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<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 platform <keyword id="19901323" type="General" weightage="20" keywordseo="zomato" source="keywords">Zomato</keyword> on Thursday announced that its wholly-owned subsidiary <keyword id="20332565" type="General" weightage="20" keywordseo="zomato-payments-private-limited" source="keywords">Zomato Payments Private Limited</keyword> (<keyword id="20332941" type="General" weightage="20" keywordseo="zppl" source="keywords">ZPPL</keyword>) has been granted a certificate of authorisation from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) to operate as an '<keyword id="20332942" type="General" weightage="20" keywordseo="online-payment-aggregator" source="keywords">Online Payment Aggregator</keyword>'. The authorisation came into effect from January 24. "We wish to inform that ZPPL has been granted a certificate of authorisation dated January 24, 2024, from the RBI to operate as an 'Online Payment Aggregator' in India with effect from January 24, 2024, as per the guidelines issued by the RBI," Zomato said in an exchange filing. With this, Zomato Payments has expanded its role beyond food delivery and restaurant discovery into the realm of digital payments. Apart from this recent development, Zomato had partnered with ICICI Bank last year to introduce its own unified payments interface (<keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>), Zomato UPI. Earlier this month, Zomato introduced a new feature called "daily payouts" to support emerging restaurant partners. Currently, the feature will be available for restaurant partners who receive 100 or fewer orders a month, according to the company. "Our discussions with various restaurant partners highlighted the financial challenges smaller eateries face, using the traditional weekly payout system. This feature is designed to address this critical need for more frequent access to earnings," Zomato said in a blogpost. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-12-vs-oneplus-12r-heres-whats-different-between-the-two-devices/slidelist/107138750.cms" target="_blank">OnePlus 12 vs OnePlus 12R – What distinguishes the two new smartphones</a><a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/revolt-rv400-brz-an-electric-bike-for-the-city-with-150-km-range-hits-indian-roads/slidelist/107142891.cms" target="_blank">Revolt RV400 BRZ – An electric bike for the city with 150 km range hits Indian roads</a> <a href="https://www.businessinsider.in/business/auto/news/rolls-royce-spectre-rolls-out-as-indias-most-expensive-electric-car/articleshow/107051636.cms">Rolls Royce Spectre rolls out as India’s most expensive electric car</a>

Zomato gets RBI approval to operate as 'online payment aggregator'

<ul><li>While QSRs have been growing aggressively in the last two years, few have been concentrating on dine-in experiences.</li><li>Only McDonald’s run by <keyword id="15483921" type="General" weightage="20" keywordseo="Westlife-Foodworld" source="Orion">Westlife Foodworld</keyword> in India has gained from the trend as it focussed on omnichannel strategy.</li><li>The pizza category – where the product is designed for delivery – suffered the most as dine-ins gained popularity.</li></ul>Indians are wanting to step out for their meals, and that’s hurting quick-service restaurants (QSRs) as well as delivery apps equally. So much so that Swiggy has recently announced that it’s integrating its dine-out offerings onto its platform across 24 cities, allowing users to access discounts as they book via the app. While QSRs have been growing aggressively in the last two years – with a large number of new store openings – few of them have been concentrating on dine-in experiences. And only one chain – McDonald’s run by Westlife Foodworld in India – has gained from the trend as it focussed on the post-pandemic retail trend of an omnichannel strategy. “McDonald’s (Westlife) reported a 20% y-o-y same-store sales growth (SSSG), largely driven by higher guest count and average order value, due to its meals and omnichannel strategy,” said a report by BNP Paribas on the company’s third quarter results. A Credit Suisse report had said last month that McDonald’s offers more meals – across breakfast, coffee and chicken apart from burgers and sides. A larger menu is best suited to bring in footfalls through the day. “Westlife/McDonald’s reiterated their preference for the larger-size, longer-lease store model, which they have successfully figured out; the rest of the listed universe has pivoted to a smaller -store format,” said Credit Suisse. Pizzas: Undelivered growth The pizza category – where the product is designed for delivery – suffered the most. The franchises that run Pizza Hut – Sapphire and <keyword id="142256" type="General" weightage="20" keywordseo="Devyani-International" source="Orion">Devyani International</keyword> – saw a sequential fall in SSSG by 4% and 6%, respectively. Jubilant that runs Domino’s showed almost flat SSSG growth sequentially. “Softer demand continued in the pizza category owing to larger delivery salience, relatively higher penetration and elevated competitive intensity. Pizza Hut posted a q-o-q (quarter-on-quarter) decline in sales, while Domino’s reported flat like-for-like growth of 0.3% y-o-y,” said BNP Paribas. Like-for-like or LFL growth is a metric that indicates revenues of stores with similar characteristics, omitting outliers. KFC witnessed a decline in its ADS (average daily sales per store) both sequentially and year-on-year (y-o-y) due to weak consumer spending and incremental store additions in non-metro cities that typically have lower ADS. While 35% of sales for Domino’s comes from on-premises, for McDonald’s that percentage stands at 52%, for Pizza Hut it’s 41% and for KFC it’s 54%. Moreover, almost all QSRs have been expanding their store numbers but reducing store sizes to make them delivery friendly. So much so, even Pizza Hut, which had started off as a dine-in brand, had changed its strategy to focus on delivery in the last few years to catch up with its closest competitor Domino’s. <div type="image" title="QSR report" msid="98201473" hostid="261" sizebytes="29596"></div> Then there is the slowdown… Apart from changing preferences, Indians also seem to be re-thinking their discretionary spends – which is also eating into <keyword id="6517640" type="General" weightage="20" keywordseo="QSR" source="Orion">QSR</keyword> business. “The slowdown in discretionary consumption, especially post Diwali, has dampened the strong demand sentiment that QSR players witnessed in the past few quarters. This is attributed to rising inflationary pressures, a cut in household expenses and consumers’ down-trading behaviour,” said a report by BNP Paribas. Moreover, the growth that a majority of consumer companies have foreseen might turn out to be a mirage. “The growth rate for food delivery has slowed down versus our projections (along with many peer companies globally). This meant that we needed to revisit our overall indirect costs to hit our profitability goals,” said Swiggy co-founder and CEO Sriharsha Majety on <a href="https://www.businessinsider.in/business/startups/news/swiggy-co-founder-says-over-hiring-a-mistake-as-he-fires-380-employees/articleshow/97171514.cms">firing 380 employees </a>in January. To control its falling revenues, Zomato too has exited 225 small cities,<a href="https://in.mashable.com/tech/47163/zomato-exits-225-cities-after-massive-loss-of-rs-346-crores#:~:text=Zomato%20has%20exited%20225%20cities,comes%20from%20its%20loyal%20users."> where performance was not very</a> encouraging according to its CFO, Akshant Goyal. According to a report by IIFL, as many as 820-920 such restaurants will be added every year as most franchises that run the aforementioned brands are looking to double their store count in the next four to five years. “We believe store expansion targets might need to be toned down if the growth remains weak. Owing to the demand and margin softness, street earnings estimates have come off in the last few weeks,” said BNP Paribas. Moreover, there are other challenges dogging them too – rising wheat and cheese prices have been biting into their margins. Muted sales also give them little room for price hikes, which could further pressure sales and margins. With tightening competition, QSRs are chasing a shrinking pie that could get smaller as <a href="https://www.businessinsider.in/business/corporates/news/india-incs-q3-earnings-largely-meet-analyst-expectations-but-consumption-slowdown-a-worry/articleshow/98154526.cms">consumers watch how much they spend</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/presumptive-taxation-the-scheme-that-eases-burden-on-small-businesses/articleshow/98183636.cms">Presumptive taxation: The scheme that eases burden on small businesses</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/elephant-will-not-march-but-run-powered-by-private-consumption-union-amc/articleshow/98182584.cms">Elephant will not march but run, powered by private consumption: Union AMC</a>

Indians now want to eat out instead of delivery – a move that’s hitting pizza makers the most

<ul><li><keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> and <keyword id="6358977" type="General" weightage="20" keywordseo="swiggy" source="Orion">Swiggy</keyword> will be liable to collect <keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword> on online orders of food, instead of restaurants.</li><li>We don’t tax platforms like Amazon because we understand that they are marketplaces, why such difference with food aggregators, asks EY’s Bipin Sapra.</li><li>The tax loss to the government due to alleged under-reporting by food delivery aggregators is ₹2,000 crore over the past two years.</li></ul>India’s Finance Minister Nirmala Sitharaman on Friday announced that online food delivery platforms like Zomato and Swiggy will be the ones collecting goods and services tax (GST) from customers. The tax rate stays consistent at 5% and the ruling comes into effect on January 1, 2022. Earlier, it was the responsibility of the restaurants to do the same. It did seem pretty fair though, given that restaurants were the ones actually serving the customers while these new age platforms only facilitated online ordering. But it is what it is and the tax experts are not too impressed with it. The partners of renowned law and consultancy firms agreed that taxing platforms like Zomato and Swiggy was not the right way to go about this. “Are we asking Amazon and others to pay the tax? No, because we understand that separate from where there is a buy and sell,” EY’s Bipin Sapra said, adding that food delivery platforms work in a similar manner. But before we form an opinion about it, it is important to understand what this hullabaloo is all about. ‘It’s transfer of responsibility, not an add on tax.’ A customer pays a GST of 5% on each order they place, whether for dine-in or at-home delivery. The restaurants collect this GST because it is the one providing the services/product to the customers directly. The Indian government has now decided that restaurants would not be the ones collecting the taxes on online orders accepted through apps like Zomato and Swiggy. Instead, these food aggregator businesses will be the ones doing so. “They've actually said that these electronic commerce operators would be paying the tax on behalf of restaurants that are supplying customers through their platform. It is like a transfer of responsibility. The restaurant is not required to pay that, but yes they will continue to pay the tax for the offline sales,” PwC’s Anita Rastogi said in an exclusive interaction with Business Insider. Therefore, it doesn't really have much of an implication on customers in many cases as the GST rate stays the same. In some, it does. ‘I already pay GST on order, why do I care who collects it?’ While the government of India is yet to issue further clarification on the new GST norms for Zomato and Swiggy, the current facts have actually made the platforms quite redundant. If restaurants are not supposed to collect GST on online orders, does this mean that placing an order directly from the restaurants will be cheaper than placing it through these platforms? “If I order from a dhaba [roadside restaurant] next door and there is a 5% tax that Zomato charges, but if I call him directly, I don't have to pay 5% tax... Then that brings in inefficiencies and then takes away the whole purpose of having these platforms who are pushing the smaller players to reach a bigger audience,” Chilana &amp; Chilana Law Office’s Sandeep Chilana said. Even the tax experts or the platforms themselves are not too sure about how the government plans to play it out. Both Zomato and Swiggy have <a href="https://economictimes.indiatimes.com/tech/startups/swiggy-zomato-reach-out-to-govt-for-clarity-on-gst/articleshow/86439373.cms" data-type="tilCustomLink">reportedly</a> reached out to the government, seeking more details on the GST being levied on them. They are worried that this could lead to tax cascading (tax on tax). Abhishek Rastogi, partner at Khaitan &amp; Co, also raised similar concerns. There is one thing for sure — you will have more tax on your plate now. Earlier, restaurants below certain thresholds were exempted from paying GST on online or dine-in orders. Thanks to the new policies, even those restaurants would be under the tax next and ordering from your nearest dhaba will get more expensive. ‘This is precisely why the government took this up’ Despite the increase in online ordering, the government of India has not been able to fill up its treasury at the same rate. “These restaurants were required to take the GST and pay the tax to the government, but somewhere down the line — through technology, artificial intelligence, etc — many of the restaurants are not paying this particular tax to the government,” Rastogi said. As per the <a href="https://www.business-standard.com/article/economy-policy/5-gst-on-food-delivery-apps-fuel-to-stay-out-of-ambit-key-decisions-121091701376_1.html">estimates</a>, the tax loss to government due to alleged under-reporting by food delivery aggregators is ₹2,000 crore over the past two years. ‘But is there any way out?’ “The simplest solution which can be implemented as soon as possible was tax collected at source (TCS),” Rastogi added. Tax collected at source (TCS) is the tax payable by a seller, which he collects from the buyer at the time of sale. Platforms like Zomato and Swiggy are liable to pay TCS of 1%, which highlights that the government had already taken cognisance of the issue. The experts agree that increasing the TCS was a much simpler and faster way to go about things here, instead of introducing a new tax altogether. SEE ALSO <a href="https://www.businessinsider.in/cryptocurrency/news/south-koreas-crypto-regulations-are-tightening-around-investors-and-exchanges-alike/articleshow/86426452.cms">South Korea’s crypto regulations are tightening around investors and exchanges alike</a> <a href="https://www.businessinsider.in/stock-market/news/paras-defence-and-space-technologies-ipo-gets-blockbuster-demand-from-investors/articleshow/86422668.cms">Paras Defence and Space Technologies IPO gets blockbuster demand from investor</a> <a href="https://www.businessinsider.in/business/news/experts-say-karnatakas-ban-on-games-of-chance-like-dream11-and-mpl-may-face-a-legal-test/articleshow/86419697.cms">Experts say Karnataka’s ban on games of chance like Dream11 and MPL may face a legal test</a>

India needs to review how it wants to extract tax from Zomato and Swiggy

<ul><li><keyword id="967069" type="General" weightage="100" keywordseo="thrive" source="Orion">Thrive</keyword> provides a self-service tool that enables restaurants to create their own direct-ordering platform in under 10 minutes, regardless of their location in the country. </li><li>According to projections, the online food delivery market in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> is expected to grow rapidly at a rate of approximately 35%. </li><li>The partnership is expected to provide <keyword id="6385848" type="General" weightage="20" keywordseo="coca-cola-india" source="Orion">Coca-Cola India</keyword> with access to potential business opportunities and improve its digital consumption offerings.</li></ul>Coca-Cola India has acquired a 15% minority stake in Thrive, an Indian foodtech platform. This marks the first time the beverage giant has invested in an Indian startup. Since the pandemic hit, restaurants have had to adapt to a new normal. Hashtag Loyalty, a company in the customer engagement and retention technology for retail and hospitality businesses, realised that the situation wasn't going to improve anytime soon, and that they needed to make changes. To better understand how the new normal was shaping up, they spoke to both their customers and their customers' customers. Their research revealed several insights, including that health is now a top priority, delivery is no longer a luxury but a necessity, and emotional loyalty is more important than ever. With these insights in mind, Hashtag Loyalty launched Thrive, an all-in-one restaurant-ordering platform that includes delivery, pickup and table ordering with built-in marketing features. <cmsannotation type="cmsannotation" annotationid="Letting restaurants create their own direct-ordering platform" comment="subhead" text="Letting restaurants create their own direct-ordering platform">Letting restaurants create their own direct-ordering platform</cmsannotation> Thrive, established in 2020 by Hashtag Loyalty co-founders <keyword id="11169609" type="General" weightage="50" keywordseo="dhruv-dewan" source="Orion">Dhruv Dewan</keyword>, Karan Chechani and Krishi Fagwani offers restaurants an alternative to partnering with food delivery giants like <keyword id="830092" type="General" weightage="50" keywordseo="zomato" source="Orion">Zomato</keyword> and Swiggy. “The biggest problems faced by restaurants in the online-ordering ecosystem in India include high commission rates charged by delivery aggregators, lack of control over customer data, and difficulty in competing with larger, established players in the market,” reads a LinkedIn article posted by the company. It aims to change this. Thrive provides a self-service tool that enables restaurants to create their own direct-ordering platform in under 10 minutes, regardless of their location in the country. The company has developed an all-in-one SaaS (software as a service) solution that aids restaurants in creating their own ordering experiences, allowing them to save up to 30% of their revenue and own their customer data. Restaurants partnering with Thrive can establish their own delivery network and gain access to customer data, which sets them apart from competing aggregators. Moreover, Thrive says it charges a notably low commission fee of only 3% per transaction, giving restaurants the opportunity to earn higher profits. Thrive has expanded its services to more than 10,000 restaurants across India. Thrive raised $2.5 million in a Series A funding round led by Jubilant FoodWorks Limited in December 2021. Before that, in November 2020, it had raised an undisclosed amount in a pre-Series A round led by Whiteboard Capital and Ahimsa Capital. <cmsannotation type="cmsannotation" annotationid="The Coca-Cola partnership" comment="subhead" text="The Coca-Cola partnership">The Coca-Cola partnership</cmsannotation> The partnership with Coca-Cola India will help Thrive enhance consumer experience by allowing them to order their preferred beverages alongside their desired meals from Thrive's affiliated restaurants. According to projections, the online food delivery market in India is expected to grow rapidly at a rate of approximately 35%, reaching a gross merchandise value of around $18 billion and accounting for about 18% of the total food service industry by fiscal year 2025. This will be driven by an increase in users from 20 million to 60 million. Coca-Cola India's investment in Thrive is expected to provide the company with access to potential business opportunities in this growing market and improve its digital consumption offerings.

Coca-Cola India invests in foodtech platform Thrive, which aims to change the way you order your meal online

Online food delivery platform <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> has stopped signing up new users or renewing old subscriptions for its loyalty dining membership programme called 'Pro', as the Deepinder Goyal-run company is working with customers and restaurant partners to craft a new programme. The move comes as fine-dine restaurants are now open across the country after facing a turbulent time in the pandemic, and people now prefer going out with families for dinners. The online food aggregator launched <keyword id="9490437" type="General" weightage="80" keywordseo="zomato-pro" source="Orion">Zomato Pro</keyword> in 2020 and Zomato Pro Plus in 2021, in a bid to let users enjoy extra perks like priority delivery, money-back guarantee and more. The food tech unicorn had renamed its <keyword id="18712" type="General" weightage="50" keywordseo="gold" source="Orion">Gold</keyword> subscription programme as Zomato Pro. The company has already shut its premium aPro Plus' programme. In a statement to IANS, a Zomato spokesperson said that while Zomato Pro and Pro Plus have been loved tremendously by its customers and merchants, "we want it to be even more beneficial, especially for the most engaged customers and merchant partners". "We are taking feedback and working closely with our customers and restaurant partners to craft a new programme. Meanwhile, we are not onboarding new members and merchant partners to Zomato Pro and Zomato Pro Plus," the company spokesperson added. While active members can continue to get their benefits as promised, they will not be able to extend/renew their memberships once their membership tenure expires. Zomato said it promises "to come up with a bigger, better experience very soon". Zomato's competitor <keyword id="6358977" type="General" weightage="50" keywordseo="swiggy" source="Orion">Swiggy</keyword> also has its own loyalty programme called Swiggy One that allows its members unlimited free deliveries from select restaurants and unlimited free delivery from <keyword id="14779240" type="General" weightage="50" keywordseo="quick-commerce-service" source="Orion">quick commerce service</keyword> <keyword id="9728281" type="General" weightage="50" keywordseo="instamart" source="Orion">Instamart</keyword> on orders more than Rs 99. Zomato reported Rs 185.7 crore in consolidated loss for the quarter ending June 30, compared to a loss of Rs 359.7 crore in the previous quarter. The consolidated revenue saw 67 per cent increase at Rs 1,413.9 crore from Rs 844.4 crore (same quarter last year), and 16.68 per cent up from Rs 1,211.8 crore in the last reported quarter. "Our focus on profitability has sharpened over the past few months with the change in market context, without compromising our focus on growth," said <keyword id="3378387" type="General" weightage="50" keywordseo="zomato-founder" source="Orion">Zomato Founder</keyword> and CEO <keyword id="476451" type="General" weightage="50" keywordseo="deepinder-goyal" source="Orion">Deepinder Goyal</keyword>. He said that the company is focused on spending wisely and continually reinforcing a lean cost culture -- "particularly in a business like ours which is currently loss making". SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/lazarus-hackers-targeting-apple-mac-users-with-fake-job-posts/articleshow/93703334.cms">Lazarus hackers targeting Apple Mac users with fake job posts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indians-spend-half-an-hour-every-day-on-memes-and-thats-gone-up-80-in-the-last-year/articleshow/93702734.cms">Indians spend half an hour every day on memes and that's gone up 80% in the last year</a>

Zomato stops new users, renewals for its loyalty dining programme Pro

<ul><li><keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> had launched the LGBTQIA-friendly tag in May 2019. </li><li>1000 restaurants are already displaying the tag on their profiles.</li><li>Delhi is leading the city change with a 200% increase in restaurants with the tag.</li></ul>Indian food aggregator unicorn Zomato now has 1000 restaurants on its platform who carry the LGBTQIA-friendly tag. With this, the Zomato profiles of the restaurants are displaying the welcoming tag. The company said that ‘while it hopes for a time that this tag is redundant’, Zomato has seen an uptick in restaurants who want to carry the tag to encourage inclusivity. It had launched the tag in May 2019, there has been a 106% uptick in the number of restaurants wanting to carry the tag. Individually, Delhi is leading the city change with a 200% increase in restaurants accepting to put the tag on their profiles. Zomato recently <a href="https://www.businessinsider.in/zomato-just-shut-up-a-bigoted-customer-in-less-than-ten-words/articleshow/70462499.cms">shutdown a bigoted customer</a>, who refused to take an order from a delivery guy of a different religion. Zomato replied, “Food doesn’t have a religion. It is a religion”, while its co-founder and CEO Deepinder Goyal said he wasn’t sorry to let go of any business that comes in the way of their values.

A thousand Indian restaurants on Zomato have tagged themselves LGBTQIA friendly

Former <keyword id="7349800" type="General" weightage="50" keywordseo="bharatpe" source="Orion">BharatPe</keyword> co-founder and managing director <keyword id="2988161" type="General" weightage="80" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> has revealed he made a cool ₹2.25 crore from <keyword id="830092" type="General" weightage="80" keywordseo="zomato" source="Orion">Zomato</keyword> IPO within 8 minutes of its opening in July last year. In his memoir 'Doglapan', <keyword id="3433" type="General" weightage="100" keywordseo="grover" source="Orion">Grover</keyword> said that with the IPO being oversubscribed more than 30 times, he got an allotment of shares worth over ₹3 crore. "My RMs (relationship managers), based on grey-market premiums, were expecting the Zomato share to list between ₹85-90, as against an issue price of ₹76. I, however, was certain that it would do far better. When the share opened on the listing day at ₹116 per share, I mandated them to sell all my shares," he wrote. By the time the trade got executed, "I got a selling price of ₹136 per share. With my landing cost after interest being between ₹82-85, 1 ended up making over ₹2.25 crore," he said. "Within eight minutes of the Zomato IPO opening, I had made over ₹2.25 crore." Grover said that he became a little greedy post the Zomato IPO. "I went in for the Car Trade IPO but ended up losing ₹25 lakh there," he said. Grover, currently facing a court case filed by BharatPe that he co-founded, said that he was bullish on the Zomato IPO on several counts. "Of course, I knew of Deepinder (Goyal), and I am a big believer in his ability to persevere and keep building big. Fundamentally, with the pandemic the ticket size of their orders had grown, as people were ordering food from home for 3-4 members in the family, as against single rolls in office, thereby increasing Zomato's absolute margins," he wrote. Moreover, with restaurants completely dependent during lockdowns on app orders, there was no risk of the take-rate coming down. "On the other hand, job insecurity among delivery boys kept delivery costs in check. In fact, COVID magically solved the food delivery economics in the country overnight, just like it skyrocketed <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword> penetration," said Grover. Grover was in a heated tussle with Kotak Mahindra Bank after their financing arrangement during the IPO of FSN E-Commerce Ventures Ltd., which owns Nykaa, failed to materialise. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/uber-rides-indians-spent-11-billion-minutes-traveling-and-covered-4-5-billion-kilometers-in-2022/articleshow/96535396.cms">Indians spent 11 billion minutes traveling and covered 4.5 billion kilometers in 2022 in this taxi service</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/venugopal-dhoot-the-man-who-went-from-making-colour-tvs-to-being-involved-in-the-icici-bank-loan-fraud-case/slidelist/96537909.cms">Venugopal Dhoot – The man who went from making colour TVs to being involved in the ICICI Bank loan fraud case</a>

I made ₹2.25 crore within 8 minutes of Zomato IPO opening: Ashneer Grover

<ul><li>The rise in cheese and wheat prices affected the Q4 profits of companies that operate <keyword id="58553" type="General" weightage="20" keywordseo="pizza-hut" source="Orion">Pizza Hut</keyword>, Domino’s and <keyword id="6376241" type="General" weightage="20" keywordseo="kfc" source="Orion">KFC</keyword>. </li><li>The companies say that consumer sentiment is weak, and do not see it changing in the near term either. </li><li>QSR companies are working on value products and have ruled out price hikes, especially in the pizza category. </li></ul>Indian quick service restaurant (QSR) operators – <keyword id="13306" type="General" weightage="80" keywordseo="devyani" source="Orion">Devyani</keyword> International and <keyword id="95677" type="General" weightage="80" keywordseo="jubilant-foodworks" source="Orion">Jubilant Foodworks</keyword> both reported a year-on-year (YoY) fall in net profit in the fourth quarter, hurt by a rise in input costs. In the last one year, prices of the key ingredients of pizzas and burgers i.e. cheese and flour went up by 40% and 21%, respectively. The companies operate franchises of Pizza Hut, KFC, Domino’s, Costa Coffee and more. While KFC was able to raise prices marginally by 3.5% during the year to pass on some of the rise in poultry prices, pizza, which is a high-value category, leaves little room for price hikes. Operators of Pizza Hut and Domino’s have consciously not taken a price hike in the pizza category, and don’t see them going up in the next few quarters either. In addition to raw material inflation, the operators’ ability to increase prices during the same period were also low as Indians cut back on their discretionary spending. While Q4 is a seasonally weak quarter for QSRs due to the effect of festivals like Navratri and Ramadan – when people undertake fasting, the consumer sentiment is also weak, say analysts. <table style="border-width: initial; border-style: none;"></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;">Q4 Net Profit </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;">YoY change </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;">Q4 Revenue </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;">YoY change </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;">Jubilant Foodworks </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;">₹28.54 crore </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;">-70% </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;">₹1,269.85 crore </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;">8% </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;">Devyani International </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;">₹59.87 crore </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;">-21% </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;">₹754.97 crore </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;">27.8% </td></tr></tbody></table> Source: PTI Pizzas harder hit than burgers Devyani’s same-store sales growth (SSSG) — which measures the sales of its stores that existed for over a year — went up a marginal 2% for KFC. For Pizza Hut, SSSG declined by 3.2% year-on-year, as per a research report by Nuvama. <keyword id="3742694" type="General" weightage="80" keywordseo="sapphire-foods" source="Orion">Sapphire Foods</keyword>, which also operates Pizza Hut and KFC, showed similar growth in Q4. SSSG for its KFC outlets grew 2%, while Pizza Hut outlets saw it decline by 4%. The management has also guided for a tough year ahead in terms of growth. “Management expects 5-7% SSSG for Pizza Hut over next FY25-28 while FY24 would be challenging. Management expects Pizza Hut restaurant EBITDA margin would be in the range of 10-11% if SSSG stays positive,” says a Centrum report on Sapphire Foods. EBITDA refers to earnings before interest, taxes, depreciation and amortisation. The commentary from Jubilant Foodworks’ management is not encouraging either. “As per JFL, from a consumer sentiment perspective, things won’t change anytime soon,” said a Nuvama report. As the company expects <keyword id="17449721" type="General" weightage="20" keywordseo="cheese-prices" source="Orion">cheese prices</keyword> to remain high in the coming future, it is working on a value range of products to tide over the dual impact of rising input costs and weakening sentiment. “The decline in average order value (AOV) is not driven by value launches but by inflation. This gives the company confidence that once sentiments improve, there will be natural up trending,” said Nuvama. Vijay Jain, the chief financial officer of Sapphire Foods, hopes for a recovery in the next one year. “While the demand conditions have impacted those transaction growth, we believe we are at the bottom of it. Hopefully, we believe that over the next 12 months, we should start seeing some small amount of recoveries where we can gain our restaurant EBITDA margins back up by a few basis points, if not more,” he said on an earnings call. Long-term opportunities seen In addition to these pressures, local competition who offer aggressive discounting and cannibalisation is also affecting the sales of high-value products across the QSR segment. Yet, analysts see all these factors only as short-term pain. “We believe there are strong long-term opportunities in QSR and Jubilant Foodworks with its moats is poised to take advantage of the same. After a steep stock price correction of around 25% from its peak, valuations appear reasonable,” says Motilal Oswal, reiterating its ‘Buy’ rating on Jubilant stock. A Nuvama report on Jubilant also hopes that its SSSG will improve as urban demand sentiment improves. Devyani is seeing a marginal improvement in demand over the last 45 days, the research firm says, adding that initial signs say that inflation is stabilising. Nuvama’s medium-to-long term outlook for Devyani’s SSSG is 5-6%. “We like online players such as Swiggy, Zomato and soon to enter Amazon, and see them positively expanding the overall dining-out and ordering market. Also, while promotional and marketing spends will continue to remain elevated, we do not see that denting JFL’s margins,” it said. Centrum says that Sapphire Foods has reworked its strategy to fit the improvement in dine-ins as opposed to delivered sales. “With strong management, besides sharp improvement in its execution capabilities, we expect turnaround in SF’s performance. However weak demand, incremental competition in chicken QSR, and rising inflation in chicken/dairy pose short-term challenges in our view,” says Centrum. Although the post-pandemic boom effects have been vanishing from many discretionary items, analysts believe that there is value in the expansion strategies that many QSR players have adopted, especially in the long term.

Cheese burst: Quick service restaurants see muted growth ahead

<ul><li>As startup layoffs continue, Mobile Premier League and FrontRow fire 245 peopleInfo Edge has lost ₹9,491 crore ($1.2 billion) in its investment in tech startups <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> and <keyword id="696009" type="General" weightage="20" keywordseo="policybazaar" source="Orion">PolicyBazaar</keyword>.</li><li>The market cap of both the companies have fallen significantly as the Indian stock market undergoes sharp correction.</li><li><keyword id="80004" type="General" weightage="20" keywordseo="info-edge" source="Orion">Info Edge</keyword> owns 15.23% stake in restaurant aggregator business Zomato and 13.3% in financial services company PolicyBazaar.</li></ul>Sanjeev Bhikchandani-led Info Edge has lost ₹9,491 crore ($1.2 billion) in its investment in tech startups Zomato and PolicyBazaar since their stock market debut. The development comes as tech and startup stocks underwent a meltdown in the last few months. According to Business Insider’s calculations, the Naukri.com and Jeevansathi.com’s parent company has made ₹12,656 crore ($1.6 billion) on its investment in the two companies as of May 30. This investment however was once worth more than twice of what they’re now worth —- at ₹22,148 crore ($2.8 billion), as per their listin day valuations. Notably, Info Edge owns 15.23% stake in restaurant aggregator business Zomato and 13.3% stake in financial services company PB Fintech, which is the parent company of PolicyBazaar and PaisaBazaar. <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;"> </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;">Returns on the day of listing </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;">Returns on May 30, 2022 </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;">₹14,957 crore </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;">₹8,537.9 crore </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;">PB Fintech (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;">₹7,191 crore. </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;">₹4,119 crore </td></tr></tbody><tbody></tbody></table>Zomato’s shares listed at a<a href="https://www.businessinsider.in/business/news/zomato-makes-a-strong-public-market-debut-at-51-premium-shares-open-at-115/articleshow/84667265.cms#:~:text=Zomato%20made%20a%20strong%20debut,the%20NSE%2C%20up%2072%25."> premium of 51% </a>as its shares opened at ₹116 in July 2022. Its market cap was at ₹98,211 crore on the closing bell on the first day of listing, down from the ₹100,000 crore mark it breached earlier in the day. The company’s market cap has halved since then to ₹56,060 crore, as of May 30. At the peak of Zomato's stock price, Info Edge’s shareholding in the company was valued at ₹20,190 crore. PB Fintech — which offers insurance and loan facilities to customers — listed on the stock exchange at a premium of 17% on the Indian stock market on November 15, 2021. Its market cap was ₹54,070 crore on the closing bell on the day of market debut, versus ₹30,970 crore on May 30. Info Edge is also an investor in other initial public offering (IPO)-bound companies like ixigo and Shiprocket. The year <a href="https://www.businessinsider.in/stock-market/news/there-are-huge-discounts-on-nykaa-zomato-paytm-and-shares-of-other-listed-tech-startups/articleshow/89086759.cms">2022 has not been a great one</a> for these tech stocks, which <a href="https://www.businessinsider.in/stock-market/news/paytm-nykaa-and-zomato-are-now-a-part-of-nifty-next-50/articleshow/89820712.cms">made their debut on the stock market </a>only last year. Besides Zomato and PB Fintech, others like Paytm and Nykaa have also faced a significant drop in their share price and market capitalization ever since the startup of 2022. <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;">Percentage change in stock price since Jan 1, 2022 </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;">-49.6% </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;">PB Fintech </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;">-28.05% </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;">FSN E-Commerce (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;">-32.99% </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;">One97 Communications (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;">-52.13% </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;">EasyTripPlanner (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;">+41.68% </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;">-25.59% </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;">RateGain </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;">-21.75% </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;">Nazara Technology </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;">-50.26% </td></tr></tbody><tbody></tbody></table>Source: Bombay Stock Exchange One97 Communications, the parent company of Paytm, was <a href="https://www.businessinsider.in/stock-market/news/zomato-is-now-bigger-than-paytm-reasons-why-the-market-is-not-excited-about-vijay-shekhar-sharmas-vision-of-a-superapp/articleshow/87777762.cms">not doing great in 2021</a> but 2022 was somehow even worse when it 52.13% of its share price and marketcap this year. The company’s valuation has eroded over 75% ever since its listing in November 2021. Nykaa was off to a <a href="https://www.businessinsider.in/stock-market/news/nykaa-starts-trading-at-2001-a-premium-of-77-87/articleshow/87618803.cms">good start last year</a> as the company managed to double investors’ money on the day of listing. However, it has too been on a downwards trajectory this year as it witnessed over 27% dip in its share price in 2022. Info Edge’s share price also fell nearly 32% since the start of this year. SEE ALSO <a href="http://www.businessinsider.in/finance/banks/news/citi-kotak-icici-and-other-investment-banks-earned-2600-crore-through-ipos-last-year/articleshow/91887303.cms" data-type="tilCustomLink" style="">Indian companies raised $14 billion via IPOs and their i-bankers made $300 million in fees</a> <a class="tout-title-link" href="https://www.businessinsider.in/business/corporates/news/nykaa-to-face-competitive-heat-but-its-omni-channel-experience-maybe-the-game-changer/articleshow/91883946.cms" style="">Nykaa to face competitive heat but its omni-channel experience maybe the game changer</a> <a href="http://www.businessinsider.in/business/startups/news/mobile-premier-league-and-frontrow-fire-245-people-as-startup-layoffs-continue/articleshow/91892557.cms" data-type="tilCustomLink" style="">As startup layoffs continue, Mobile Premier League and FrontRow fire 245 people</a>

Info Edge has lost over $1.2 billion on its investment in Zomato, PolicyBazaar

<ul><li>Indian <keyword id="7389506" type="UNKNOWN" weightage="20" keywordseo="online-food-delivery-platforms">online food delivery platforms</keyword> have reportedly been contributing 15%-20% annually towards the growth of food court businesses in malls of India. </li><li>Previously, the restaurant association asked food aggregators — including Zomato and Swiggy — if they are making consumers ‘discount addicts’ disguised as customers ‘saving’ through online orders.</li></ul>It appears the relationship between Indian restaurants and the country’s online food aggregators such as Swiggy and Zomato can range from sour to sweet – depending on where you choose to dine. Several prominent malls in India have witnessed an increase in business and profits due to online delivery platforms including Swiggy and Zomato, ET reported, citing mall owners. <a href="https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/ecomm-wary-malls-find-online-food-aggregators-presence-palatable/articleshow/68248629.cms?utm_source=Colombia&amp;utm_medium=C1&amp;utm_campaign=CTN_ET_hp&amp;utm_content=21">According to </a>New Delhi’s Select Citywalk Mall, business at food establishments at the mall’s food court has been growing at 15%-20% annually. The food court reportedly makes 300,000 deliveries a month via online food platforms. On the other hand, India’s restaurants lobby recently accused the online food delivery majors of ‘eating into their business.’ Last month, small restaurants filed a <a href="https://www.businessinsider.in/swiggy-and-zomato-are-being-targeted-for-misusing-dominant-position-in-a-petition-filed-with-indias-competition-watchdog/articleshow/67376953.cms">complaint</a> with the country’s anti-trust regulator, the Competition Commission of India (CCI) against deep discounting practices adopted by Zomato and Swiggy, accusing aggregators of getting consumers addicted to discounts. According to a Bloomberg <a href="https://www.bloombergquint.com/technology/indias-food-delivery-apps-navigate-discounts-losses-in-race-for-customers#gs.mmwIqqqI">report</a>, Zomato, Swiggy and Foodpanda invests nearly half a billion dollars in last two years on discounts. For example, Zomato has been running a 50% discount deal with many of its partners over the past four months. And Swiggy, which raised $1 billion, and entered the unicorn club, is also targeting deals in competition with Zomato. One fast food chain owner told Business Insider India it had listed on online food aggregator platforms for the sake of deliveries, and not discounts. He added that the restaurant “doesn’t believe in discounts.” According to him, the discount strategy doesn’t necessarily impact customer loyalty, as people are likely to end up at their preferred restaurants. While an official from the restaurant association stated that even though online food aggregators have brought restaurants closer to customers, it is important to note that no one sells at a loss just to attract customers and create dominance. On the flip side, online food aggregators contend that their approach is just designed to increase customer reach. “Discounts are merely a mechanism to encourage user participation as we advance our services. Our discounts and promotional schemes are carefully designed keeping in mind the best interest of all the parties in the ecosystem,” a Zomato spokesperson told Business Insider. Deepak Zutshi, vice president for leasing at Select Citywalk <a href="https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/ecomm-wary-malls-find-online-food-aggregators-presence-palatable/articleshow/68248629.cms?utm_source=Colombia&amp;utm_medium=C1&amp;utm_campaign=CTN_ET_hp&amp;utm_content=21">told</a> ET that there is no such conflict between malls and food aggregators Swiggy and Zomato here, the focus is on on-time delivery without compromising on customer experience. Stiff competition There’s no denying that food tech players in India have been in heated competition, battling on several fronts such as pricing and quality. According to the<a href="https://www.livemint.com/Companies/WJSpXMp64Q0QLcKLw5tCoK/Swiggy-is-on-top-of-the-online-food-chain-shows-survey.html"> latest survey </a>by Redseer Consulting, Swiggy has been the most trusted brand among Indians, leaving behind Foodpanda, UberEats and even Zomato. Defending its discount strategy, Zomato has argued that it is only “working towards achieving a balance of user experience, restaurant growth and operational efficiency." Regardless of who ranks up in the battle, one thing is certain: At least in the foreseeable future, the diners win. See also: <a href="https://www.businessinsider.in/swiggy-and-zomato-are-being-targeted-for-misusing-dominant-position-in-a-petition-filed-with-indias-competition-watchdog/articleshow/67376953.cms">Swiggy and Zomato are being targeted for ‘misusing dominant position’ in a petition filed with India’s competition watchdog</a> <a href="https://www.businessinsider.in/the-indian-government-has-reportedly-invested-just-19-of-its-fund-dedicated-to-boosting-startups/articleshow/67323307.cms">The Indian government has reportedly invested just 19% of its fund dedicated to boosting startups</a> <a href="https://www.businessinsider.in/for-indian-startups-2018-has-been-a-year-of-bouncing-back-as-venture-capital-funding-doubles/articleshow/67286540.cms">For Indian startups, 2018 has been a year of bouncing back as venture capital funding doubles</a>

In India, restaurants have a love-hate relationship with online food delivery platforms

<ul><li>Over the month-long <keyword id="6217944" type="UNKNOWN" weightage="20" keywordseo="Great-Indian-Restaurant-Festival">Great Indian Restaurant Festival</keyword>, participating restaurants raked in a total of ₹350 crores. </li><li>With 80% of diners between the age group of 18-34, discounts reigned supreme during the month. </li><li>Discounts are also the reasons why foodtech aggregators like Zomato and Swiggy have managed to retain consumers. </li></ul>Indians love to eat and that was once again proved last month during the Great Indian Restaurant Festival 2019, a nation-wide food festival. During the festival, 2.5 millions Indians headed to restaurants and used the discount coupons and offers handed out as a part of the event. Using the discounts, people from Delhi saved ₹50 crore, according to an official statement from the festival organisers, with 80% of diners from across the country falling into the age bracket of 18-34. But they weren’t the only winners. The restaurants that were a part of the festival managed to garner a total of ₹350 crores. For the junk-food loving Indian nation, here’s what topped the charts during the month-long event. People from Delhi gorged on pizza, while Bengalureans made use of happy hour deals. Meanwhile, the hot favourite for Mumbai and Kolkata was noodles. It’s discounts that sells in India - and some restaurants allege Indians have become ‘discount addicts.’ In fact, the discount culture has taken over the country so much so that Indian foodtech aggregators can’t do without them, even if it burns their pockets. According to a <a href="https://www.businessinsider.in/zomato-and-swiggy-discounts-of-concern-to-indian-restaurants/articleshow/68256281.cms">Bloomberg report</a>, Indian startups Zomato, Swiggy and Foodpanda didn’t mind investing half a billion dollars just for discounts. See Also: <a href="https://www.businessinsider.in/zomato-and-swiggy-discounts-of-concern-to-indian-restaurants/articleshow/68256281.cms">In India, restaurants have a love-hate relationship with online food delivery platforms</a> <a href="https://www.businessinsider.in/swiggy-and-zomato-are-being-targeted-for-misusing-dominant-position-in-a-petition-filed-with-indias-competition-watchdog/articleshow/67376953.cms">Swiggy and Zomato are being targeted for ‘misusing dominant position’ in a petition filed with India’s competition watchdog</a>

You Searched For "indian restaurants on zomato" and got 12 results

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Zomato stops new users, renewals for its loyalty dining programme Pro

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Info Edge has lost over $1.2 billion on its investment in Zomato, PolicyBazaar

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In India, restaurants have a love-hate relationship with online food delivery platforms

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A whopping 2.5 million Indians dined out in February as discounts poured in – Here’s what most of them ate

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