factor in impact of GST notice on Zomato
Brokerages wait for clarity to factor in impact of GST notice on Zomato
Source: IANS
2024-01-03 02:44:51 pm
Zomato hikes platform fee to Rs 4 across key cities after bumper NY Eve  Buoyed by record food orders on New Year’s Eve, food delivery platform Zomato increased its mandatory platform fee to Rs 4 from Rs 3 per order across key markets. The new rates were effective from January 1. New Year’s Eve saw Zomato temporarily increasing its platform fee as high as Rs 9 per order in certain markets. The company’s shares opened high (were hovering around Rs 126 in morning) on Tuesday after international brokerage firm CLSA remained bullish on...
Zomato hikes platform fee to Rs 4 across key cities after bumper NY Eve
Zomato hikes platform fee to Rs 4 across key cities after bumper NY Eve
Source: IANS
2024-01-02 10:41:58 am
From Zomato to Oyo, massive surge in orders, bookings on New Year`s Eve  Food delivery platforms like Zomato and Swiggy and quick commerce platforms like Blinkit and Zepto, along with hospitality major Oyo, saw highest-ever orders and bookings on the New Year's Eve, compared to previous years. The quick grocery and food delivery platforms received huge orders as revellers preferred to stay home to celebrate the New Year. “We have delivered almost as many orders on NYE 23 as we did on NYE 15, 16, 17, 18, 19, 20 combined. Excited about the futu...
From Zomato to Oyo, massive surge in orders, bookings on New Year`s Eve
From Zomato to Oyo, massive surge in orders, bookings on New Year`s Eve
Source: IANS
2024-01-01 11:07:12 am
Buy Zomato Ltd For Target Rs.135 - Motilal Oswal Financial Services Another quarter of strong beat; Blinkit continues to surprise Medium-term visibility remains strong; reiterate BUY * Zomato delivered another good quarter, with 2QFY24 revenue growth of 18% QoQ (INR28.5b) beating our estimates of 11% growth. Growth was led by Blinkit, up 31.5% QoQ. The food delivery business also outperformed, with revenue growth of +12.7% QoQ on the back of strong order volume. * Adj. EBITDA margin at 3.0% missed our estimate of 3.6%, partly due to lower profitabili...
Buy Zomato Ltd For Target Rs.135 - Motilal Oswal Financial Services
Buy Zomato Ltd For Target Rs.135 - Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
2023-11-28 11:30:19 am
Buy Zomato Ltd For Target Rs.140 - Emkay Global Financial Service Zomato delivered yet another impressive performance, with strong growth across segments. Food Delivery growth was solid for the second consecutive quarter, aided by demand uptick, strong execution, and growing adoption of the Gold program, which led to higher order volumes. Contribution margin for food delivery also saw an uptick to 6.6% from 6.4% in Q1. Blinkit GOV bounced back sharply by 29% QoQ, after temporary disruptions in Q1. Blinkit also managed to turn contribution-positive for the f...
Buy Zomato Ltd For Target Rs.140 - Emkay Global Financial Service
Buy Zomato Ltd For Target Rs.140 - Emkay Global Financial Service
Source: Emkay Global Financial Services
2023-11-16 02:48:58 pm
Buy Zomato Ltd For Target Rs.155 - JM Financial Institutional Securities Gold program accelerates food delivery GOV growth Zomato’s sequential GOV expansion in food delivery (+9% QoQ vs. JMFe of +4%) as well as Blinkit (+29% QoQ vs. JMFe of +17%) businesses in 2QFY24 surprised us positively. Another positive surprise was the near-doubling of the company’s Gold membership program from 2mn to 3.8mn, in a matter of just one quarter, amidst muted growth trends in the underlying industry and intensified competitive intensity. In fact, Gold subscribers no...
Buy Zomato Ltd For Target Rs.155 - JM Financial Institutional Securities
Buy Zomato Ltd For Target Rs.155 - JM Financial Institutional Securities
Source: JM Financial Institutional Securities Ltd
2023-11-15 11:20:22 am
Zomato launches maternity insurance plan for female delivery partners Online food delivery platform Zomato on Wednesday launched a comprehensive maternity insurance plan for the female delivery partners onboarded with the company.The insurance plan will cover expenses related to pregnancy consisting of birth and any maternity complication, thereby providing assurance and financial security to such female delivery partners and their families, the company said."By introducing comprehensive maternity insurance for gig workers, we are looking at providing extra sup...
Zomato launches maternity insurance plan for female delivery partners
Zomato launches maternity insurance plan for female delivery partners
Source: IANS
2023-10-25 05:28:00 pm
Swiggy disburses over Rs 450 cr in loans to 8K restaurant owners Online food delivery platform Swiggy on Tuesday said it has facilitated over Rs 450 crore in loan disbursal to more than 8,000 restaurant owners as part of its capital assist programme.Launched in 2017, the capital assist programme is a first-in-the-segment solution designed to bridge the financing gap and empower restaurant owners. Over 8,000 restaurants have availed loans so far, of which 3,000 availed loans in 2022 alone, the company said in a statement.Partnering with multiple lendin...
Swiggy disburses over Rs 450 cr in loans to 8K restaurant owners
Swiggy disburses over Rs 450 cr in loans to 8K restaurant owners
Source: IANS
2023-10-03 05:09:01 pm