Among the larger cities, while Delhi and Mumbai are nearing full recovery, metros such as Bengaluru, Hyderabad and Chennai are still behind the curve.
For Zomato, the new round of financing comes amid uncertainty surrounding the India strategy of its prominent backer - China's Ant Financial
For Zomato, the new round comes amid uncertainty surrounding the India strategy of its prominent backer — China’s Ant Financial, which holds 25% in Zomato and had committed to investing $150 million in January.
For Zomato, the new round of financing led by US and Singapore-based financial investors comes amid uncertainty surrounding the India strategy of its prominent backer — China’s Ant Financial.
While the farmers’ union protests against the Centre’s agriculture reform ordinances, now bills, the alternative path for farm produce that these legislations seek to open up — outside the mandi chain — has been evident for the past six months.
As Covid-19 jolts both the food ordering and dining out business for Zomato, one arm of the company did brisk business.
MobiKwik joins the league of startups such as PhonePe, Paytm and Zomato that have publicly announced their plans to go in for Initial Public Offerings.
Restaurants in residential areas were found to be doing 50% better than those in commercial areas and consumers are moving their spends from eating out to home delivery.
In the first quarter of the ongoing fiscal year, the company's Ebitda loss stood at $12 million on revenue of $41 million and unit economics of its food delivery business improved.
Sequoia top backer of Indian unicorns with eight bets, China's Tencent 11th with 3 investments: Report
Fantasy gaming company Dream11 - which recently won the title sponsor rights for the IPL cricket league after a Chinese handset maker had to be dropped out - is one of the three companies backed by Tencent, as per the report.
Ant Group's stake in the Paytm parent would be pegged at about $5 billion, based on the $16 billion valuation ascribed to its business when the startup raised $1 billion in November 2019.
According to Urban Company chief executive Abhiraj Singh Bhal, about 183 employees, across designations and roles, were eligible to participate in the latest Esop transaction, of which about 120 people, ranging from call centre executives to senior leadership, took part.
The videos of these protests, which show a group of purportedly Zomato employees burning the company uniform, first surfaced on Twitter.
The upward swing comes in a quarter where these food delivery apps saw a significant dip in orders to less than 3,00,000 per day in April as restaurant supply and overall customer demand cratered during the Covid-19 induced lockdown.
Zomato last year became one of the targets of a #Logout campaign initiated by some restaurants for allegedly facilitating discount addiction among customers through its Gold subscription programme.
Flipkart and Amazon's interest in delivering alcohol in India marks a bold move to make inroads into an alcohol market that is worth $27.2 billion, according to estimates by IWSR Drinks Market Analysis.
Typically, online platforms charge 20-25% of order value as commission, depending on multiple factors like brand, exclusivity and consumer reach.
Zomato said it will execute contactless delivery on all pre-paid orders, which involve a delivery partner leaving the food at the doorstep rather than an in-person exchange.
While the country's economy has gradually begun to open up, albeit under a tight leash, the startups are beginning to reinstate the salaries that had been slashed in the April-June quarter.
Companies may grant 12-15% of their overall stockholding to ESOPs to help staff hit by cuts, furloughs.
While each contract was negotiated with different terms, it could range from a flat onboarding one-time payment, monthly assured payments, lower commissions, and higher visibility on the app for the restaurants.
Taking stock of Zomato's publicly traded shareholder Info Edge, the Gurugram-based company could add $2 billion in market capitalisation to Info Edge over 3-4 years, the brokerage firm said in a report published recently.
Retailers in states such as Maharashtra, Odisha and Jharkhand don’t want food delivery apps entering the highly state-centric and excise-regulated liquor space.
The mobile app provides meditation and yoga content through a mixture of live classes and an on-demand library of audio and video content.
In the first phase, Safal, which sells 270 tonnes of fruit and vegetables a day in the region, has initiated delivery in a radius of 10 km around 11 of its 300 outlets.
“We have no immediate plans on how to spend this money. We are treating this cash as a ‘war chest’ for future M&A and fighting off any mischief or price wars from our competition,” he wrote.
The company had sent a termination notice claiming that it was unable to do business owing to the Covid-19-induced lockdown.
Food delivery app Swiggy has started doorstep delivery of alcohol in Jharkhand, while rival Zomato told ET that it plans to launch the service on Friday.
Companies are toying with the idea of giving up a floor, consolidating offices, and shutting down regional divisions, among other measures, to reduce long-term fixed asset costs.
An existing Zomato backer, Temasek's potential funding is part of a larger investment round that the Gurgaon-based company has been negotiating since the end of last year.
Contactless dining, Zomato said, will minimise customer contact with anything that someone else might have touched, by eliminating use of high-touch elements.
The Covid-19 pandemic has resulted in Oyo undertaking a significant number of employee layoffs and furloughs, enforcing pay cuts and shuttering properties across markets, as it looks to restructure operations across the globe.
For decades, menstruation has been a barrier to women’s equality. The monthly menstruation cycle can cause a variety of painful symptoms that continue with each cycle until menopause, typically occurring between the ages of 45 and 55.
Zomato has created a Zomato Talent Directory for employers to access employee profiles listed on its forum.
The service, which was initially started in Mumbai last week, has now been extended to over 30 cities, including Delhi, Mumbai, Bengaluru, Kolkata, Jaipur, Bhopal, Indore, Raipur, Kanpur, Nivea India said in a statement.
This comes at a time when both food aggregators have made a big push in delivering grocery and products for daily use during the ongoing nationwide lockdown.
Zomato said that all the customers who came in contact with the restaurant’s employee have been contacted by the relevant authorities.
Zomato wants to cash in on the high demand for booze during the country's Covid-19 lockdown.
Most startups have allowed employees to continue working from home, for roles that may not require them to commute to offices, although the government has greenlighted office travel.
E-commerce giant Amazon with deep pockets has entered the vast online food delivery market in India, with launching Amazon Food at select pin codes in Bengaluru. Leading food ordering and delivery platforms Swiggy and Zomato on Thursday said they have started home delivery of alcohol in Ranchi and plan to expand it to other cities going forward.Swiggy, Zomato begin home delivery of alcohol; Amazon enters Indian food delivery market
Jain has worked in leadership roles with Pepsi, the Coca Cola Company & more recently with Zomato.
The venture capital and individual investors exploring exits currently own about 4-5% in Indian companies, with some holding less than 2%.
Japanese conglomerate SoftBank Vision Fund, the largest shareholder in Grofers, may look to invest around $100-200 million in the merged entity, sources close to the matter said.
Zomato, a unicorn in the online food delivery space, will let go of 13% of its workforce and cuts salaries across the organisation to tackle the COVID-19 India crisis. The company has around 4,000 employees in different roles. Here's a report by ET NOW's Chandrar Srikant. Watch.COVID-19 impact: Zomato to layoff around 13% employees and cuts salaries across organisation
Zomato has said it will let go of 520 people and undertake up to a 50% pay cut for remainder of the organisation.
Apart from Ant, SoftBank and SAIF Partners are currently the other large shareholders in One97 Communications with stakes of around 19% and 18% respectively. Paytm founder Vijay Shekhar Sharma holds around 14% in the company.
Mahi tributes continue, Zomato gives 100% off on food orders in Ranchi; Parle G, KFC, Google use witty lines for MSD
KFC India posted a picture of an empty chicken wing bucket and wrote ‘The Greatest Finisher’.
Under the partnerships, Del Monte range of premium food products, including tomato ketchup, mayo, pasta, olive oil and fruit drinks will be delivered to consumers' homes amidst the continuing lockdown.
Companies have been asked to provide feedback within a fortnight about the modalities after discussing it with sellers on their platforms.
Online food delivery orders for Zomato & Swiggy have dropped 70% in the last 10 days to under 1 million a day.
As soon as the lockdown was announced in March, 91springboard had paused it’s billing cycle on membership plans offering some respite.
Customers have also expressed concern about the health of delivery partners given their exposure to multiple people. In fact, Red-Seer Consulting has forecast a 30% drop in food delivery volumes in India for early March.
GlobalData research has found the top CEO influencers based on their performance and engagement online. Using research from GlobalData’s Influencer platform, Verdict has named ten of the most influential CEOs on Twitter during Q2 2020. The list includes Anand Mahindra, Dheeraj Pandey, Sundar Pichai, Satya Nadella, and Deepinder Goyal.
State-owned West Bengal State Beverages Corporation Ltd (BevCo) invited the two companies to sign the agreements for empanelment for home delivery after finding them eligible, as per a notice dated June 19.
Chinese investors are the biggest backers of the country’s fast-growing digital economy.
The funding, which is largely secondary in nature with a smaller primary component, is expected to result in the further reduction of Chinese gaming and social media giant Tencent Holdings’ stake in the company to single digits, sources told ET. The investment values Dream Sports at about $2.5 billion, said people with knowledge of the matter.
The aim here is to ensure last-mile delivery of essentials to households in India during the Covid-19 lockdown.
The food ordering app has also activated bi-weekly payment options to enable smooth cash flows for partners, it said.
Owing to the coronavirus impact, other unicorns and large startups like Oyo, Curefit, Swiggy, Ola, and Zomato too have had to cut their team sizes by 10-30%, while some have placed additional staff on furloughs.
In April, Zomato initiated a voluntary salary reduction programme, which also offers affected employees’ additional stock in lieu of the cash cut from their pay cheques.
These channel partnerships have been done in a phased manner, with Flipkart being the first e-commerce platform to enable the availability of its essential products in Mumbai, Bengaluru and Delhi.
Food delivery companies take offers of $5-10 million in tough conditions.
Since April, there has been a surge in demand as consumers filled their grocery carts with many companies ramping up production capacities to meet increased sales. However, marketers said consumers who recoiled from restaurant food earlier have increasingly started ordering on food delivery apps such as Swiggy and Zomato.
Terming aggregators as ‘virtual landlords’, Anurag Katriar, President, National Restaurant Association of India (NRAI) says there is an urgent need for the sector to reduce their dependence on such platforms. To safeguard its interest, restaurants are now collectively coming up with their own loyalty scheme, bill settlement technology and even a home delivery solution. This pits the restaurants directly against the likes of Zomato and Swiggy.Zomato, Swiggy will have new competition. The restaurants
The fund also comes at a time when overall investment activity is slowing down due to the Covid-19 pandemic.
'Activities on 99acres, Naukri, Shiksha and Jeevansathi are almost back to normal.'
Grofers said it was able to retain 62% of users who came on board in March after the nationwide lockdown, adding it expects to retain around 50% of new users in the long term.
The baby is expected to arrive in January 2021.
Zomato said it has been operating at 30% delivery capacity. The company has also been facing issues across cities while delivering food despite being classified as an essential service.
E-commerce operators like Myntra and BigBaskets are voting with their wallets this IPL. Myntra is making its IPL debut as a sponsor of the Royal Challengers Bangalore (RCB) and Mumbai Indians (MI) franchisees, while online grocer BigBasket has come on board this year as a sponsor for Rajasthan Royals (RR), according to the websites of the teams.
Chinese investors have emerged as the biggest backers of the country’s startup economy.
This is a major step towards diversification and a move to keep demand high at a time when most businesses are registering a slowdown. Online food ordering has taken a hit in the past week with order numbers falling by as much as 20%.
When contacted by ET, a spokesperson for CarDekho confirmed the layoffs and pay cuts, without answering specific queries or providing details.
The idea is to extend cases beyond restaurants and create products for customers for use in homes.
It is expected that once the market starts recovering it might unearth golden opportunities in the future for sectors such as consumer goods due to changing consumer preferences.
A home-delivery system makes it very convenient and safe for customers to get access to the wellness products, which otherwise might be difficult due to these lockdown conditions, the company said in a statement.
As laid-off workers and nervous companies gravitate towards freelance work, the gig economy is moving from the fringes to the core. New tools and platforms are springing up to support the trend, and an appropriate policy framework too will be needed.
Amazon has been luring eateries with competitive commissions as a part of its larger plan to build a comprehensive product portfolio.
To ensure safe delivery of alcohol and in compliance with applicable laws, Swiggy has introduced measures such as mandatory age verification and user authentication to fulfil orders.
Earlier three FMCG makers - ITC Foods, Marico and Britannia - had announced partenships with several firms to get their products delivered at consumer's doorsteps by using the service of app-based aggregators.
Passes were also being issued to authorized vendors for the supply of essential goods, according to DGP Dinkar Gupta, adding that for home delivery of Medicines, in particular, necessary tie-ups are being made with the respective Chemist Associations, so that orders can be taken on phone and home delivery is accordingly undertaken.
Swiggy said if someone's notice period is three months and they've spent five years with the company, they will get eight months of salary.
In the run-up to the short format cricketing event, chains have started curating special menus, ready-to-eat selection, and cocktail kits. They are also cutting prices and exploring deeper partnerships with online aggregators to lure customers.
‘In Naukri, we have seen a handsome recovery in IT jobs. We are seeing reasonable sort of activity in sectors like healthcare, education, pharmaceuticals, insurance.’
Axis Capital maintained ‘Add’ rating on Info Edge with a price target of Rs 3,570, citing better-than-expected margins.
The move — which essentially allows these restaurants to list on rival platforms such as Swiggy — underlines a major shift in strategy for Zomato.
The potential acquisition suggests that the Silicon Valley disruptor is doubling down on its fastest-growing service in a scramble to adapt to what is likely to be a long business interruption.
Users will be prompted to agree to package delivery terms and conditions, and after confirming that the item complies with those terms, users can request delivery.
New-age brands in the grooming, hygiene, premium packaged foods and clothing space are expanding their online footprints beyond Amazon and BigBasket, moving supply chains from China to India and rejigging product portfolios due to the Covid-19 pandemic.
Paytm said it will also contribute up to Rs 10 for every payment transaction using the Paytm app, and also give Rs 5 crore for innovators who are developing medical instruments or medicines to combat the virus.
In the last nine months, Ola Foods has launched three new brands -- Bowlsome, Paratha Experiment, and Meal Kits, and expanded its selection under top-selling brand Khichdi Experiment.
With Covid-19 and automation, GoI’s one-time employment darlings could become prodigal liabilities.
The Covid sledgehammer to the restaurant industry has been brutal, but the sector is not going to roll over and die. Using the pandemic to innovate, the industry is now looking to make sweeping change to the way it operates.
The all-stock transaction will give the US-based ride-hailing company about 10% shareholding in Gurgaon-based Zomato.
Tamil Nadu and parts of Punjab, Uttar Pradesh, Gujarat, Goa, Chhattisgarh, Bihar, Assam, and Pondicherry have not allowed food delivery businesses to operate during the lockdown.
For the current initiative, Zomato has partnered with various NGOs to make sure of responsible distribution of the meal kits bought by the funds while maintaining social distancing.
General Atlantic manages $35 billion in assets across the world, and has been among the rare growth-stage funds to make several bets on fledgling companies in the domestic technology space.
The more premium Edition card is priced at Rs 3,000 (exclusive of taxes). Apart from the basic features such as Zomato credits on every purchase, the card holders will get lounge access at certain domestic airports and will offered a global Gold membership.
The lockdown has also brought many high-end outfits down to the business of food delivery—fine-dining brands like Masque and Bombay Canteen, and hotel chains like Accor, Hilton, and Conrad, and Sheraton have started home delivery.