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We’ve all been there—hungry, scrolling through <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> apps, trying to satisfy our cravings. And among the many options, one name stands out: <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords">Zomato</keyword>. And huge credit for this goes to those cheeky push notifications. A household name in India and many parts of the world, Zomato has become synonymous with food delivery. But have you ever wondered where the name “Zomato” actually came from and what is the reason behind those push notifications that seem to be flirting with you? <keyword id="19901325" type="General" weightage="20" keywordseo="Deepinder-Goyal" source="keywords">Deepinder Goyal</keyword>, the CEO of the <keyword id="23915877" type="General" weightage="20" keywordseo="food-tech-giant" source="keywords">food tech giant</keyword>, answered these questions on the latest episode of The <keyword id="21100902" type="General" weightage="20" keywordseo="Great-Indian-Kapil-Show" source="keywords">Great Indian Kapil Show</keyword> on Netflix. <h2>How was Zomato’s name born</h2>In a conversation with comedian Kapil Sharma, Goyal shared how the name “Zomato” was born out of necessity rather than creativity. The platform’s founders had originally envisioned the name to have something to do with “tomato” — a staple ingredient in many dishes, and a word that’s easily recognisable. But here’s the twist: when they went to register the domain, tomato.com was already taken! Not to be deterred, they simply tweaked the letter and came up with “Zomato” — a name that not only worked but ended up being memorable, too. The “Z” was added for that perfect tech-savvy ring to the name, and the rest, as they say, is history. And while Goyal didn’t spill the final details about whether it’s pronounced “Zomato” or “Zomaato,” he did confirm one thing — it’s all about how you want to say it. Just like a ripe tomato, the name has become part of the cultural fabric. The debate about the exact pronunciation, as seen in hilarious ads with cricketers Harbhajan Singh and Sreesanth, only adds to the charm. <h2>About Zomato’s <keyword id="23915874" type="General" weightage="20" keywordseo="cheeky-notifications" source="keywords">cheeky notifications</keyword></h2>That’s not all. The Zomato CEO also talked about another amusing aspect of the Zomato experience—those cheeky, flirtatious push notifications. We’ve all received a notification that says, “Your food is just 10 minutes away!” But did you ever stop to think about why Zomato’s notifications always seem to have a bit more personality? Well, it turns out the company’s marketing team, full of youthful energy and passion, took Deepinder’s advice to heart. He had asked them to “build a relationship with the customer,” inspired by a book he read—though he himself wasn’t entirely sure what that meant. The results? A fun, almost flirtatious tone that’s become a signature of Zomato’s communication style. “Our marketing team is very young. They don't have any background in marketing. They are passionate people. So, I briefed them one day to make a relationship with the customer. Even I didn't know what it meant. I don't have any marketing background. I read a book and it said to make a relationship with the customer. I told them. They took me seriously,” Goyal said during the show. So, next time you get that slightly cheeky notification from Zomato, you’ll know that it’s not just about food—it’s about building a connection with you.

I asked my young marketing team to 'make a relationship' with customers, they took me seriously: Zomato’s Deepinder Goyal on cheeky notifications

<ul><li><keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword> has increased the platform fees to ₹10 per order.</li><li>The <keyword id="20299300" type="General" weightage="20" keywordseo="platform-fee" source="keywords">platform fee</keyword> is charged on each order irrespective of the order value or Zomato Gold membership.</li><li>With this, the platform fees has increased by five times within a year.</li></ul> The festive season is here and you are more likely to order food and sweets from apps like Zomato and Swiggy. Anticipating a rise in food orders, Zomato has hiked the platform fee from ₹6 to ₹10 and has renamed it to the “Festive season platform fee”. “This fee helps us pay our bills to keep Zomato running. To maintain services during festive rush, it has increased slightly,” a notification on the Zomato app said. <div type="image" title="Zo" msid="114496613" hostid="261" sizebytes="39238" caption="&amp;lt;p&amp;gt;Festive season platform fee on Zomato&amp;lt;/p&amp;gt;"></div> Zomato introduced platform fees in 2023, which began at ₹2 per order. This was then increased to ₹3 and then to ₹5 in April 2024. In July 2024, the fee was increased to ₹6 per order. Now, the platform fee has been increased to ₹10, marking a five-fold increase in just a year. The platform fee is different from other charges levied on orders such as GST, delivery charges and restaurant charges. Customers are required to pay this charge irrespective of Zomato Gold membership. Zomato recently approved a fundraising of ₹8,500 crore via a qualified institutional placement (QIP). This is aimed at boosting its cash reserves after its recent acquisition of ticketing business from Paytm. <h2>Zomato share price surges</h2>Zomato’s share price increased by 2.3% on Wednesday after the increase in platform fees. The company’s shares were trading at ₹262.25 at 11:50. The company’s share price has increased by over 140% in the past year. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms">Best credit cards for online shopping this festive season</a> <a href="https://www.businessinsider.in/business/auto/news/the-ola-electric-saga-are-surge-in-complaints-and-declining-market-share-a-wake-up-call-for-bhavish-aggarwal/articleshow/114120828.cms">The Ola Electric Saga: Are surge in complaints and declining market share a wake-up call for Bhavish Aggarwal?</a>

Diwali gift from Zomato – Platform fee increased to ₹10 ahead of the festive season

Think Initial Public Offers (IPOs) are a sure-shot, quickfire method to make a quick buck? If so, then investing in some of India's biggest IPOs to date would have created multiple millionaires. However, if the data is to be believed, 18 out of India's top 30 IPOs by way of size have failed to deliver on the returns front. Recent data from Capitalmind PMS suggests that of all the mega IPOs India has seen in the past 2 decades, only 12 IPOs i.e. stocks of 12 companies have delivered more returns that what you would have received, had you bought and held your investments in Nifty500(which invests in biggest 500 companies by market size). Infact, Paytm (54%), <keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="261" meta.entityid="Reliance Power">Reliance Power</keyword> (81%), General Insurance Corporation (2%) actually generated negative total returns to date. The only outliers in the list of top 10 IPOs were Zomato (listed in July 2021) and Coal India (listed in April, 2010), which managed to generate excess returns i.e. more than what was generated by Nifty500. While Zomato's total return to date, which is considered a comprehensive gauge of a stock's profitability, stands at 265%, Coal India total returns are a massive 443%. In these cases, had you simply bought and held the Nifty500 index for a similar duration, your returns would've been 73%, and 435% respectively. Also, 5 of the biggest IPOs India has ever seen (Bajaj Housing Finance, Bharti Hexacom, Brainbees, Ola Electric) have come in the last 2 years. In some cases, having stayed put in your index investments would have yielded you far better returns. Consider this, FSN E-Commerce, Nykaa's parent company, listed on the exchanges on November 2021. Its total returns till date have been 2%, while had you invested in Nifty500 index, your returns would've been 53%. Similarly, the total returns to date on Bandhan Bank's stock, which listed in March 2018, was a negative 43%. But, the index has delivered a whopping 163% returns during the same time. Hits and Misses <table class="redcator-table-advance"><tbody><tr><td>Company Name</td><td>Total Returns to Date (In %)</td><td>CNX (Nifty500) Returns (In %)</td></tr><tr><td>Reliance Power (Feb 2008)</td><td>-81</td><td>961</td></tr><tr><td>Zomato (July 2021)</td><td>265</td><td>73</td></tr><tr><td>Gland Pharma (November 2020)</td><td>14</td><td>124</td></tr><tr><td>NHPC (September 2009)</td><td class="se-table-selected-cell">389</td><td>961</td></tr><tr><td>Indian Railways Finance Corporation (January 2021)</td><td>582</td><td>109</td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: CapitalMind PMS <h2>Surge in IPOs? Not really </h2>It is impossible to overlook the sheer number of public offerings seen in the Indian markets over the past 2 years. Around 600 share sale offers have already hit the market since 2023. Out of these, 335 have come in this year, as of October 2024. While over Rs 50,000 crores have been raised by these share sales so far since 2023, only 22% of these funds raises have come from companies who are hitting the market for the first time i.e. bringing out their IPOs. The rest have come from already listed companies seeking to raise more funds. The biggest IPO that India has seen to date, that of <keyword id="19906087" type="General" weightage="20" keywordseo="Hyundai" source="keywords" meta.keywordsubtype="org" meta.entityname="Hyundai" meta.hostid="261" meta.entityid="Hyundai">Hyundai</keyword> Motor India, closes for subscription today. With an offer size of Rs 27,870.16 crore, it is 35% bigger than the previous biggest IPO in the country(LIC in May 2022). As of 12:30 pm today, Hyundai's offer had been 87% subscribed, with significant interest from QIBs and employees. At 0.43x, participation of retail investors remained largely subdued. Notably, an IPO is considered cancelled and withdrawn, if it fails to meet the 90% subscription threshold.

Do large IPOs guarantee large returns? Data suggests that 18 of India's biggest 30 IPOs did not generate solid returns

Food and grocery delivery behemoth <keyword id="6358977" type="General" weightage="20" keywordseo="Swiggy" source="Orion">Swiggy</keyword> is on a roll, pushing out multiple new services simultaneously, ahead of the festive season, and its much-touted Rs 11,664 crore IPO. Experts anticipate the IPO to hit the bourses in the upcoming months. Earlier last week, the company's shareholders had approved of raising the fresh issue component of the IPO, from Rs 3,750 crore previously to Rs 5,000 crore. This will allow Swiggy to add an extra Rs 1,250 crores to its coffers for future growth. The remaining Rs 6,664 crore will be an OFS (offer for sale), largely paving a way for Swiggy's old investors to exit. In the buildup to its IPO, the delivery giant is dialing up the competitive fever big time with rival <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword>, which went public in 2021. Swiggy recently launched <keyword id="23440051" type="General" weightage="20" keywordseo="XL-Fleet" source="keywords">XL Fleet</keyword> for large-scale <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> and Bolt, which is an <keyword id="23461052" type="General" weightage="20" keywordseo="AI-powered-logistics" source="keywords">AI-powered logistics</keyword> system. Per some media reports, the company is also launching an invite-only concierge membership program called the "Rare Club", which will have an annual fee of up to Rs 50,000. <h2>Who doesn't love a little pettiness? </h2>But that's not it. In the time being, Swiggy is also aggressively looking for ways to gain maximum public attention, one of which is by sponsoring the fourth season of the popular entrepreneurial reality show <keyword id="11924074" type="General" weightage="20" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword>. But here's the catch-a key condition of this deal is to not bring back Zomato CEO <keyword id="19901325" type="General" weightage="20" keywordseo="deepinder-goyal" source="keywords">Deepinder Goyal</keyword> as a shark. Media reports suggest that Swiggy is set to close on a massive Rs 40-60 crore sponsorship deal with the show. But in a seemingly low-ball move, Swiggy has blocked the return of Zomato CEO Deepinder Goyal as one of the investors on the show. Goyal had made his debut on the third season of the show, and was looking to make a comeback alongside long-time regulars such as Anupam Mittal, Aman Gupta, Namita Thapar and Peyush Bansal. <h2>Bolting ahead with XL</h2>In a move that clearly underlines its ambitious expansion plans, Swiggy also recently announced the launch of its new XL Fleet service, which will look to cater exclusively to bulk orders and large-scale food deliveries. Per Swiggy's co-founder Nandan Reddy, XL is a natural evolution of Swiggy's services. As it is, a recent report by Bain and Company highlighted that India's food services market is set to double to a massive Rs 9 trillion by 2030, surging up significantly from its current standing of Rs 5.5 trillion. Not just that, the customer base is also set to expand from 320-340 million as of 2023 to 430-450 million by the end of the decade. Earlier this year, Zomato had also stepped in this segment by launching its large-order electric fleet, which could serve orders for a gathering of up to 50 people. Alongside this, Swiggy has unveiled Bolt, which is an AI-powered logistics system specifically designed to optimize delivery routes, predict demand patterns, and improve overall operational efficiency. The aim is to bring down on delivery time and costs, giving Swiggy a massive competitive edge in the growing food and quick delivery market. With this feature, Swiggy claims that users can get certain meals such as burgers, <h2>Challenges Await </h2>As of FY24, Swiggy's operating revenue stood at ₹112.5 billion, a 36% jump from the previous year. The company also managed to reduce its net losses by as much as 44% to ₹23.5 billion. While these may come across as positive signs, which are also pushing the company's unlisted shares to new heights, Swiggy significantly lags behind Zomato in both food delivery and quick commerce segment. Consider this. Per Morgan Stanely, as of FY24, Swiggy's GOV (gross order value) at Rs 24,700 crore, was far lower than Zomato's Rs 32,200 crore. Swiggy's GOV and AOV grew at a CAGR of 15.5% and 2.5% respectively, between FY22-24. In contrast, Zomato's GOV and AOV registered a CAGR of 23% and 3.7%, respectively. At 12.7 million, Swiggy's MTU (monthly transacting users) for FY24 were also a far cry behind Zomato's 18.4 million. Even when it comes to average order value (AOV), Swiggy's Instamart lags behind Zomato's Blinkit. This is also why analysts believe that despite Swiggy narrowing the gap on most key metrics like AOV, GOV and more, the company's share will command a lower valuation than that of its rival Zomato.

Ahead of much awaited IPO, what is Swiggy upto? Launching XL Fleet, premium membership and kicking out Zomato CEO

When A (name kept anonymous) bought tickets for the 2025 <keyword id="22044624" type="General" weightage="20" keywordseo="Coldplay-concert" source="keywords">Coldplay concert</keyword> in Mumbai from a certain “concert organizer” account on <keyword id="19900288" type="General" weightage="20" keywordseo="instagram" source="keywords">Instagram</keyword>, they were over the moon. Yes, the tickets were exorbitantly expensive, way above the prices advertised on <keyword id="20215809" type="General" weightage="100" keywordseo="BookMyShow" source="keywords" meta.keywordsubtype="org" meta.entityname="BookMyShow" meta.hostid="261" meta.entityid="BookMyShow">BookMyShow</keyword> (BMS), the official ticketing partner. But so what? What mattered was that they could finally attend Coldplay's concert. At 12 noon on September 22, when bookings for Coldplay’s 2025 India leg of “Music of the Sphere” world tour had commenced, A was also in line, having logged in since 11:30 am, from 4 different screens and through 6 cousins. But God, and BMS were in no mood to reward her efforts and patience. The ticket sale lasted for a mere few seconds, before the site crashed and all tickets were sold out. Turns out, even the second time wasn’t the charm for them. The first time, too, A had not been able to get tickets for Diljit’s Dil-luminati India tour, which had gone live earlier last month. They had applied for an HDFC Pixel credit card to access the early-bird offer, but it was as if luck was taunting them “vibe teri meri na mildi aa”. could not get tickets for Diljit’s concert as well, which had also vanished within minutes of going live, much like Coldplay's. That’s why, when they saw that tickets for both Diljit and Coldplay were being sold by various Instagram accounts, despite showing as sold out on <keyword id="20496317" type="General" weightage="20" keywordseo="Zomato-Live" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato Live" meta.hostid="261" meta.entityid="Zomato Live">Zomato Live</keyword> and BookMyShow, it seemed magical to A. And per Coldplay, “If you were to ask me, after all that we've been through. Still believe in magic?”, the only acceptable response is “Yes I do, of course I do!” So, they went ahead, agreed to pay Rs 35,000, and bought Coldplay tickets which would’ve cost them Rs 6,450 via BMS. A steep price to pay, but at least they had their ticket to “an experience of a lifetime!”. As it is, the band had announced its retirement post its 12th album, and the band had just launched its 10th album, "Moon Music". <h2>BookMyShow to “fix” scalpers?</h2>But this morning, BMS startled many people like A by stating that unethically sourced tickets (read: tickets not directly booked via BMS) could be canceled. The platform had already filed an FIR to this effect with the <keyword id="19906039" type="General" weightage="20" keywordseo="Mumbai-police" source="keywords">Mumbai police</keyword> on October 2, 2024, against the rampant “ticket scalping and black marketing of tickets for Coldplay's <keyword id="22420646" type="General" weightage="20" keywordseo="Music-of-the-Spheres" source="keywords">Music Of The Spheres</keyword> World Tour 2025 in India”. The ticketing platform added that they had provided details of all resellers that had caught their sight, including independent individuals reselling tickets for Coldplay’s tour across social media platforms such as Instagram (where A had purchased their tickets from) and WhatsApp. Not just these small resellers, but multinational ticket exchange and <keyword id="23273060" type="General" weightage="20" keywordseo="ticket-resale" source="keywords">ticket resale</keyword> platform <keyword id="23278340" type="General" weightage="20" keywordseo="viagogo" source="keywords" meta.keywordsubtype="org" meta.entityname="viagogo" meta.hostid="261" meta.entityid="viagogo">Viagogo</keyword>, and its parent company StubHub Holdings have also been served legal notices by Zomato Live and BMS. While Zomato Live has not commented on if the tickets purchased via Viagogo or such scalpers would be canceled or not, it is no secret that hours after the tickets were shown as sold out on these official sites, tickets for both Diljit and Coldplay’s concert were available on Viagogo, albeit at sky-high prices. Even as of today, you can buy tickets for Coldplay’s concert in Mumbai’s DY Patil Stadium on January 19th, 2025 on Viagogo. The catch? You should be willing to empty your pockets. Consider this. Tickets for level 2 stand E were priced at Rs 9,000 on BMS. On Viagogo, the tickets for this specific category start at Rs 54,431, and go as high as Rs 1,89,512. The tickets A bought were also originally priced at Rs 6,450. But on Viagogo, the starting range is Rs 31,288, going up to Rs 1,13,207. Talk about earning 5x-6x returns! In comparison, the ticket prices offered by these Instagram reseller accounts, also termed as scalpers, might look benign, even generous. But at the end of the day, scalpers are also looking to rake in profits, which they earn by selling these tickets in bulk i.e. lots of 5-10 tickets at once. After all, who is attending concerts alone? The slim margins on individual tickets are well cushioned by the extra bucks brought in by the higher quantities of tickets sold at once. Consider this: <table style="border-width: initial; border-style: none;" 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;">Phase/Level (For Diljit’s Concert) </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;">Original Price (As shown on Zomato Live) (In Rs) </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;">Prices offered by an IG account reselling tickets for Delhi (26th October, 2024) (In Rs) </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;">Silver </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;">1,499 </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;">2,399-3,999 </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;">Gold Standing (Phase 1,2,3) </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;"> 4,999-8,999 </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;">7,999- 10,000 </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;">Fan Pit (Standing) Phase 1 </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;">12,999 </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;">20,000 </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;">Fan Pit (Standing) Phase 2 </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;">19,999 </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;">25,000 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Zomato Live, IG accounts of resellers/scalpers <h2>Modus Operandi</h2>Most scalpers don't demand the entire money upfront. In A’s case, the scalper demanded a 20% advance for booking confirmation. Others ask for as much as 50% of the booking amount. Once that’s done, the customer would get an e-ticket on their registered email ID, which will mention their seat number and booking ID. Then, once this customer pays the remaining amount, the physical tickets will be dispatched to their registered address. Mind you, these physical tickets are important. Just e-tickets won't make the cut for both Coldplay and Diljit. You would not be able to enter the venue if you don't have this physical ticket or a wearable band. So, if the tickets are not delivered to your place before the concert, you’d be left stranded, even after paying all that money. Also, dont be surprised with a constant, relentless barrage of messages and calls, if you so much as just inquire about the tickets. Most scalpers, in a bid to quickly close on the opportunity, call incessantly, not giving buyers enough headspace to make rational, or for that matter, rationally priced decisions. But even after all the hassle, there is no guarantee of timely, or even delivery. While there were multiple screenshots on each of these pages, showing confirmation from various Instagram users saying that tickets had been delivered, but is that convincing proof enough? Or legal enough? <h2>Its legit, its not legit-No one knows! </h2>Well, it's a gray area, truth be told. But Germaine Pereira, Partner, Solomon &amp; Co. underlines that if the buyer is willing to pay a premium or higher price than the ticket’s original face value, it is valid, and perfectly legal under the Indian Contract Act, 1872 “Ticket resale or scalping, where individuals or entities buy tickets for specific events, and then resell such tickets at a higher price to make a profit, is valid if it meets the essential elements of a contract-offer, acceptance, consideration, and lawful object. Unless there is a clearly established motive of cheating or fraudulent inducement or exorbitant pricing of tickets in the secondary markets, there’s nothing wrong”, continues Pereira. State governments are also largely reluctant to establish regulations in these waters, since a resale would entail double entertainment tax, which only adds to their coffers. Says advocate Siddharth Chandrashekhar, Senior Panel Counsel at Bombay High Court, "Although some state police forces, like in Tamil Nadu, Karnataka and Punjab, have cracked down on illegal sales, arrests are rare, and the absence of cohesive legislation leaves enforcement inconsistent. Black marketing or reselling of live event tickets at escalated prices constitutes an offense under the Bharatiya Nyaya Sanhita 2023 for petty crimes, the Consumer Protection Act 2019 for unfair trade practices, and the Competition Act 2002 for abuse of dominant position”, Chandrashekhar highlights. “While Maharashtra’s Entertainment Duty Act, 1923, attempts to curb resale for some events, most states lack clear laws addressing scalping. Concert ticket scalping in India operates in a regulatory vacuum. With no specific national laws, opportunistic sellers can legally resell tickets for exorbitant sums, with no recourse for buyer”, he signs off.

'Will my tickets get canceled now?' people who purchased tickets from scalpers during the Diljit-Coldplay mania ask

New Delhi: Online food delivery platform <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="83" meta.entityid="Zomato">Zomato</keyword> will acquire <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="83" meta.entityid="Paytm">Paytm</keyword>'s entertainment <keyword id="20028334" type="General" weightage="20" keywordseo="ticketing" source="keywords">ticketing</keyword> business for Rs 2,048 crore to strengthen its "going-out" segment in a deal that will help the troubled fintech firm to sharpen its focus on core payments and financial services distribution. Paytm's entertainment ticketing business covers movies, sports, and events (live performances). The boards of Zomato and One 97 Communications Ltd (OCL) have approved the all-cash deal. As part of this agreement, OCL's entertainment ticketing business will transfer business to its 100 per cent subsidiaries Orbgen Technologies Pvt Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), followed by the sale of 100 per cent stake in these subsidiaries (which operate the TicketNew and Insider platforms) to Zomato. Subsequently, Zomato will spin off the new business into a new app called 'District'. Under the deal, Zomato will fully acquire Orbgen Technologies Pvt Ltd (OTPL), which is into movie ticketing, for Rs 1,264.6 crore and buy Wasteland Entertainment Pvt Ltd, which is into events ticketing for Rs 783.8 crore. The combined entertainment ticketing business has a scale of Rs 297 crore in revenue and Rs 29 crore in adjusted EBITDA in FY24. "The transfer will also include around 280 existing employees from the entertainment ticketing business," OCL said in a statement, adding that the transaction generates significant profits for Paytm and cash proceeds will further strengthen the balance sheet. Announcing the deal, Paytm said it allows the fintech to strengthen its focus on core payments and financial services distribution. Paytm said with its strong focus on long-term value creation, the company remains confident in substituting revenue from its entertainment ticketing business by expanding core business areas of payments and financial service distribution. "This move allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders," a Paytm spokesperson said. On the other hand, Zomato Managing Director and CEO <keyword id="19901325" type="General" weightage="20" keywordseo="deepinder-goyal" source="keywords">Deepinder Goyal</keyword> in a letter to shareholders said, "The proposed acquisition helps us add more scale and offer newer use-cases (like movie and sports ticketing) to our customers in this segment". Zomato believes the deal makes it more relevant to its customers and gives an opportunity to spin off the business into a new app. "We are going to call it District, which could be a game changer for each of these use cases given the need for a single brand as a destination in this segment," Goyal added. Zomato is keen to position 'District' as the brand that consumers turn to when they are thinking of going out, he added. OTPL was incorporated on November 23, 2007, in India. It is in the business of listing and sale of movie tickets and other services. It had a turnover of Rs 13.14 crore in the fiscal ended March 31, 2024. WEPL was incorporated on December 21, 2015. It is in the business of listing and sale of event tickets and other services. Its turnover in the FY24 was Rs 236.03 crore. Paytm said the move to sell its entertainment ticketing business underscores its core focus on payments and financial services distribution. "In recent quarters, the company has also expanded its offerings in insurance, equity broking, and wealth distribution, with a significant opportunity to cross-sell these services and grow its market presence as a leading financial services distribution player," Paytm said. During a transition period (up to 12 months), the movie and event tickets will continue to be available on the Paytm app, as well as on the TicketNew and Insider platforms, ensuring a smooth and uninterrupted experience for users and merchant partners. Paytm said the deal underscores its success in building businesses and creating value for shareholders. Zomato's Goyal said the District app is expected to be launched anytime in the next few weeks. Post this acquisition, he said Zomato's going-out business would be spread across multiple different platforms. Its existing going-out business (dining-out + event ticketing) would continue to run on the Zomato app, and the acquired business -- movie, sports and event ticketing -- would continue to run on Paytm's main app for a transition period of up to 12 months, along with Insider and TicketNew apps. Both of these would get transferred to Zomato as part of the transaction. District app will duplicate the offerings above and over time, we will gradually nudge our customers to move from the Zomato, Paytm, Insider, and TicketNew apps to the District app. "Once most customers start transacting on the District app, we will remove the duplication and shut down this business on all the other apps. Eventually, there will just be a button to launch the District app on the Zomato app (like it is for Blinkit today) so that we continue to tap into the large customer base of Zomato," he added.

Zomato to acquire Paytm's entertainment ticketing business for Rs 2,048 crore

<keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword>'s parent company, <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>, declared its Q2FY25 results today, announcing a one-time, exceptional profit of Rs 1,345 crore during the quarter, thanks to the sale of its entertainment ticketing business. The company's PAT (profit after tax) stood at Rs 930 crore. Notably, without this windfall gain, Paytm's finances would still be in red, with the company racking up losses worth Rs 415 crore. Paytm was in red in the year-ago period as well, incurring losses worth Rs 290.5 crore. This windfall profit also improved Paytm's EBITDA by Rs 388 crore on a QoQ basis. The company's revenue also saw a slight uptick of 10.5% quarterly to Rs 1,659 crore, as opposed to Rs 1,501 crore in the previous quarter. But on a year-on-year basis, Paytm's revenue dipped significantly by 34%. The company also announced that it has entered into a DLG (<keyword id="23641220" type="General" weightage="20" keywordseo="Default-Loss-Guarantee" source="keywords">default loss guarantee</keyword>) model for its merchant loans of about Rs 225 crore with SMFG India Credit. Under this arrangement, Paytm will be first in line to take a hit in case of a loss that emerges from borrowers defaulting or skipping their payments. "Following the regulatory framework and the emerging market practice, we see increased willingness from lenders to partner and allocate more capital in the default loss. The DLG model will help to increase disbursements with the existing partners and expand partnerships with new lenders for the loan distribution,” said the company in its earnings release today. The company's revenue from its payment business also inched up 9% on a quarterly basis, along with its revenue from <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, which also grew by 34% QoQ. At present, Paytm's total merchant subscriptions stand at 1.12 crore, with the company garnering 3 lakh new merchants during the quarter. During the previous quarter, Paytm's <keyword id="20253122" type="General" weightage="20" keywordseo="gross-merchandise-value" source="keywords">gross merchandise value</keyword> (GMV) also inched up by 5% on a sequential basis, which experts anticipate will continue in the coming quarters, just as India braces for the festive season. Per its release, Paytm aims to achieve <keyword id="23641219" type="General" weightage="20" keywordseo="EBITDA-profitability" source="keywords">EBITDA profitability</keyword> (before ESOPs) by the fourth quarter of this financial year. However, investors remained unimpressed with Paytm's performance, with its share slipping by around 3.96% during the day to trade at Rs 697.20. The stock has a YTD (yield-to-date) of 7.91% during the year.

Paytm declares Q2 results, earns Rs 930 crore as windfall gains by way of sale of ticketing business to Zomato

<keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword> is a popular choice for Indians when it comes to getting food delivered. The company's founder recently revealed that the decade-old startup partners with over 3 lakh <keyword id="19980908" type="General" weightage="20" keywordseo="restaurants" source="keywords">restaurants</keyword> today. But were things always this bright with the <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> platform? Not really. On its first day, the company had 0 <keyword id="20198062" type="General" weightage="20" keywordseo="orders" source="keywords">orders</keyword>. <h2>Swiggy's journey through its founder's lens</h2>Founded in 2014, Swiggy started with modest aspirations. The company's co-founder and CEO Sriharsha Majety revealed the startup's journey in a LinkedIn post recently as Swiggy marked its 10th anniversary. Majety reminisced about the humble beginnings when the concept of food delivery was still new in India. “When we launched Swiggy on August 6, 2014, we ended the day with zero orders. The next day, we received our first-ever order, marking the true beginning of our journey,” he wrote, recalling how the company's journey started with just one order. One of the first restaurants to partner with Swiggy was Truffles, a well-known eatery in Bangalore, which began with just two daily orders on the platform. Today, Swiggy’s network has grown exponentially, boasting partnerships with over 300,000 restaurants across the country. Majety also expressed deep gratitude to the early partners who believed in Swiggy’s vision when the concept of on-demand food delivery was still in its infancy. He acknowledged that these early collaborators were more than just business partners; they were integral to Swiggy’s foundation and its evolution into the industry leader it is today. “Their trust and partnership have been invaluable, and they are like core founding team members who helped create food delivery in India as we know it today,” he wrote in the LinkedIn post, highlighting the importance of collaboration in the company’s success. <h2>Swiggy's stock market debut</h2>As Swiggy celebrates this significant milestone, it does so on the cusp of another major event: its anticipated stock market debut. With <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword>, its primary competitor, already listed, Swiggy’s entry into the stock market is eagerly awaited. Speaking at the Moneycontrol Startup Conclave, Majety had reflected on the implications of having a listed competitor. He noted the advantages, such as not needing to explain the fundamentals of the on-demand economy, as well as the challenges, particularly the inevitable comparisons that will arise with each quarterly performance report. As of April 2024, Swiggy has achieved a valuation of USD 12.7 billion, a figure that underscores the company’s impressive growth trajectory over the past decade. Thus, from its beginnings with a single order to becoming a leading player in India’s food delivery market, Swiggy’s journey is an inspiration for all startup founders out there.

Swiggy co-founder reveals the company had 0 orders on day 1, now it has over 3 lakh partners

Online food delivery firm <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords">Zomato</keyword> Ltd on Monday reported a consolidated net profit of Rs 175 crore in the March quarter on the back of higher revenue. The company had posted a consolidated net loss of Rs 188 crore in the same quarter last fiscal, Zomato Ltd said in a regulatory filing. Consolidated revenue from operations stood at Rs 3,562 crore. It was Rs 2,056 crore in the year-ago period, it added. Total expenses were at Rs 3,636 crore. The company posted its total expenses at Rs 2,431 crore in the corresponding period a year ago, it said. For the fiscal ended on March 31, 2024, the consolidated net profit was Rs 351 crore. The company had posted a consolidated net loss of Rs 971 crore in the previous fiscal ended on March 31, 2023, the filing said. In FY24, consolidated revenue from operations stood at Rs 12,114 crore. It was at Rs 7,079 crore. The results for the year ended March 31, 2024, are not comparable with the year ended March 31, 2023, due to the acquisition of Blink Commerce Pvt Ltd (formerly known as Grofers India Pvt Ltd) in June 2022, the filing said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/aadhar-housing-finance-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110071990.cms">Aadhar Housing Finance IPO allotment – How to check allotment, GMP, listing date and more</a> <a href="https://www.businessinsider.in/sports/webstories/ipl-decoded-highest-individual-scores-in-ipl-2024-so-far-from-stoinis-to-kohli/slidelist/110008351.cms">IPL Decoded: Highest individual scores in IPL 2024 so far, from Stoinis to Kohli</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms">Indian smartphone market up 8%, 5G smartphones account for over 70% of shipments</a>

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