Zomato Launches food hygiene rating for restaurants

Bengaluru based rapid food-delivery startup Swish has bagged USD 2 million seed funding round led by Accel, with participation from angel investors such as Abhiraj Bhal and Varun Khaitan (founders of Urban Company), former Swiggy Instamart head Karthik Gurumurthy and others. 

This funding will enable Swish to expand its operations and scale its unique rapid-delivery model across most areas of Bengaluru, followed by other Tier-1 cities.

“We realized that quick commerce, initially seen as a convenience, has quickly become indispensable as people seek faster solutions to their everyday needs. Despite advancements in other categories, food delivery times still often range from 30-60 minutes, which falls short of meeting the urgency that customers now expect, especially for their craving needs. Swish was born from our desire to meet this demand—not just for ourselves, but for everyone who values that level of convenience. We are extremely happy to have Accel onboard as partners to support our vision,” shared Aniket Shah, CEO and Co-founder, Swish.

India's quick commerce market is booming and projected to reach USD 40 billion by 2030. Founded in 2024 by Aniket Shah , Ujjwal Sukheja, and Saran S, Swish addresses a crucial gap in the food delivery sector by providing a hyperlocal service that caters to spontaneous cravings. Operating optimized and modified cloud kitchens—or "delight centers"—Swish began in HSR Layout, Bengaluru, and has quickly expanded to parts of Bellandur, and is expanding every week to other parts of the city. 

The startup’s end-to-end control over food preparation, packaging, and delivery enables it to ensure hot, fresh, and hygienic food reaches customers within 10 minutes. Swish’s innovative full-stack model and optimized processes allow it to maintain quality and efficiency while safely meeting rapid delivery commitments within a compact 1.5-2 km radius. 

“Customer expectations around delivery times have shifted with the rise of quick commerce. Swish is tackling this challenge with a new approach, rethinking the supply chain to bring the same ultra-fast experience to food delivery through their delight centers. Aniket, Ujjwal, and Saran are set to create significant impact for their customers as they scale Swish to more cities,” added Abhinav Chaturvedi, Partner at Accel.

By March 2025, Swish plans to expand to about 150 delight centers across major areas in Bengaluru, with plans to expand to other Tier-1 cities soon. 

Food delivery platform Swiggy has been granted approval by market regulator Securities and Exchange Board of India (SEBI) following its private submission of draft share sale documents. As per the sources, Swiggy may launch its IPO in November.

With its IPO, Bengaluru-based Swiggy is probably going to raise above $1 billion. Swiggy's IPO was approved by shareholders in April, and the company may aim to raise $15 billion.

Supported by significant investors such as Prosus, SoftBank, and Accel, and with a valuation of $9.3 billion as of August 2023, the firm filed its offer document on April 30 of this year under the confidential pre-filing process, which means that specifics are currently being withheld. Swiggy plans to raise Rs 11,000 crore through a new offering valued at Rs 5,000 crore.

Swiggy is required to make its updated draft red herring prospectus (UDRHP) available to the public for at least 21 days prior to the IPO's release. The public may give comments on the offer document during this period, following which the company may move on with its IPO.

 If everything goes according to plan, Swiggy will follow Zomato—which is currently valued at Rs 2.6 trillion and has seen its share price rise 2.3 times this year alone—as the second food delivery company to list on stock exchanges.

Food delivery major Zomato on Wednesday announced that it is introducing Zomato For Enterprise (ZFE) for companies to solve food expense management. 

The introduction of ZFE comes after a week of its shutting down the 'Intercity Legends' service.

Legends offered iconic dishes from 10 cities to other parts of the country. The company had earlier put on hold the service and restarted it in July with a few tweaks.

"Excited to introduce Zomato for Enterprise (ZFE), a platform designed for companies to solve food expense management. A lot of Zomato orders placed by corporate employees are business-related and need to be reimbursed by the company. The reimbursement process is cumbersome and time-consuming,” shared Deepinder Goyal, CEO, Zomato in a post on X.

He also shared that over 100 top companies are already using ZFE, and their feedback has helped shape this initiative. 

"With ZFE, employees can simply bill their business orders directly to their employer, without having to pay. Companies can use ZFE to add employees, set budgets, define ordering rules and much more. ZFE adds convenience to your employees, while we take care of the rest - with complete transparency,” he added.
 

Antfin Singapore Holding on Tuesday divested a little over 2 per cent stake in online food delivery firm Zomato for Rs 4,771 crore through open market transactions.

Antfin Singapore Holding Pte is an arm of Ant Financial Group, while the latter is a part of Chinese e-commerce giant Alibaba.

According to the bulk deal data available on the BSE, Antfin Singapore Holding sold 18,54,40,550 shares in two tranches, amounting to a 2.1 per cent stake in Gurugram-based Zomato.

The shares were disposed of in the price range of Rs 257.17-257.46 apiece, taking the transaction value to Rs 4,771.66 crore.

After the share sale, Antfin Singapore Holding's stake has been reduced to 2.14 per cent from 4.24 per cent.

Details of buyers of Zomato's shares could not be ascertained.

Shares of Zomato rose 0.27 per cent to close at Rs 263 apiece on the BSE.

In March this year, Antfin Singapore Holding pared a 2 per cent stake in Zomato for Rs 2,827 crore.

Earlier this month, food delivery aggregator Zomato reported a multifold jump in consolidated net profit to Rs 253 crore for the April-June quarter of 2024-25 compared to Rs 2 crore in the year-ago period.

The company's revenue from operations jumped more than 74 per cent to Rs 4,206 crore in the first quarter of this fiscal from Rs 2,416 crore in the April-June period of last year.

Its total expenses also rose to Rs 4,203 crore during the quarter under review, from Rs 2,612 crore a year ago.

The reporting segments for the group include the food ordering and delivery business, Hyperpure Supplies (B2B), its quick commerce offering Blinkit, the going out segment and all other residual segments.

In today's competitive food delivery landscape, standing out from the crowd is crucial for a restaurant's success. Swiggy, India's pioneering on-demand convenience platform has today launched a suite of off-app marketing solutions designed to elevate the presence and drive customer engagement for restaurant partners. 

This offering, accessible to partners PAN-India, aims to support restaurants to boost their online brand presence by leveraging social media platforms such as Facebook, Instagram and WhatsApp.

Ajit Panigarhi, AVP of Restaurant Marketing and Growth, at Swiggy said, “Restaurants today face immense competition and need more than just great food to attract customers. Our new set of marketing services helps brands grow their customer base by combining the reach and engagement of channels like influencer marketing, social media, and WhatsApp and the ability to acquire new users through the Swiggy platform. With this, we bring the combined power of social media and Swiggy even to the smallest of the Restaurant partners to solve for “restaurant growth” - a key problem statement for the restaurant partners.”

This initiative is part of Swiggy’s vision of creating a strong Restaurant Partner Ecosystem, providing support services and effective solutions to meet the challenges faced by the industry today.  Previously, Swiggy announced ‘Staffing Support’ an initiative to help partners hire ground staff at their set-ups.  Additionally, Licensing support was launched to help restaurants get new / renew licenses such as FSSAI, GST and Trademark. Swiggy also introduced SmartLinks, a feature that allows restaurants to generate tailored marketing links for their promotions, further driving traffic and engagement.

This initiative is now live across India. Interested restaurant partners can participate by accessing this service via the Restaurant Services icon on the Swiggy Owner app. 

Gurgaon-based food delivery platform Zomato has unveiled a new $458 million employee stock purchase plan.

According to Zomato's regulatory filing, which can be viewed through the National Stock Exchange, the board has received shareholder approval to grant 18,26,27,402 ESOP options under its new plan, increasing the entire ESOP pool to 31,07,80,714 options. 

The entire value of the ESOP pool is Rs 6,609 crore, or $796 million, while the newly added ESOPs are valued at Rs 3,800 crore, or $458 million. 

Zomato reached its all-time high share price of Rs 209.84 today after the ESOP approval. As a result, the company's overall market value has grown to Rs 1,84,060 crore, or $22.17 billion. 

In a separate statement, Zomato stated that it no longer intended to pursue the lending or credit business and that it had voluntarily withdrawn its application for a certificate of registration with the Reserve Bank of India to conduct the activity of an NBFC.

Zomato was sent a GST demand notice for Rs 9.5 crore earlier this week. The Gurugram-based company has now received two GST notices in as many months, after receiving an Rs 184 crore penalty notice in April of this year.

In FY24, the company had strong growth. Zomato's operational revenue increased from Rs 7,079 crore in FY22 to Rs 12,114 crore in FY24, a 71% annual increase. Additionally, the company's profits in FY24 were Rs 351 crore, compared to a loss of Rs 971 crore in FY23.

Zomato Ltd., the online food delivery platform, has been served with a Goods and Service Tax (GST) demand amounting to ₹9.45 crore by the Karnataka Assistant Commissioner of Commercial Taxes (Audit) in a recent filing.

The state's tax authority has imposed a GST of ₹5,01,95,462 on Zomato, to which an additional interest amount of ₹3.93 crore has been applied, and a fine of ₹50.19 lakh has been levied, resulting in a final tax amount of ₹9.45 crore. This demand comes following an audit of Zomato's GST returns and accounts for the financial year 2019-20.

Zomato shares rose by 0.10 per cent to close at ₹200.35 on 28 June,  a slight increase from their previous high of ₹200.15 set earlier.

In response to the tax notice, Zomato expressed confidence in its case and intends to appeal the decision to the relevant authority. 

This isn't the first time Zomato has faced GST-related scrutiny. In 2021, the company also encountered a significant GST tax demand of ₹11.82 crore from the Centre's Additional Commissioner, Central Goods and Services Tax, Gurugram, which it also contested, citing a strong case.

In its ongoing quest to expand its range of services, the leading food technology company, Zomato has introduced a new platform designed specifically for its restaurant partners.

This platform is designed to assist restaurants with a variety of operational needs, including recruitment, FSSAI registrations, tax filings, and trademark applications. It is available to Zomato's restaurant partners through their respective restaurant partner or dining app.

The company has been testing this service for the last six months and reports that it has already assisted more than 3,200 restaurant partners, including well-known names such as Havmor, Dastaan-e-Dawat, Berry on Top, Nutri Bar, and Cheelizza.

“The restaurant services hub platform is only a step towards our vision of creating a full-stack solution for any restaurant owner looking to set up shop or scale their existing business,” Zomato Food Delivery CEO Rakesh Ranjan said in a statement.

Furthermore, Zomato plans to incorporate additional features such as point of sale integrations and hygiene inspections.

In terms of recruitment, Zomato has collaborated with several vendors, including Apna, WorkIndia, Shiftz, Rozgaar Inc, and Kaam.com. The recruitment services range from INR 299 to 5,250.

Meanwhile, for FSSAI registrations, trademark protection, and GST filings, Zomato has partnered with vendors such as SRV Taxcon, GoAuditz, Plans4U, among others.

Bengaluru based food delivery platform Swiggy has received shareholders' approval for an initial public offering to raise Rs 10,414 crore fund through issue of fresh equity shares and an offer for sale.

According to reports, a special resolution was passed at an extraordinary general meeting of Swiggy on April 23.

The Bengaluru-based company plans to raise up to Rs 3,750 crore funds through fresh equity shares, in addition to an offer-for-sale component of up to Rs 6,664 crore.

The company is looking to shore up about Rs 750 crore from anchor investors in a pre-IPO round, they added.

Started in 2014, Swiggy has a valuation of USD 12.7 billion as on April 10, 2024. Its annual revenue stood at USD 1.09 billion as on March 31, 2023.

The company has more than 4,700 employees, according to Tracxn, a global startup data platform.
 

Gurgaon-based food delivery platform Zomato has increased its platform fee by 25% to Rs 5 per order. 

The platform fee is an extra charge on every order, separate from the delivery fee. Zomato started this fee in August 2023 at Rs 2 per order and then raised it to Rs 3 in October. Earlier this year, on January 1, they increased it to Rs 4 from Rs 3.

The company has also suspended its intercity delivery service, Intercity Legends.

These developments come on the heels of the company receiving tax demands and penalty orders from authorities. 

The Intercity Legends, was an initiative that used to deliver famous dishes from renowned restaurants across select cities in India. This service included biryani from Lucknow and Hyderabad and sweets from Kolkata and Bengaluru. 

Zomato transported these dishes by flight every day or two, depending on their perishability, keeping them frozen throughout the journey. 

But now, when you select the 'Legends' section on Zomato's app, the following message appears: "Enhancements are underway. Please stay tuned as we will be back to serve you soon." 

Meanwhile, Zomato has received a tax demand and penalty order amounting to Rs 11.82 crore related to GST on export services provided to its subsidiaries located outside India from July 2017 to March 2021.
 

Deepinder Goyal, Chief Executive Officer and Founder, Zomato on Tuesday announced the launch of a "large fleet order", a first in India. 

The new fleet will handle group or party events for a gathering of up to 50 people. 

The feature will have "an all-electric fleet." 

"Today, we are excited to introduce India's first large order fleet, designed to handle all your large (group/party/event) orders with ease. This is an all-electric fleet, designed specifically to serve orders for a gathering of upto 50 people,” he shared on a post on X.

He added that earlier large orders were handled by multiple delivery partners and the customer experience was not what the company aspired for. 

"Such large orders were earlier served by multiple regular fleet delivery partners, and the customer experience wasn't what we really aspired for. These new vehicles should solve most of the problems our customers face while placing large orders on Zomato," pointed.

"Having said that, these vehicles are still 'work in progress', and we are in the process of adding important enhancements to them - like cooling compartments, and hot boxes with temperature control - to ensure everything arrives just the way you like," he further mentioned.

He also added that he loves building products and services that help them serve the communities better.

Swiggy has released its analysis of Ramzan orders, highlighting the country's ongoing fondness for Biryani during the sacred month.

Nearly 6 million servings of Biryani were ordered during this period, representing a 15% surge compared to typical months.

Hyderabad notably led the pack with over a million Biryani servings and 530,000 portions of Haleem. Time-honored favorites such as Biryani, Haleem, and Samosa remained staples on the Iftar menu, reaffirming their appeal during Ramzan.

During Ramzan, Swiggy experienced a 34% surge in Iftar orders from 5:30 to 7 pm. Nationally, the top items ordered for Iftar included Chicken Biryani, Mutton Haleem, Samosa, Falooda, and Kheer.

Across the country, there was a notable uptick in orders for popular dishes during Ramzan compared to regular days.

Haleem witnessed a substantial increase of 1454.88%, followed by Phirni with an 80.97% rise. Malpua orders escalated by 79.09%, while Falooda and Dates saw increases of 57.93% and 48.40% respectively.

During Ramzan, Mumbai, Hyderabad, Kolkata, Lucknow, Bhopal, and Meerut experienced a significant surge in orders for Iftar desserts like Malpua, Dates, and Phirni.

Swiggy has officially transformed from a private limited company to a public limited one in anticipation of its upcoming stock market debut later this year, as per documents filed with the Registrar of Companies.

The holding company of the prominent food-delivery and quick-commerce leader has been renamed from Swiggy Private Limited to Swiggy Limited.

This adjustment coincides with the company's intentions to submit a draft red herring prospectus in the coming months, paving the way for an anticipated $1 billion initial public offering towards the end of the year.

Swiggy is part of a cohort of modern internet firms aiming to debut on public stock exchanges.

Towards the end of last year, companies such as Ola Electric, FirstCry, and Awfis submitted their draft IPO documents.

Additionally, Honasa Consumer, the parent company of beauty and personal care brand Mamaearth, made its public debut in November.
 

Swiggy's delivery partners will utilize the renowned Shikharas of the city to make deliveries directly to the doorsteps of the houseboats.

Swiggy is a leading on-demand convenience platform in India, has expanded its services to include tourists residing on houseboats on the renowned Dal Lake in Srinagar.

This endeavor broadens Swiggy's delivery coverage to encompass the scenic water routes of Srinagar, offering a unique dining experience amidst the tranquil charm of Dal Lake.

Swiggy has collaborated with Shikara operators who will support local delivery partners experienced in navigating Shikaras to reach the houseboats.

Recognizing that these deliveries might take longer compared to road deliveries, appropriate compensation is provided for their time.

This initiative creates fresh avenues for restaurants to reach customers in distinctive settings and deliver their cuisines directly to their doorsteps.

"The Swiggy houseboat delivery is a great example of Swiggy’s mission of offering unparalleled convenience, no matter where the consumer is, Our food delivery by Shikhara initiative exemplifies our commitment to meeting the diverse needs of our customers, whether they're exploring the city streets or relaxing on a houseboat." said Sidharth Bhakoo, National Head of Business, Swiggy Food.

 Swiggy, which commenced its services in Srinagar in 2022 has a roster of more than 300 restaurants on its platform, catering to a diverse range of cuisines for both residents and visitors.

Swiggy has revealed intriguing findings about the nation's affection for Idlis as it marks World Idli Day annually on March 30th.

The examination, spanning from March 30, 2023, to March 25, 2024, illuminates the widespread fondness for this South Indian specialty among Indian consumers.

Over the last year, Swiggy has distributed millions of servings of Idlis, highlighting the dish's significant appeal across the country. Bangalore, Hyderabad, and Chennai stand out as the top three cities for Idli orders, with Mumbai, Pune, Coimbatore, Delhi, Vizag, Kolkata, and Vijayawada closely following suit.

A Swiggy customer from Hyderabad has distinguished themselves for their adoration of Idlis, having invested an astounding INR 7.3 lakh on this South Indian favorite in the past year.

The examination also discloses that the prime period for Idli orders spans from 8 AM to 10 AM, with individuals from cities such as Bangalore, Hyderabad, Chennai, Coimbatore, and Mumbai also relishing Idlis during dinner hours.

The traditional plain Idli stands out as the preferred choice across all urban centers, typically ordered in servings of two pieces.

In Bangalore, Rava Idli holds a distinct appeal, while ghee/neyi karam podi Idli gains favor in Tamil Nadu, Andhra Pradesh, and Telangana. Additionally, Thatte Idli and mini Idli consistently feature in Idli orders across various cities.

According to Swiggy's findings, Idlis hold the position of the second most frequently ordered breakfast item on the platform, trailing closely behind masala dosa.

As per Swiggy's observations, the majority of customers opt to complement their favorite Idlis with accompaniments such as sambar, coconut chutney, karam podi, medu vada, saagu, ghee, red chutney, Jain sambar, tea, and coffee.

Swiggy underscores the leading eateries celebrated for their delectable Idlis: Asha Tiffins in Bangalore, A2B - Adyar Ananda Bhavan in Bangalore and Chennai, Varalakshmi Tiffins in Hyderabad, Sree Akshayam in Chennai, and Veena Stores in Bangalore.

Indian food delivery leader Swiggy reported a loss of $200 million for the nine months ending in December 2023, as per an internal document.

The company, aiming for a stock market debut, disclosed this financial information.

Sources previously informed Reuters that the SoftBank-backed firm might go public by the conclusion of this year.

Despite the flourishing state of India's stock market, both domestic and foreign investors have become cautious about Indian startup IPOs due to apprehensions regarding inflated valuations of companies that continue to incur losses.

According to the document, Swiggy incurred a loss of 41.8 billion rupees (equivalent to USD 500 million) for the entire fiscal year 2022-23.

However, a confidential source familiar with the situation, who preferred to remain anonymous, revealed that the company's reduction in wage payouts and marketing expenditure would aid in reducing losses for the entire fiscal year 2023-24.

According to the document, losses amounted to 17.3 billion rupees (equivalent to USD 207 million) for the period spanning from April to December 2023, marking the initial nine months of the fiscal year 2023-24.

During the same period, the document indicated that the loss was incurred on a revenue of USD 1.02 billion, compared to the fiscal year 2022-23 revenue of USD 1.05 billion. Swiggy did not provide any response to inquiries seeking comment.

India's stock market has seen a 28% increase over the last year, leading to numerous companies considering going public.

However, they are encountering discerning investors in the process.

Since its listing in 2021, digital payments company Paytm, which is still operating at a loss, has witnessed an 80% decline in its shares.

Analysts had criticized the company for overvaluing itself at the time of its listing.

Following its listing in 2021, Zomato, a competitor of Swiggy, experienced a significant decline in its shares.

However, this year, its shares have surged by 45% following two consecutive quarters of profitability.

Investors valued Swiggy at USD 10.7 billion in 2022. Initially focusing on meal deliveries, the company has diversified its services to include grocery deliveries and restaurant reservations over time.

Simpl, India's leading Checkout Network has unveiled an extended collaboration with Zomato.

This expansion integrates Simpl's 1-Tap Checkout feature with Zomato Gold, Intercity Legends, and Zomato Everyday, aiming to elevate convenience for numerous customers nationwide.

The initiative seeks to boost conversions, elevate average order value, and enhance user retention on the platform, among other benefits.

This expansion aligns with Zomato's overarching goal of providing enhanced food experiences conveniently to its customers.

By integrating Simpl's 1-Tap Checkout into Zomato, both companies anticipate the participation of millions of new and existing users, broadening the scope of services offered.

This development holds importance as Simpl has surpassed 100 million checkouts on Zomato within six years since 2017, indicating a robust consumer inclination towards streamlined checkout experiences.

The expansion will be fueled by the rising influx of customers from tier-3 cities and beyond transitioning to online platforms, alongside the escalating frequency of orders from customers in metropolitan and tier-1,2 cities.

This trend is further supported by an expanding customer base seeking convenience through Simpl's 1-Tap Checkout.

Both companies anticipate substantial growth in their clientele over the upcoming years as a result.

“Convenience is becoming a real differentiator in e-commerce today after selection and affordability, particularly with respect to food ordering and delivery, where customers transact more frequently than for any other category. This necessitates the need for a hassle free checkout solution which offers near zero transaction failures and a 1-Tap experience. These fundamentals have driven more than 100 million transactions on Zomato till date and we are excited to cater to a larger customer base with the Zomato Gold, Intercity Legends and Zomato Every day, helping further deepen our presence in this space”. said Nitya Sharma, Founder and Chief Executive Officer, Simpl.

The remarkable checkout success rate of 99% achieved through Simpl's 1-Tap feature on Zomato underscores customers' growing preference for added convenience.

Over the past five years, Simpl's contribution to the platform's checkout process has witnessed substantial growth. Moreover, spending per user via 1-Tap checkout has surged by nearly 27 times since 2018.

Notably, on New Year's Eve 2024, the platform recorded its highest-ever single transaction amounting to Rs 18,807 facilitated through Simpl's 1-Tap Checkout on Zomato.

 “Our endeavour is to deliver exceptional and convenient customer experience at all times. Simpl has been our long standing partner and the integration across offerings has allowed us to extend 1-Tap access to our customers, making their interaction with the platform seamless and hassle free". said Rakesh Ranjan, Chief Executive Officer, Food Delivery, Zomato.

Simpl's 1-Tap Checkout, accessible through 26,000 merchants, provides a seamless checkout experience with minimal transaction errors, making it the choice for millions of consumers.

Presently, numerous prominent enterprises and emerging Direct-to-Customer (D2C) merchants in the food and hyperlocal delivery sectors extend Simpl's 1-Tap Checkout to millions of their customers nationwide.

Swiggy has introduced a nationwide road safety initiative called 'Delivering Safely,' reinforcing its dedication to ensuring the well-being of its delivery partners.

As a prominent figure in food, quick commerce, and various on-demand services, Swiggy operates with over 300,000 delivery partners across more than 600 cities nationwide.

Swiggy's delivery partners collectively cover an impressive distance of 3.6 billion kilometers annually, equivalent to approximately 90,000 trips around the Earth's equator.

In recent years, Swiggy has been actively engaged in raising awareness among its delivery partners, simplifying the process for them to report safety incidents and enabling Swiggy to take prompt action.

"Swiggy's mission is rooted in making urban life more convenient for our customers. Improving road safety in our cities is not just a goal; it's a necessity for enhancing the daily lives and safety of everyone. Congestion is a genuine concern, and as providers of food delivery, quick commerce, and other on-demand services, we believe we're playing a practical role in alleviating this issue." said Rohit Kapoor, CEO of Food Marketplace, Swiggy.

Swiggy ensures comprehensive support for its delivery partners' safety and well-being through various initiatives. This includes accidental medical coverage providing INR 2 lakh for medical expenses and INR 10 lakh as death cover, with over INR 31 Crores disbursed in insurance claims during FY23.

Additionally, Swiggy introduced an industry-first on-demand ambulance service, with an average response time of 11 minutes, for its delivery partners and their families.

In the event of any incident, Swiggy guarantees a minimum income to delivery partners to aid in their recovery, aligned with the average earnings in their respective cities.

Road safety awareness workshops are conducted in collaboration with state traffic police departments to promote safe driving practices, complemented by access to advanced safety gear.

Furthermore, Swiggy is developing an advanced telematics project to monitor driving behaviors and provide specialized training to at-risk delivery partners based on data analysis.

Indian Railway Catering and Tourism Corporation (IRCTC) has joined hands with online food delivery platform Swiggy to deliver food at Bangalore, Bhubaneshwar, Visakhapatnam and Vijayawada railway stations. 

The service is to begin from March 12, adding 59 other stations in next six months.

IRCTC is already in partnership with Zomato for food delivery across 63 stations on Indian Railways network.

“This partnership with Swiggy will bring more convenience and food options to our passengers, making their journeys more memorable,” shared Sanjay Kumar Jain, Chairman and Managing Director, IRCTC.

According to IRCTC, passengers travelling in reserved coaches can order food from Swiggy. The unreserved passengers have been excluded from this service as it requires a PNR number.

Passengers have to put PNR on the IRCTC app, then select the preferred station for food delivery, browse the list of restaurants on Swiggy, and choose a restaurant that is delivering at the specified location and time. The charges will be normal and competitive, mentioned Swiggy.

The food delivered to passengers will be packed in insulated Swiggy bags to keep the meal warm and fresh. Swiggy’s delivery partner would reach the selected platform minutes before delivery, hand over the food to the customer and mark the food delivered.

“The Indian Railways transports more than 8 billion passengers annually. If, during these rail journeys, which traverse across states and districts, one has the option to order meals to explore the culinary diversity of India, it would make the experience more convenient and enjoyable, and add to the overall vividness of the train travel,” added Rohit Kapoor, CEO, Food Marketplace, Swiggy.

Swiggy’s support agents will be trained in resolution process and cancellation policies as well.
 

The Wendy's Company has appointed Matt Spessard as Chief Information Officer.

He will report to President and Chief Executive Officer Kirk Tanner and serve on the Wendy's Senior Leadership Team. Spessard will succeed Kevin Vasconi who has served as Chief Information Officer since October 2020.

Spessard has served as Senior Vice President, Global Chief Technology Officer for The Wendy's Company since August 2022. In this role, he was accountable for establishing the Wendy's System global technology vision and leading technological innovation and development to drive continued growth, competitive brand advantage and top-line revenue for the Company and franchisees.

As Chief Information Officer, Spessard will assume responsibility for all aspects of Wendy's global technology efforts, including Restaurant Technology, Data Management and Analytics, Enterprise Technology, Software Architecture and Engineering, and Information Security.

"Driving the growth of the digital business and harnessing technology in restaurants to improve the customer and crew experience are important pieces of our plan to accelerate sales and profitable growth across the global System," said President and CEO Kirk Tanner. "Matt's extensive experience in overseeing global technology initiatives at Wendy's positions him as the ideal leader to build growth on our already successful foundation."

Spessard joined Wendy's in May 2020 as Vice President, Restaurant Technology and assumed the expanded role of Vice President, Digital and Restaurant Technology in September 2020. Prior to that, he spent six years with Inspire Brands. He served in several roles of increasing accountability, including Vice President of Technology at SONIC. He also previously held various operations and technology leadership roles at YUM! Brands, Church's Chicken and Braum's Ice Cream & Dairy Stores.

Uber has joined hands with robotics firm Cartken and Japanese industrial titan Mitsubishi Electric to launch autonomous sidewalk robots to deliver Eats orders in parts of Tokyo starting March.

With this, Japan will become the first international market to have autonomous delivery available on the Uber Eats platform. 

Cartken’s Model C robots will be delivering the food and navigating the sidewalks of Tokyo, and the operations will be supervised by Mitsubishi Electric as part of the partnership.

Cartken’s Model C robots use AI and computer vision technologies to navigate their environments.

According to reports, Uber Eats and Cartken first partnered in parts of Miami in 2022, and expanded robot delivery to Fairfax, Virginia in 2023.

Shoji Tanaka, the senior general manager of the Advanced Application Development Center, Development Division at Mitsubishi Electric said in a statement that robot delivery services “is considered to be an effective countermeasure to the logistics crisis that will become more serious in the future.”

Tanaka also mentioned that Mitsubishi has been working with Cartken to “respond to such social issues.”

“We hope that this newly announced initiative will serve as a catalyst for the spread of robot delivery services in Japan,” he added.

Swiggy announced that Mallika Srinivasan has resigned from her role as an independent director, approximately one year after assuming the position.

Swiggy's statement on February 8 revealed that Srinivasan departed due to growing business obligations. As the managing director of Tractor and Farm Equipment, her replacement at Swiggy has not yet been disclosed.

According to a report, this transition occurs as the company prepares for its upcoming initial public offering (IPO), with plans to file draft public offerings in the forthcoming months.

Sidharth Satpathy, formerly the vice president overseeing categories and business operations at Instamart's e-commerce division, tendered his resignation on January 9.

Anirban Roy, currently the head of performance marketing at Amazon India, will assume his role. Additionally, Karthik Gurumurthy, previously the senior vice president at Instamart, also resigned from his position.

Dale Vaz, who served as the chief technology officer, has also departed from the company. Phani Kishan, one of Swiggy's co-founders, has taken on the responsibility of overseeing operations at Instamart.

A report mentioned that in 2022, Rohit Kapoor assumed the role of chief executive officer to lead the company's primary food delivery operations.

Additionally, it was reported that Nishad Kenkre, who served as the VP overseeing revenue and growth at Instamart, and Ashish Lingamneni, the VP responsible for brand and product marketing, also departed from the company last year.

Zomato Ltd, an online food delivery company, announced a consolidated net profit of Rs 138 crore for the December quarter.

This marks a significant turnaround from the consolidated net loss of Rs 347 crore reported in the same quarter of the previous fiscal year, as stated in a regulatory filing by Zomato Ltd on Thursday.

In the third quarter of the current fiscal year, consolidated revenue from operations amounted to Rs 3,288 crore, compared to Rs 1,948 crore recorded in the corresponding period last year, according to the company's statement.

The company recorded an increase in total expenses, reaching Rs 3,383 crore, up from Rs 2,485 crore in the same period last year, according to the company's statement.

According to a MoneyControl report, Tata Group is said to be gearing up for an entry into the online food delivery industry.

Utilizing the government's Open Network for Digital Commerce (ONDC), Tata's 'super app', Tata Neu, aims to launch its own food ordering service. The report, referencing four informed individuals, highlighted these upcoming developments.

The Tata Neu app currently features a food category section, displaying menus exclusively from restaurants affiliated with the Tata Group's hotel company, which operates the Taj brand.

The report suggests that integrating with ONDC could enable the app to access a wide range of eateries across various cities already connected to the network.

As per the report, Swiggy and Zomato dominate over 95 percent of the food delivery market. Additionally, the two companies collectively processed nearly USD 6 billion in gross order value during the fiscal year 2023.

According to the report, Gaurav Porwal, a senior vice president at Tata Digital, is spearheading the ONDC initiative at Tata Neu.

This branch of the conglomerate also encompasses acquired consumer internet ventures such as the online grocer BigBasket and online pharmacy 1mg.

The report indicates that Tata Neu will function as a buyer-side application within ONDC, operating in the business-to-consumer capacity.

This approach is anticipated to make its foray into food ordering cost-efficient, as it won't require deploying a fleet of delivery riders or persuading restaurants to list on the app.

In the government-supported network, a single entity isn't required to manage every aspect of an e-commerce transaction independently.

Various participants can handle customer orders, logistics, and merchant onboarding collectively.

The report further mentioned that Tata Neu is collaborating closely with Magicpin, supported by Zomato, for its ONDC integration.

This Gurgaon-based startup is assisting the company as a technology service provider for the front end.

Magicpin has also aided other firms, including fintech leader Paytm and ride-hailing service Ola, in integrating with ONDC.

Additionally, Magicpin holds the distinction of being the foremost seller-side platform on ONDC with regard to restaurant enlistment.

The startup has successfully onboarded over 50,000 eateries onto the network. Magicpin fulfills three roles within ONDC: technology service provider, seller-side application, and buyer-side application.

Swiggy, the food and grocery delivery company, witnessed a significant 45% surge in operating revenue for the fiscal year concluding in March 2023, reaching Rs 8,265 crore.

Despite this growth, the company experienced a 15% increase in net loss, totaling Rs 4,179 crore.

The company supported by Prosus, presently preparing for its initial public offering (IPO), invested substantially in the expansion of its quick-commerce segment, Instamart, during the reviewed fiscal year.

According to regulatory documents obtained from Tofler, Swiggy incurred significant expenses amounting to Rs 12,884 crore in the fiscal year ending in 2023, reflecting a notable 34% year-on-year increase.

Apart from the procurement of stock-in-trade, Swiggy's most substantial cost category was advertising and promotional expenses.

The company's marketing expenditure rose to Rs 2,362 crore, constituting 28% of operating revenue in FY23, a decrease from 44% in FY22.

Employee benefit expenses at Swiggy, headquartered in Bengaluru, increased to Rs 2,130 crore in FY23, compared to Rs 1,708 crore in the preceding year.

In January of the previous year, Swiggy had undertaken a companywide restructuring initiative, resulting in the termination of 380 employees.

In May of the preceding year, Sriharsha Majety, Swiggy's co-founder and CEO, announced that the company's food delivery segment had achieved profitability by March 2023, accounting for all corporate costs except for employee stock option costs.

Domino’s, one of India's largest food service brand, has announced that it has joined Open Network for Digital Commerce (ONDC) Network. 

With this integration, Domino’s catalogue will be seen on all apps that a consumer is shopping from across a network that is rapidly developing, while seamlessly facilitating transactions. 

Customers in Delhi NCR can order Domino’s Pizza via ONDC, and other cities will be live soon.

“We are delighted to announce our partnership with the ONDC Network, marking a significant milestone and step forward for our brand in India. We aim to serve millions of customers who are looking to order food through the ONDC network,” shared Sameer Khetarpal, CEO & MD, Jubilant FoodWorks Limited.

This will enable Domino’s to expand its customer base by making its products available to buyers from all ONDC seller apps based on geographical proximity, paid promotions or through product or brand search. 

The move will help the brand grow its presence across the country and help achieve its mission expanding touchpoints and occasions for consumers to enjoy pizza.  

As an adopter of ONDC Protocol, Domino’s is proud to represent everything that is innovative in products and technology. The brand has already established its reputation as a market disruptor with its innovative range of products. By joining ONDC Network, Domino’s aims to create multiple consumer touchpoints through disruptive innovations. 

“Domino’s joining ONDC is a significant development with the potential to create ripple effects for the F&B category on Open Network. Their vast selection is now more accessible and represents a major expansion of choices for consumers nationwide. When a brand like Domino’s embraces the open protocols, we move closer to our vision of a truly interoperable ecommerce ecosystem that serves sellers and buyers everywhere without any filters,” added T Koshy, MD & CEO at ONDC.

India's tech stack is growing rapidly, and initiatives like ONDC Protocol are playing a crucial role in driving innovation and growth. Domino’s has already made a name for itself in the market with its innovative product portfolio. By coming onboard ONDC Network, the brand is well-positioned to take its products to new customers across the country. 
 

Zomato, a food-delivery platform and Stripe, an international financial infrastructure provider, have both secured final approval from the regulator to operate as online payment aggregators.

Zomato obtained approval from the Reserve Bank of India (RBI) on January 24, while Stripe received the green light on January 15.

The recent approvals bring the total number of entities granted the regulator's final authorization to operate as online aggregators in the country to 11.

In December of the previous year, the RBI granted final approval to payment gateways Razorpay and Cashfree to function as payment aggregators. This clearance allowed them to onboard new merchants, marking the end of a year-long embargo.

During a similar timeframe, Google Pay, the prominent player in payments, along with expense management platform Enkash and neo-banking startup Open Financial, also obtained approval from the regulator.

In a BSE filing on Thursday, Zomato announced that its subsidiary, Zomato Payments Pvt Ltd has received approval from the RBI to function as a payment aggregator.

As per an informed source, the Gurugram-based company has no intention of entering the fintech sector as an independent entity. Instead, it is obtaining financial services licenses to enhance its offerings within its own ecosystem.

"Internally, the company has been deliberating on leveraging its payment processing infrastructure across various apps catering to both consumers and merchants, including services such as food delivery, dining out, Blinkit, Hyperpure, and more," stated the individual.

In 2022, Zomato established a non-banking financial company (NBFC) and submitted an application for a license to provide lending products specifically designed for its restaurant partners.

In that same year, Zomato introduced Zomato Pay as the third version of its dining out program, enabling customers to make payments and access discounts at partner restaurants through the Zomato app.

The central bank has been implementing thorough checks at various levels to ensure the careful selection of companies for the ultimate approval to function as a payment aggregator.

The RBI had additionally prohibited other payment gateways, including Paytm and PayU, from bringing onboard new merchants. Both entities were instructed to submit their applications again.

Swiggy, India's one of the leading on-demand convenience platform, is marking a significant milestone in its nationwide expansion. 
Coinciding with India's 75th Republic Day celebrations, Swiggy is now debuting its food delivery services in the island city of Agatti in Lakshadweep. 

As the first online food delivery platform to enter Lakshadweep, Swiggy will be introducing the convenience of food delivery to the locals while also ensuring tourists can experience food from the best local restaurants just the way they do back in their hometowns. 

A culinary paradise at your doorstep

For an island that is very attractive to tourists, Swiggy’s arrival opens new avenues for local businesses to thrive and for visitors to explore local flavours. Agatti, known for its delectable tuna and seafood delicacies, is set to become a culinary paradise at your fingertips with Swiggy. The island is dotted with lively beachside shacks that serve mouth-watering food, making it an unmatched destination for culinary enthusiasts. From partnering with island's local favourites to bringing the Lakshwadeep’s delectable seafood, Swiggy promises a seamless food ordering experience for islanders and tourists alike. 

“Swiggy has consistently strived to deliver unmatched convenience to its users. This expansion marks a significant milestone for us, as we become the first online food delivery service to make a foray in Lakshadweep. We are excited to partner with local restaurants and support them in expanding their businesses, while also creating income opportunities for the local youth,” shared Sidharth Bhakoo, National Business Head, Food Marketplace, Swiggy.

Beyond its culinary delights, Agatti Island exudes the warmth of its friendly locals and is celebrated as a prime destination for scuba enthusiasts for an immersive experience. Acknowledging the unique ecological landscape of Lakshadweep, Swiggy has taken a conscious step towards eco-friendly practices in the region ensuring all deliveries are made only using bicycles. This initiative enables efficient and timely delivery while also preserving the ecological balance of the region. 

Celebrating the launch

First-time Swiggy users in Agatti can savour a special launch offer of 50% discount up to INR 100 and free delivery on first orders.
Expressing his delight, Fazal Rahman, Swiggy Restaurant Partner and Head of City Hotel Lakshadweep, said, “We are thrilled to team up with Swiggy as they launch in Lakshadweep. This partnership is a fantastic opportunity for us to showcase the unique flavours of our island to a broader consumers. With Swiggy's expansion, we are looking forward to reaching more customers, tourists, increasing our sales, and gaining national recognition for our culinary offerings than ever before.”

Mohammed Hamlersha, Swiggy Restaurant Partner and Head of AFC Lakshadweep, said,We are excited to welcome a culinary revolution as Swiggy launches in Agatti Island, bringing a feast of flavors to the doorsteps. I am sure it is going to elevate our delivery experience with the convenience of Swiggy – where every bite is a celebration!

With a phased expansion across key islands among the 36 islands that make up Lakshadweep, Swiggy aims to empower local culinary talents and enrich experiences for residents and visitors alike.

In a strategic move aimed at minimizing losses and improving financial viability in anticipation of its upcoming public listing later this year, Swiggy is said to be considering doubling its platform fee for food orders.

The suggested adjustment involves raising the current platform fee of Rs 5 to Rs 10 per food order and is a key element of Swiggy's ongoing initiatives to streamline its financial performance.

As per sources, Swiggy has reportedly commenced trials of the envisioned fee structure within its app, focusing on specific users.

This move follows the company's introduction of the platform fee model in April 2023, where an initial extra charge of Rs 2 was applied to specific food orders, irrespective of the order size.

Having noted that the supplementary fee did not negatively affect order quantities, Swiggy extended the platform fee to include all users.

Gradually, the company increased the fee to its present Rs 5, and certain customers continue to pay Rs 3, although the rationale behind the tiered system remains undisclosed by the company.

As per a spokesperson from Swiggy, "There have been no alterations to Swiggy's platform fee, and there are no imminent plans for a substantial increase. We consistently conduct minor experiments to gain a better understanding of consumer preferences. The recent trial was one such experiment, and its expansion in the future will depend on its success in aligning with our goal of providing the best service to our users. Continuously seeking ways to enhance affordability, our latest initiative, Pockethero, is an illustration of this commitment. Pockethero, tailored for budget-conscious consumers, is currently being rolled out nationwide."

Significantly, Zomato, a key rival of Swiggy, has similarly raised its platform fee from Rs 2 to Rs 5 in specific instances.

The implementation of an extra charge on each order has emerged as a prevalent tactic adopted by food delivery firms, aiding in bolstering their financial well-being, given the substantial daily order volumes managed by these platforms.

Although Swiggy has not formally introduced the Rs 10 platform fee, the company has previously hinted at higher amounts, temporarily reduced certain fees, and later raised charges.

This step-by-step strategy is anticipated to be employed if the intended outcomes are realized.

Swiggy's co-founder and group CEO, Sriharsha Majety, shared with the media at Davos, emphasizing the company's dedication to expansion. He highlighted that Swiggy Instamart, the rapid-commerce division, will be a central driver in the company's future growth.

While placing emphasis on Instamart, Swiggy remains committed to innovation within its food delivery sector by introducing more affordable food choices to appeal to a wider customer demographic.

As the platform fee trial progresses, both the industry and users will keenly observe Swiggy's strategy and its implications for the overall food delivery sector.

Invesco, a US-based investment firm, elevates the valuation of Swiggy, the food delivery platform gearing up for an IPO, to approximately $8.3 billion.

According to regulatory filings, this marks the second consecutive occasion where the global asset management firm has raised Swiggy's valuation.

Last October, Invesco raised the valuation of the food delivery platform to approximately $7.85 billion.

In January 2022, Swiggy achieved a valuation of $10.7 billion following a round spearheaded by Invesco

In May last year, Invesco slashed Swiggy’s valuation in its holding to about $5.5 billion.

In November, Prosus, an investor in Swiggy, noted in its financial filing that Swiggy's primary food delivery segment experienced a 17% growth and generated a gross merchandise value (GMV) of $1.43 billion during the initial six months of FY24.

Prosus attributed this to an increase in active users, resulting in a double-digit surge in orders and a rise in average order value due to inflation.

Prosus, with a 32.7% stake in Swiggy, reported a decrease in trading losses to $208 million.

The company also stated that rapid progress was made in the quick-commerce business due to increased customer adoption, leading to significant growth in orders.

Basket sizes expanded significantly more than inflation. Over the past year, Swiggy facilitated the distribution of loans totaling Rs 102 crore, with Rs 10.1 crore disbursed just in November.

In FY23, Swiggy incurred losses totaling about $545 million, marking an 80% surge from approximately $300 million in FY22.

Zomato, the online food delivery giant, has implemented a 33% hike in its platform fee for users in important markets, raising it to Rs 4 per order from the earlier Rs 3.

On New Year's Eve, the company temporarily increased the fee to a maximum of Rs 9 per order in specific markets. This fee surge aligned with Zomato's high order volume on December 31.

CEO Deepinder Goyal shared on X that the order volumes surpassed the combined figures of the previous six years' New Year's Eve, spanning from 2015 to 2020.

The Gurugram-headquartered company implemented a uniform flat platform fee in August 2023, initially set at Rs 2 per order and subsequently raised to Rs 3 in most significant markets.

Likewise, Zomato's competitor, Swiggy, initiated a Rs 2 fee last year, later upping it to Rs 3.

As per the report, Zomato applies the platform fee on top of the delivery charge. Nevertheless, this delivery fee is exempted for participants enrolled in its loyalty program, Zomato Gold, where members pay an initial fee and gain benefits like discounts and complimentary deliveries. The platform fee is also applicable to Zomato Gold members.

During the July-September quarterly results, Zomato's leadership correlated the improvement of its take rate, which signifies the percentage of revenue earned per food delivery order, with the introduction of the platform fee.

In the September 2023 quarter, Zomato announced a post-tax profit of Rs 36 crore. The company notified its shareholders, via a filing, that the revenue from operations surged by 71% in Q2 FY24, hitting Rs 2,848 crore.

This expansion was driven by a 47% increase year-over-year in gross order values (GOV) encompassing food delivery, quick commerce segments, and activities related to dining out and live events.
 

Zomato's CEO, Deepinder Goyal, responded to media speculation, stating that the company currently has no intentions of pursuing an acquisition, contrary to reports suggesting a $2 billion offer for Shiprocket.

Goyal addressed circulating mainstream media articles claiming Zomato's $2 billion offer to acquire Shiprocket, firmly denying the statement. He cautioned investors about the inaccuracies in the news and emphasized Zomato's current focus on existing ventures, confirming no immediate plans for acquisition.

Previously, certain media sources inaccurately reported Zomato's alleged offer of approximately $2 billion (about Rs 16,600 crore) to the shipping startup.

Goyal mentioned that although the company typically refrains from addressing such speculations, it's making an exception due to the substantial mentioned deal size.

Zomato's CEO, Deepinder Goyal, dismissed reports of a $2 billion acquisition offer for Shiprocket, affirming that the company currently isn't considering any acquisition.

Swiggy, a prominent on-demand convenience platform in India, reveals the introduction of Pockethero, an affordable solution designed to enhance accessibility and cost-effectiveness for online food ordering among budget-minded customers.

Pockethero guarantees free delivery and discounts of up to 60%, promising substantial savings and positioning itself as the top economical option for consumers.

It is already active in Delhi-NCR, Jaipur, Lucknow, Chandigarh, Pockethero is set to roll out soon in major cities such as Bangalore, Mumbai, Pune, Chennai, Hyderabad, and Kolkata.

"Pockethero aims to make food delivery accessible to a set of users who today may find online food delivery less value for money. True to its name, Pockethero delivers the best of discounts from our partner restaurants and gives free delivery on top of it to give our customers a taste of convenience without having to think much about their pockets! As a company, we keep innovating on behalf of our customers, and this is one other initiative that is being piloted by our teams"  said Sidharth Bhakoo, VP, National Business Head at Swiggy.

Swiggy continues its dedication to creating a win-win situation for both users and restaurant partners, further solidifying its commitment to improving the overall food delivery experience.

Restaurants involved benefit from increased visibility, becoming a preferred choice for users seeking more affordable online food delivery options amidst budget limitations.

Users can explore Pockethero by accessing the Swiggy app, locating it within the Food category, conveniently positioned alongside the Offer zone.

Flower Aura has introduced its cake collection on Swiggy and Zomato.

The partnership between Flower Aura and these platforms is geared towards making their diverse range of cakes more accessible to customers, aiming to improve convenience and reach.

Through this collaboration, Flower Aura aims to simplify the ordering process for a variety of treats like Red Velvet Jar Cake, Vanilla Blueberry Cake, and Black Forest Mini Cake, among others.

“Through this alliance, we've exponentially expanded our reach, connecting with a broader customer base to cater to every celebration. Our latest collaboration with Zomato and Swiggy perfectly aligns with our dedication to making our sweet indulgences more accessible. Now, anyone can conveniently order their favourite desserts from the comfort of home, at any time they desire. This strategic partnership promises not just to broaden our clientele but also to revolutionize our business operations, marking a remarkable milestone in our journey.” said Shrey Sehgal, Founder & CEO, Flower Aura.

Flower Aura recently inaugurated a 26,000-square-foot central kitchen in Delhi NCR, a significant step to meet the rising demand from Swiggy/Zomato users.

Flower Aura excels in creating luxurious cakes and desserts. Their alliance with two prominent food delivery platforms is poised to enhance convenience by ensuring prompt doorstep delivery of their exquisite range within a swift 30-minute timeframe.

This partnership seamlessly aligns with their recent efforts to make their diverse product range more accessible.

Swiggy, set for IPO, brings on FMCG expert Anand Kripalu as independent director and Board Chair.

Sriharsha Majety, Swiggy's Group CEO, highlighted Anand Kripalu's extensive experience in consumer goods, emphasizing how his insights will play a crucial role in steering Swiggy's innovation and evolution within India's on-demand delivery sector.

With nearly four decades in the fast-moving consumer goods (FMCG) sector, Anand Kripalu serves as the Managing Director and Global CEO at EPL Ltd (previously Essel Propack Limited), recognized as the world's largest specialty packaging firm.

Before this role, he led as the MD and CEO of Diageo India, a prominent name in India's beverage alcohol industry. Kripalu has also held executive positions at Mondelez International (formerly Cadbury) and Unilever.

Kripalu expressed admiration for Swiggy's impact on food and grocery delivery, acknowledging its unmatched convenience for countless households. He eagerly anticipates contributing his experience and insights as Swiggy continues to mold the future of convenience.

Kripalu earned a Bachelor of Technology in Electronics from IIT, Madras, followed by an MBA from IIM, Calcutta. He further enhanced his education by completing the Advanced Management Program at Wharton Business School.

Zomato, the online food delivery platform announced a consolidated profit of Rs 36 crore for the second quarter ending in September 2023, propelled by robust growth in its revenue.

In the same quarter of the previous financial year, the company had posted a loss of Rs 251 crore.

During the current quarter, the revenue from operations amounted to Rs 2,848 crore, marking a significant increase from the Rs 1,661 crore recorded in the corresponding period last year.

As per a regulatory filing, the total expenses for the quarter being reviewed amounted to Rs 3,039 crore, while in the same quarter of the previous year, it was Rs 2,092 crore. Additionally, the company's board has granted approval for the sale of its complete 30% voting rights in ZMT Europe LDA, an associate firm situated in Portugal, for a total sale value of approximately 1.80 lakh euros (equivalent to approximately Rs 1,59,45,300).

In a letter addressed to shareholders, the company also shared that its quick commerce business, Blinkit, has achieved a positive contribution for the first time throughout the entire quarter.

The contribution margin, expressed as a percentage of the gross order value (GOV) in the business, has shown a positive shift from -7.3 percent in Q2FY23 (when the business was acquired) to a current 1.3 percent in Q2FY24.

Deepinder Goyal, Founder and CEO said that the strong growth trend observed in Q1FY24 has persisted into Q2FY24, propelled by robust expansion across all of the company's operations. He also highlighted the company's profitability, mentioning that they achieved their second consecutive profitable quarter, with an Adjusted EBITDA of Rs 41 crore. This represents a substantial improvement compared to the Rs 12 crore profit in the previous quarter (Q1FY24) and a significant turnaround from the loss of Rs 192 crore during the same quarter last year (Q2FY23).

EBITDA, which stands for Earnings Before Interest, Taxes, Depreciation, and Amortization, is a metric employed to evaluate a company's operational efficiency.

Zomato's CFO, Akshant Goyal, expressed that they anticipate a moderate quarter-on-quarter (QoQ) growth in Gross Order Value (GOV) for food delivery in the upcoming quarter, roughly in the high single digits. This growth is expected to result in approximately 25-30 percent year-on-year (YoY) expansion in GOV.

In reference to the recently introduced platform fee, Akshant mentioned that, beginning in Q2FY24, all customers, including Zomato Gold members, are now incurring a modest platform fee, typically ranging from Rs 2 to Rs 5 per order. This fee is implemented to improve the company's long-term economic sustainability while ensuring that their services remain affordable for customers.

Albinder Dhindsa, the founder of Blinkit, mentioned that when comparing year-on-year (YoY) figures, the Gross Order Value (GOV) growth for Blinkit reached 86 percent, aligning with their expectations and past performance. This growth was primarily attributed to increased sales from existing stores, emphasizing their commitment to meeting a wider range of customer needs while maintaining consistent service quality. Additionally, they expanded by 28 new stores during the quarter, resulting in a total of 411 stores by the quarter's end.

Akshant also commented on Blinkit, highlighting that quick commerce experienced more robust growth during festivals compared to food delivery. With major festivals like Navratri, Dussehra, Diwali, and others scheduled for the December quarter, they anticipate another quarter of substantial growth for Blinkit.

Japanese tech-giant SoftBank’s venture capital fund SVF Growth, Singapore, is planning to sell 1.1% stake in Indian food delivery firm Zomato for 10.24 billion rupees ($123.24 million).

According to the reports, SVF Growth will sell the stake at an offer price of 109.4 rupees to 111.65 rupees per share, a 2% discount to its current market price at the lower end, the report added.

In August, SoftBank’s Vision Fund sold a 1.17% stake in Zomato in a deal valued at 9.47 billion rupees at 94.7 rupees apiece in bulk deals.

Similarly, private equity firm Tiger Global, also sold its remaining 11.24 billion rupees stake in the company after cutting 2.34% stake last year.

Zomato shares have gained 88.3% so far this year and closed 1.4% lower on Thursday.

A majority of Zomato shares are owned by just three venture capital investors, namely, Softbank, Sequoia, and Tiger Global.

The Indian Railway Catering and Tourism Corporation Ltd (IRCTC) has partnered with Zomato to offer a broader array of food options for rail travelers through its E-Catering segment.

“This is to inform that in view of widening the range of options available to rail passengers for ordering food of their choice under IRCTC’s E- Catering segment, IRCTC has tied up with M/s. Zomato Limited for supply and delivery of preordered meals through IRCTC’s E-catering portal as a Proof of Concept (PoC) in the first phase at five Railway stations i.e. New Delhi, Prayagraj, Kanpur, Lucknow & Varanasi," shared IRCTC in a statement. 

As part of this collaboration, IRCTC has initiated a Proof of Concept (PoC) at five prominent railway stations: New Delhi, Prayagraj, Kanpur, Lucknow, and Varanasi. 

Under this PoC, passengers can conveniently order and receive preordered meals via the IRCTC E-Catering portal with the assistance of Zomato.

This strategic alliance is set to provide rail passengers with more choices and convenience when it comes to their culinary preferences, making their travel experience more enjoyable and comfortable.
 

On-demand convenience delivery platform Swiggy has announced that it has facilitated disbursal of over 450 crores as part of its capital assist program. 

Swiggy’s Capital Assist Program which was launched in 2017 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 3000 availed loans in 2022 alone. 

"Swiggy is constantly looking at innovative ways to help our restaurant partners succeed. The NBFCs will soon facilitate more exciting solutions like pre-approved loans to enable our partners to gain easier and quicker access to capital, driving even more growth for their businesses,” shared Swapnil Bajpai, VP - Supply, Swiggy.

Having enough working capital is vital for a restaurant's success. Swiggy’s Capital Assist program is tailored to meet the unique financial needs of restaurant owners by collaborating with lending partners such as Indifi, Incred, FT Cash, PayU Finance & IIFL. The program offers a range of financial products, including term loans and credit lines.  

Through Swiggy Capital Assist, financial institutions have been able to offer several advantages that set it apart from traditional industry offerings. From quick sign-ups to even quicker approvals, through Capital Assist program, the NBFCs take a fast, easy, and efficient approach to provide funds for our restaurant partner’s business needs. Restaurant owners can easily apply via Swiggy’s Owner App by clicking on "Get Loans". If you can't find it, don't worry – we'll get in touch with you. 

On-demand convenience platform Swiggy has launched the “Learning Station”, an advanced digital learning academy to support restaurant partner growth. 

Seamlessly integrated into the Swiggy partner app, Learning Station provides a wide variety of courses tailored to support restaurant partners in their journey towards success. 

“The Learning Station is a big step in our goal to help our restaurant partners succeed. At Swiggy, we're all about making our partners' experiences better and helping them grow. The Learning Station is a way for us to provide valuable resources and education to empower our partners. We're fully committed to giving our partners the best support and opportunities to succeed,” shared Swapnil Bajpai, Head of Supply at Swiggy.

The content is curated to meet the specific learning needs of restaurant partners at different stages of their engagement with Swiggy. It delivers short, simple, engaging, and easy-to-understand content in audio-visual formats. This content focuses on utilizing tech tools, leveraging data for business growth, and mastering various aspects of restaurant operations.

Courses cover essential topics such as refining menus to match changing preferences, making the most of effective advertising strategies, using discounts strategically to engage customers, and gaining valuable insights into steering restaurant businesses towards continuous growth. 

The Learning Station is accessible to all the 3,00,000 restaurant partners. Aligning with its foundational values of curiosity and perpetual learning, Swiggy's launch of the Learning Station reflects its commitment to fostering restaurant partners' progress through learning.