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<ul><li><keyword id="5862596" type="General" weightage="100" keywordseo="ondc" source="Orion">ONDC</keyword> does not actually offer cheaper food on its platforms, claim analysts. Lower prices are on account of ONDC-funded discounts. </li><li>Discounts will have to be withdrawn at some point by <keyword id="5862596" type="General" weightage="100" keywordseo="ondc" source="Orion">ONDC</keyword>, which will bring it on par with <keyword id="830092" type="General" weightage="80" keywordseo="zomato" source="Orion">Zomato</keyword> and <keyword id="6358977" type="General" weightage="80" keywordseo="swiggy" source="Orion">Swiggy</keyword> in terms of cost. </li><li>In the food delivery business, scale matters as delivery costs are linked to the number of orders per rider each day. Over the long-term, ONDC could be a threat but not in the near-term.</li></ul>Food delivery app <keyword id="830092" type="General" weightage="80" keywordseo="zomato" source="Orion">Zomato</keyword>’s stock price has been languishing between ₹52 and ₹64 for the last one year as its losses continued to widen in FY23. The latest threat to the food delivery company stems from the rise of ONDC (Open Network for Digital Commerce), often touted as the slayer of e-commerce players in India. Soon after launching food delivery on its network, ONDC is now seeing 25,000 orders a day. What makes this worrying is not just order volumes but the pricing. Data seems to suggest that ordering food on ONDC is cheaper than what it is from Zomato and <keyword id="6358977" type="General" weightage="80" keywordseo="swiggy" source="Orion">Swiggy</keyword>, market leaders in the food delivery space. The obvious question to ask is: Will ONDC’s food delivery service kill these existing players? <keyword id="39409" type="General" weightage="50" keywordseo="kotak" source="Orion">Kotak</keyword> Institutional Equities seems to believe it’s not an immediate threat to Zomato or its unlisted rival Swiggy. Currently, ONDC is offering discounts on its platform as it has just launched. According to analysis done by <keyword id="39409" type="General" weightage="50" keywordseo="kotak" source="Orion">Kotak</keyword>’s analysts, the lower prices are largely on account of ONDC-funded discounts, which may not sustain. Further, the variable cost of running the food delivery business is lower on a scaled-up platform such as Zomato versus a smaller player. Analysts are working on the assumption that at some point the discounts will be withdrawn at some point, thereby creating a level playing field between the players. After the initial discounts are withdrawn, ONDC will have to contend with higher costs unless it chooses not to invest in customer support, which may impact customer retention. Currently, analysts only see a limited impact on Zomato in the near term. According to Kotak, the long-term impact is, for now, tough to call. ONDC is born out of the need for an inclusive online commerce marketplace for sellers, which prevents platforms like Zomato, Swiggy, Amazon and Flipkart from becoming monopolies in their respective segments. Soon after launching delivery of food, groceries and retail, it is clocking daily orders of over 25,000. The prices currently being offered are less than what consumers are paying on other platforms. According to analysts, the lower prices are primarily due to ONDC-funded discounts. If one looks at the numbers on delivery partners, then Zomato had at the end of December 2022, 330,000 active delivery riders, which is more than third party logistics aggregators. Zomato’s delivery cost in FY23 stood at ₹75 per order. The cost of delivery depends on the number of orders delivered, which means that higher the number of orders the better are economies of scale. Experts like <keyword id="45446" type="General" weightage="50" keywordseo="samir-arora" source="Orion">Samir Arora</keyword> too believe that ONDC is not a threat to Zomato and Swiggy at this moment thanks to the understanding of the customer, scale and customer stickiness. Over time, ONDC will have to invest in customer support going forward if it seeks to compete with them on the same plane. While Zomato has been bringing down its delivery costs steadily, it will have to spend more towards restaurant appeasement and customer experience. It will also have to arrive at some agreement with restaurant partners on how it shares customer data. The two food-tech players have been at loggerheads with their respective restaurant partners. The National Restaurant Association has been fighting against some of the practices adopted by these two unicorns without much avail.

ONDC not an immediate risk for Zomato and Swiggy as lower prices are due to discounts

<ul><li><keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> has relaunched its Gold loyalty program, offering discounts and special access to subscribers.</li><li>Gold subscribers will get free deliveries and up to 30% discount on food deliveries.</li><li>The company has also announced up to 40% discount for dining.</li></ul>Popular food delivery app Zomato has relaunched its Gold loyalty program, replacing the company’s “Pro Plus” membership that was discontinued in 2021. The <keyword id="7913404" type="General" weightage="20" keywordseo="zomato-gold-membership" source="Orion">Zomato Gold membership</keyword> is expected to be available to members soon. Users who subscribed to the company’s Pro Plus membership will get three months of complimentary Gold membership. <cmsannotation type="cmsannotation" annotationid="Zomato Gold price" comment="subhead" text="Zomato Gold price"><keyword id="16229038" type="General" weightage="20" keywordseo="zomato-gold-price" source="Orion">Zomato Gold price</keyword></cmsannotation> <keyword id="4299597" type="General" weightage="80" keywordseo="zomato-gold" source="Orion">Zomato Gold</keyword> has been launched with an introductory price of ₹149 for three months. The company has not revealed the price for an annual subscription yet. <cmsannotation type="cmsannotation" annotationid="Zomato Gold benefits" comment="subhead" text="Zomato Gold benefits"><keyword id="16229042" type="General" weightage="20" keywordseo="zomato-gold-benefits" source="Orion">Zomato Gold benefits</keyword></cmsannotation> Zomato has announced several benefits for food deliveries and dining. <cmsannotation type="cmsannotation" annotationid="Zomato Gold benefits for food deliveries" comment="subhead2" text="Zomato Gold benefits for food deliveries">Zomato Gold benefits for food deliveries</cmsannotation> The biggest benefit that Zomato will offer with Gold is free food deliveries. This will be limited to restaurants within 10 km of you and applicable on orders above ₹199. This is handy for someone who regularly places orders on Zomato. <a href="https://www.businessinsider.in/tech/apps/news/swiggy-one-membership-price-benefits-and-everything-you-need-to-know/articleshow/87848507.cms">Swiggy One</a> offers a similar benefit, offering free deliveries within 10 km of the user on orders above ₹149. In addition to free deliveries, users will also get discounts of up to 30% at over 20,000 restaurants across the country. Zomato will also offer a “no delay guarantee” to Gold subscribers and delayed deliveries will result in the user getting a ₹100 coupon instantly. The final benefit offered under Gold for food deliveries is VIP access during rush hour. Under this, Gold subscribers will still have access to restaurants during high demand, meaning they will get priority over normal users. <cmsannotation type="cmsannotation" annotationid="Zomato Gold benefit for dining" comment="subhead2" text="Zomato Gold benefit for dining">Zomato Gold benefit for dining</cmsannotation> Zomato Gold also brings offers for dining. This time, the company has partnered with over 10,000 restaurants across the country, allowing Gold users to get discounts of up to 40% while dining out. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/the-oneplus-11-may-undercut-the-iqoo-11-to-be-the-cheapest-snapdragon-8-gen-2-smartphone-in-india/articleshow/97269913.cms">The OnePlus 11 may undercut the iQOO 11 to be the cheapest Snapdragon 8 Gen 2 smartphone in India</a> <a href="https://www.businessinsider.in/tech/news/logitech-mx-mechanical-keyboard-review-a-premium-mechanical-keyboard-for-professionals/articleshow/97255605.cms">Logitech MX Mechanical Keyboard review – a premium mechanical keyboard for professionals</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s23-series-to-launch-soon-launch-date-expected-price-and-features/articleshow/97243146.cms">Samsung Galaxy S23 series to launch soon – launch date, expected price and features</a>

Zomato Gold re-launched with free deliveries, VIP access, up to 40% discount on dining, and more

As reports surfaced that several high-end restaurants with multiple outlets in Delhi-NCR have delisted from <keyword id="13921938" type="General" weightage="100" keywordseo="Swiggy-dineout" source="Orion">Swiggy Dineout</keyword> amid deep discounting concerns, reliable industry sources said on Thursday that most of those cafes and restaurants have also delisted themselves from other online food delivery platforms like <keyword id="11830133" type="DOMAIN" weightage="20" keywordseo="zomato" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="zomato" meta.entityname="Zomato Ltd." meta.entityid="57948" meta.seoname="zomato-ltd">Zomato</keyword>. The sources told IANS that only 20 brands with nearly 400 outlets have delisted from <keyword id="6358977" type="General" weightage="90" keywordseo="Swiggy" source="Orion">Swiggy</keyword> <keyword id="2199085" type="General" weightage="80" keywordseo="Dineout" source="Orion">Dineout</keyword>, and one of those brands even has nearly 250 dining outlets alone. According to them, restaurants like Smoke House Deli, Social, The Beer Cafe and Mamagoto have deregistered themselves from most of the online food aggregator platforms, not just Swiggy. Your Story publication earlier reported, quoting from the National Restaurants Association of India (<keyword id="92417" type="General" weightage="90" keywordseo="NRAI" source="Orion">NRAI</keyword>) sources, that at least 400 brands and more than 900 dining outlets across 13 cities in the country have sent delisting notices to Swiggy in the last two weeks. A Swiggy spokesperson told IANS that Swiggy Dineout works with over 15,000 restaurant partners on the platform in over 20 cities and continuously engages with them to improve its offering and make this partnership viable for everyone. "Restaurant partners on Swiggy Dineout have complete liberty to decide on how much discount they wish to offer to customers through their listing on the app," the spokesperson said. "Thousands of partners continue to join us each month and list on Swiggy Dineout and only a handful of restaurant partners have expressed their desire to delist from the platform. We continue to engage with restaurant partners and NRAI representatives to revisit their choices," the food delivery platform told IANS. In online food delivery platform Swiggy in May announced it has acquired Dineout, a dining out and restaurant tech platform, for an undisclosed sum. According to sources, it was a $120 million deal. Founded in 2012 by Ankit Mehrotra, Nikhil Bakshi, Sahil Jain, and Vivek Kapoor, Dineout helps people discover the best restaurants, make table reservations, and enjoy discounts and privileges across select restaurants. NRAI has said that Dineout's deep discounting techniques disrupt the core dine-in business of the restaurants and "popularise a dangerous culture of discounting that will be irreversible". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/pnb-housing-finance-q2-profit-rises-12-pc-at-rs-263-cr/articleshow/95123120.cms">PNB Housing Finance Q2 profit rises 12 pc at Rs 263 cr</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-rises-34-paise-to-close-at-82-47-against-us-dollar/articleshow/95123621.cms">Rupee rises 34 paise to close at 82.47 against US dollar</a>

Swiggy denies exodus of high-end cafes, restaurants amid deep discounting concerns

<ul><li><keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword>’s Q4 consolidated net loss narrowed to about ₹188 crore in the March quarter. </li><li>The company reported consolidated revenue at ₹2,056 crore, a 70% jump from ₹1,212 crore in the year-ago period. </li><li>In FY23, <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword>'s loss shrunk to ₹971 crore from ₹1,209 crore a year ago as revenue increased around 70% to ₹7,079 crore. </li></ul>Online food delivery platform Zomato on Friday said that its consolidated net loss narrowed to about ₹188 crore in the March quarter. In the same quarter last year, it posted a net loss of ₹360 crore. In the third quarter, its net loss was at ₹345 crore. The company reported consolidated revenue at ₹2,056 crore, a 70% jump from ₹1,212 crore in the year-ago period. In FY23, Zomato's loss shrunk to ₹971 crore as compared to ₹1,209 crore in FY22. Its annual revenues also increased around 70% to ₹7,079 crore in FY23. "In food delivery, over the last five quarters, we have improved our margins meaningfully while further strengthening our market position. We will continue with the same mindset as we look to further expand the adjusted EBITDA margin (from the current 1.2%) to our stated goal of +4-5% of gross order value," said Deepinder Goyal, Zomato Founder and CEO. Meanwhile, Zomato's arch rival Swiggy declared on Thursday that its food delivery business has become profitable, without giving any more details. Zomato now aims to get to positive adjusted EBITDA (and also profit after tax) on a consolidated basis (including quick commerce) within the next four quarters. "On the quick commerce side, while there is still a long way to go in terms of margin improvement, we are pleased with the outcomes so far in a short period of time. In the month of March 2023, more than 65% of the GOV was from contribution positive stores," said Goyal. <cmsannotation type="cmsannotation" annotationid="Blinkit average order value sees a decline" comment="subhead" text="Blinkit average order value sees a decline">Blinkit average order value sees a decline</cmsannotation> Regarding its quick delivery service Blinkit, contribution margins improved despite a seasonal drop in average order value (AOV) to ₹522 in Q4 as compared to ₹553 in the previous quarter. "We have learnt that the AOV in this business will continue to swing up and down in the near to mid-term due to multiple (mainly seasonal) factors. For example, AOVs will go down when there is a good harvest of vegetables (which leads to lower prices for F&amp;V)," said Blinkit founder and CEO Albinder Dhindsa. "Over time, as we get scale, we hope to be able to predict such swings better and mitigate the impact of these swings on our margins. We expect the AOV to increase QoQ in the current quarter (Q1FY24)," Dhindsa added. <cmsannotation type="cmsannotation" annotationid="ONDC not an immediate risk to Zomato and Swiggy" comment="subhead" text="ONDC not an immediate risk to Zomato and Swiggy">ONDC not an immediate risk to Zomato and Swiggy</cmsannotation> Despite the chatter about ONDC (Open Network for Digital Commerce) providing food delivery, analysts believe that it is still<a href="https://www.businessinsider.in/business/corporates/news/ondc-not-an-immediate-risk-for-zomato-and-swiggy-as-lower-prices-are-due-to-discounts/articleshow/100298963.cms"> not an immediate risk</a> to Zomato and its peer Swiggy which dominate the market. “The cost of ordering food on ONDC, at least in some cases, seems to be lower than on Zomato or Swiggy, though this is largely on account of ONDC-funded discounts, which may not sustain,” said the analysts at Kotak Institutional Equities. The brokerage noted that while the impact in near-term is limited, the long-term impact is not known yet. (With inputs from IANS) SEE ALSO: <a href="https://www.businessinsider.in/business/news/cheese-burst-quick-service-restaurants-see-muted-growth-ahead/articleshow/100332394.cms">Cheese burst: Quick service restaurants see muted growth ahead</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-companies-sc-appointed-panel-finds-no-evidence-of-regulatory-breach-by-adani/articleshow/100352920.cms">Hindenburg row: SC appointed panel finds no evidence of regulatory breach by Adani, Sebi wants to search some more</a> <a href="https://www.businessinsider.in/stock-market/news/mankind-pharma-pnb-among-stocks-to-become-largecap-from-midcap-mutibagger-rail-vikas-nigam-to-turn-midcap-from-smallcap/articleshow/100356527.cms">Mankind Pharma, PNB among stocks to become largecap from midcap; mutibagger Rail Vikas Nigam to turn midcap from smallcap</a>

Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY

<ul><li>Zomato's share price dipped another 10% on Monday, January 24.</li><li>The company's shares were trading at ₹102 at 9:42 a.m.</li><li>The company had fallen below its listing price on Friday.</li></ul>The sell-off in Indian equity markets has taken the wind out of some of the hottest tech startups that got listed in the last few months. Most of them, including Zomato, Nykaa and PolicyBazaar, are trading way below their listing price and much of the gash has come in the last three weeks, On January 24, one of the top losers in this basket was Zomato, which fell 18%. Analysts like Abhay Agarwal, founder and fund manager at Piper Serica, <a href="https://www.livemint.com/market/stock-market-news/why-zomato-shares-have-plunged-over-12-in-5-days-should-you-buy-the-stock-11642751883576.html">believe</a> that this fall in the markets is driven primarily by market correction in Nasdaq over the last month. The market cap of the food aggregator dropped to ₹74,109 crore (almost $10 billion) compared to the peak valuation of <a href="https://www.google.com/amp/s/m.economictimes.com/tech/tech-bytes/zomato-nykaa-shares-hit-all-time-highs/amp_articleshow/87666388.cms">$15 billion </a>on November 12. <div type="image" title="There are huge discounts on Nykaa, Zomato and shares of other listed tech startups" msid="89088052" hostid="261"></div> It's not just Zomato, other tech companies like Policybazaar, MapmyIndia (CE Info Systems) and Paytm are facing similar trends too. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing Price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current Price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change since Dec 31 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zomato </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹116 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹92.95 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-34% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nykaa </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,001 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,776 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-13% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paytm </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,950 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹921 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-31% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PolicyBazaar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,150 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹822 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-13.7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MapmyIndia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,581 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,502 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-17.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EaseMyTrip </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹212.25 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹543 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+7.20% </td></tr></tbody><tbody></tbody></table>Note: Share price at 11:06 am on January 24 Source: BSE The shares of beauty and cosmetics ecommerce company Nykaa hit an all-time low as its shares fell down to ₹1,776 on Monday. The shares of Nykaa have shed 30% of their value from the record high of ₹2,574 touched on November 26. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-results-q3-fy22-profit-revenue-subscriber-growth/articleshow/89034299.cms">Reliance Jio is making the most money it has ever made from its subscribers</a> <a href="https://www.businessinsider.in/business/telecom/news/government-owning-vodafone-idea-is-just-half-the-task-the-other-half-is-to-find-the-money/articleshow/88836355.cms">Government owning Vodafone Idea is just half the task – the other half is to find the money</a> <a href="https://www.businessinsider.in/business/telecom/news/we-finally-know-why-the-vodafone-idea-stock-rallied-over-50-in-the-last-one-month/articleshow/88311430.cms">We finally know why the Vodafone Idea stock rallied over 50% in the last one month</a>

There are huge discounts on Nykaa, Zomato and shares of other listed tech startups

Online food delivery platform <keyword id="6358977" type="General" weightage="100" keywordseo="swiggy" source="Orion">Swiggy</keyword>'s losses doubled to ₹3,629 crore in FY22 compared to ₹1,617 crore in the last fiscal year. Total expenses went up 131% to ₹9,574.5 crore in FY22. According to its annual financial statement with the Registrar of Companies (RoC), during the last quarter of FY22, Swiggy turned "decacorn" (with a valuation of $10 billion and above) after raising a $700 million round led by Invesco. Meanwhile, Swiggy's revenue grew 2.2 times to ₹5,705 crore during FY22 as opposed to ₹2,547 crore in FY21. According to Entrackr, outsourcing support costs accounted for 24.5% of the total expenses of the company. This particular cost increased 2.3 times to ₹2,350 crore in FY22 from ₹1,031 crore in FY21. Its advertising and promotional expenses surged 4 times to reach ₹1,848.7 crore during FY22, according to the report. Reports surfaced last month that Swiggy may lay off more than 250 employees or up to 5% of its workforce starting January. "There have been no layoffs at Swiggy. We concluded our performance cycle in October and have announced ratings and promotions at all levels. As with every cycle, we expect exits based on performance," a Swiggy spokesperson had said in a statement. The upcoming layoffs are likely to impact Swiggy's quick commerce delivery service <keyword id="9728281" type="General" weightage="50" keywordseo="instamart" source="Orion">Instamart</keyword> to reduce cash burn. In November, global brokerage firm <keyword id="151304" type="General" weightage="50" keywordseo="jefferies" source="Orion">Jefferies</keyword> said that Swiggy was fast losing market share to its rival <keyword id="11830133" type="DOMAIN" weightage="20" keywordseo="zomato" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="zomato" meta.entityname="Zomato Ltd." meta.entityid="57948" meta.seoname="zomato-ltd">Zomato</keyword> despite offering heavy discounts. Citing Swiggy investor Prosus' financial report, Jefferies said that the gross value of Swiggy's food delivery business was $1.3 billion in the January-June period this year. Zomato in the same period logged a gross order volume of $1.6 billion. In May last year, Swiggy acquired Dineout, a dining-out and restaurant tech platform, for an undisclosed sum. According to sources, the acquisition size was around $200 million. Earlier this year, the food delivery platform raised $700 million led by Invesco at a $10.7 billion valuation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tvs-motor-sales-slip-3-58-to-242012-units-in-dec/articleshow/96681654.cms">TVS Motor sales slip 3.58% to 2,42,012 units in Dec</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-manufacturing-pmi-hits-13-month-high-in-dec-on-rise-in-new-orders-strong-demand/articleshow/96678340.cms">India's manufacturing PMI hits 13-month high in Dec on rise in new orders, strong demand</a>

You Searched For "Zomato Discounts" and got 6 results

ONDC not an immediate risk for Zomato and Swiggy as lower prices are due to discounts

Malini Bhupta

Zomato Gold re-launched with free deliveries, VIP access, up to 40% discount on dining, and more

Sourabh Jain

Swiggy denies exodus of high-end cafes, restaurants amid deep discounting concerns

IANS

Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY

Rounak Jain

There are huge discounts on Nykaa, Zomato and shares of other listed tech startups

Kritti Bhalla

Swiggy's losses jump 2X to ₹3,629 crore in FY22, layoffs coming

IANS

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