Zomato, the popular food delivery platform, has announced an increase in its platform fee from Rs 7 to Rs 10 in preparation for the upcoming festive season. This move is expected to bring an additional Rs 65 crore to the company's revenue annually. Zomato's profits for the second quarter were lower than expected due to investments in its "dark stores" for online orders. The company has also approved a fundraise of up to Rs 8,500 crore to boost its cash reserves after its recent acquisition of a digital payment firm's movie and events ticketing businesses. With competition in the online food and grocery delivery sector heating up, Zomato's move to increase its platform fee may give them an edge in gaining market share.
Zomato's board of directors has approved a plan to raise Rs 8,500 crore through equity shares, following its impressive Q2FY25 earnings report. Analysts have shown strong confidence in the food delivery company's future, with leading brokerages raising their price targets and recommending a "Buy" stance. While some have maintained a more conservative outlook, the overall sentiment points towards growing market confidence in Zomato's ability to thrive in the competitive food delivery landscape.
A video of a Zomato delivery boy being surprised with a birthday gift by his customers has gone viral on social media, touching the hearts of millions. The incident took place in Ahmedabad, India, where a group of friends welcomed the delivery boy, Shaikh Aqib, with a special gift on his birthday. The heartwarming video, posted on Instagram by user Yash Shah, has garnered over 11 lakh views and has been appreciated by Zomato as well. The incident has sparked conversations around showing kindness to delivery agents who make our lives easier.
The popular Indian digital payments company, Paytm, has received various positive mentions in the news lately. Their stocks have surged 5% due to approval from the Indian government for investment, as well as the successful sale of their ticketing business to Zomato. However, the company also faced challenges as their shares declined after a Sebi warning and plunged 4% amid a show-cause notice. The company also received government approval for investments and reapplied for a license, while capping their board member remuneration at Rs 48 lakh. In other related news, the shares of TV18 and Network18 saw a soar in value after their merger was approved.
Zomato CEO Deepinder Goyal has announced that global pop sensation Dua Lipa will be headlining the upcoming Zomato Feeding India Concert (ZFIC) 2024, to be held on November 30 at MMRDA Grounds in Mumbai. The event aims to raise awareness and funds to combat malnutrition and hunger in India, with tickets going on sale through the Zomato app on August 29. Pre-sale tickets for HSBC cardholders will begin on August 27 at 12 PM.
Actor John Abraham shares his views on the recent Kolkata doctor case stating that boys need to be taught to respect women and parents should play a more active role in raising their male children. He also talks about his upcoming film Vedaa, which addresses the issue of violence against women in India and the urgent need for a change in societal attitudes towards women. John advocates for better treatment and protection of women in India through his film and personal statements.
After two years of trying, Zomato has decided to close down its premium food delivery service 'Legends'. The service, which aimed to bring regional and "legendary" food to customers nationwide, was unable to achieve product market fit. In an attempt to make the service profitable, Zomato had previously restarted its 'Intercity Legends' in July 2024 and increased the minimum order value to Rs 5,000. However, this was not enough to sustain the service and it has now been shut down with immediate effect.
Online food delivery giant Zomato has announced the immediate shutdown of its Intercity Legends service, citing lack of product market fit as the reason. The service, which allowed customers to order iconic dishes from 10 Indian cities and have them delivered to other parts of the country, was launched in 2022 and underwent several changes to improve profitability. With the company shifting its focus to diversifying into other sectors, the decision to shut down Intercity Legends follows the recent announcement of Zomato's plans to acquire Paytm's movie and events ticketing businesses.
Zomato's attempt to deliver iconic dishes from 10 cities to other parts of the country has come to an end. The restaurant aggregator platform has shut down its intercity food delivery service, Legends. After two years of trying, the service was found not to be "product fit" and was not able to solve customers' hunger pangs. This decision comes after Zomato's recent acquisition of the movie and events ticketing businesses of digital payments firm Paytm for $244.2 million.
Paytm's parent company, One97 Communications Ltd, saw a surge in its share prices after selling its movie and events ticketing business to Zomato for a whopping ₹2,048 crore. However, Paytm's overall financials have been impacted, with a significant loss in the last quarter. Despite this, brokerage firms are optimistic about the company's future prospects and have even raised their price target for the stock. The acquisition will allow Zomato to expand its presence in the 'going-out' segment, while Paytm focuses on its core financial services.