In a strategic move to cut losses and enhance profitability ahead of its anticipated public listing later this year, Swiggy, the popular food and grocery delivery platform, is reportedly contemplating doubling its platform fee on food orders. The proposed increase would see the platform fee surge from the current Rs 5 to Rs 10 per […]
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 […]
Food delivery platform Zomato has taken a significant step in streamlining its international operations by initiating the liquidation process for its businesses in Vietnam and Poland. The announcement, made through a regulatory filing on the Bombay Stock Exchange (BSE) on Thursday, confirmed the dissolution of Zomato Vietnam Company Limited (ZVCL) and Gastronauci, its Vietnamese and […]
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 […]
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 […]
Food delivery platform Zomato revealed on Sunday that it has been served with notices from tax authorities in Delhi and Karnataka regarding purportedly insufficient payment of goods and services tax in 2018, amounting to Rs 4.2 crore. Zomato, in a filing with stock exchanges, stated its intention to contest the tax demand notices and emphasised […]
Zomato stocks caught up in the downward momentum on Thursday, after the GST authorities sent a show cause notice of nearly Rs 402 crore to the firm alleging the unpaid dues which were earned by levying delivery charges to the customers on behalf of delivery partners. The stocks plunged 2.5 per cent to Rs 124.05 […]
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 […]
