New Year’s Eve 2023 was exciting for India’s food delivery platforms, according to consulting firm Redseer Strategy Consultants. The gross orders placed throughout the day were a record amount of 6.5 million, which is 18 per cent more than the 2022 New Year’s Eve. 2022 New Year’s Eve was tremendous, with a total of 5.5 […]
Zomato, a food-delivery platform, recently said it would begin paying small restaurant partners daily, eliminating the current weekly payment structure. “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 critical need for more frequent access to earnings,” Zomato wrote […]
Invesco, the US-based asset management company, has once again revised the valuation of Indian food delivery giant Swiggy, raising it to USD 8.3 billion, according to recent regulatory filing. This marks the second consecutive adjustment to Swiggy’s valuation by Invesco. As of 21 October 2023, Invesco held 28,844 shares in Swiggy, with a total value […]
Following record food orders on New Year’s Eve, food delivery company Zomato raised its necessary platform fee to Rs 4 per order from Rs 3 in major cities. The new rates went into effect on 1 January. Zomato temporarily increased its platform fee to as much as Rs 9 per order in select markets on […]
On New Year’s Eve, the food-delivering app Swiggy reported more than 4.8 lakh biryani orders along with 1,244 dish units ordered every minute, the news agency PTI reported. Hyderabad ordered the most biryani during the period, according to the report, the groceries and home essentials delivery app, Swiggy Instamart witnessed 1.6 times more orders per […]
In a spectacular display of its growing dominance in the food delivery industry, Zomato celebrated a triumphant New Year’s Eve, marking a significant surge in orders that eclipsed previous years’ records. Zomato CEO Deepinder Goyal took to social media to share some incredible news. In a post, he unveiled a remarkable achievement for the platform […]
In a regulatory filing on 28 December, 2023, prominent online food delivery platform Zomatohas stated that it has received a show cause notice (SCN) from the Goods and Services Tax (GST) office. The notice pertains to an alleged tax liability of Rs 401.7 crore, accompanied by interest and penalties, related to the collection of delivery […]
Zomato’s shares opened higher on 22 December, a day after CEO Deepinder Goyal denied reports of the company planning to acquire Shiprocket for USD 2 billion. Goyal stated in a post on X (formerly Twitter), “We have noticed that there are certain news articles circulating in the mainstream media with the subject ‘Zomato offers to […]
Prosus, the largest shareholder in Swiggy, revealed a 35 per cent reduction in its share of the Indian food-delivery giant’s losses, amounting to USD 208 million for the half-year period ending on 30 September. Prosus, based in Amsterdam and affiliated with the South African conglomerate Naspers, holds a 32.7 per cent stake in Swiggy. Considering […]
Chinese payment group Alipay, a subsidiary of Ant Group, is reportedly planning to divest its 3.4 per cent stake in the food delivery platform Zomato for approximately USD 400 million through block deals on Indian stock exchanges, the news agency Reuters reported. Alipay is set to sell its entire 3.44 per cent stake in the […]
