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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

Former <keyword id="12987696" type="General" weightage="20" keywordseo="bharatpe-co-founder" source="Orion">BharatPe Co-founder</keyword> and managing director <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> said on Tuesday that <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> should have acquired its arch rival <keyword id="6358977" type="General" weightage="80" keywordseo="swiggy" source="Orion">Swiggy</keyword> than 10-minute grocery platform <keyword id="12724311" type="General" weightage="50" keywordseo="blinkit" source="Orion">Blinkit</keyword> to avoid the mayhem it is experiencing on Dalal Street. Zomato's share price tanked over 11 per cent on Monday and more than 7 per cent to hit an all-time low of Rs 43.05 on Tuesday. According to <keyword id="3433" type="General" weightage="50" keywordseo="grover" source="Orion">Grover</keyword>, merging Swiggy would have seen Deepinder Goyal-led Zomato to reach Rs 450 a share. "On the stock market - letsblinkit served piping hot misery to zomato in 10 minutes! Yeh hi agar Swiggy ko merge kar liya hota to Rs 450 ka stock hota!" (<keyword id="14560447" type="General" weightage="50" keywordseo="had-zomato" source="Orion">Had Zomato</keyword> merged with Swiggy, its stock price would have been Rs 450) tweeted Grover. Zomato acquired Blinkit for about $568 million, saying quick commerce is a natural extension of its food delivery business. The shares of the food delivery platform touched a new low of Rs 43.05 on Tuesday, wiping out more than Rs 89,000 crore. In May, Grover had said that buying Zomato shares, even when it had been falling for months, wouldn't be a bad idea. "It's all about perspective. If you were a Zomato employee and exercised your ESOP (employee stock ownership) at Rs 140 or higher post IPO, you probably paid more cost per share as Income Tax, than what you can buy today from the market freely. At Rs 56 per share price, markets are giving everyone ESOPs," he had tweeted. Grover, along with his wife <keyword id="13057738" type="General" weightage="50" keywordseo="madhuri-jain-grover" source="Orion">Madhuri Jain Grover</keyword>, has incorporated a new company called 'Third Unicorn Private Limited' that has both husband and wife as directors, according to the data available on Tofler. Third Unicorn has an authorised share capital of Rs 20 lakh and a total paid-up capital of Rs 10 lakh. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/dgca-gives-clean-chit-to-spicejet-says-no-safety-violation-found/articleshow/93133139.cms">DGCA gives clean chit to SpiceJet, says no safety violation found</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/star-javelin-thrower-neeraj-chopra-ruled-out-of-commonwealth-games-due-to-groin-injury-ld/articleshow/93133172.cms">Star javelin thrower Neeraj Chopra ruled out of Commonwealth Games due to groin injury (Ld)</a>

Ashneer Grover blames Zomato's Blinkit acquisition for its share price fall

Online delivery platform <keyword id="6358977" type="General" weightage="100" keywordseo="swiggy" source="Orion">Swiggy</keyword> has sold its Cloud Kitchen business to Kitchens@, a leading player in the rapidly growing cloud kitchen industry, for an undisclosed sum, as the growth rate for food delivery slows down. The online food aggregator will become a stakeholder in Kitchens@ through the all-equity transaction of Swiggy's <keyword id="60938" type="General" weightage="80" keywordseo="access" source="Orion">Access</keyword>. Swiggy pioneered the Cloud Kitchen model with the launch of <keyword id="5980102" type="General" weightage="50" keywordseo="swiggy-access" source="Orion">Swiggy Access</keyword> in 2017. The Swiggy Access programme allows restaurant partners to establish kitchen spaces in neighbourhoods where they do not currently operate, with the goal of offering more variety and shortening delivery times for consumers. "The addition of Swiggy's Access kitchens will bolster the reach and operations of Kitchens@'s in four cities across 52 locations and more than 700 kitchens, providing customers with more convenient and efficient food delivery options," <keyword id="16683930" type="General" weightage="50" keywordseo="junaiz-kizhakkayil" source="Orion">Junaiz Kizhakkayil</keyword>, CEO of Kitchens@ said. By leveraging Swiggy's analysis of local demand and selection of high-performing partners, Kitchens@ said it can diversify food options and meet customers' needs in specific areas. "Swiggy Access was started with the aim to bridge hyperlocal gaps in restaurant supply and solve for variety, quality, and convenience of food. Since its inception, Access has enabled several restaurant partners to innovate and expand their reach to new customers in a cost-effective manner," said <keyword id="717554" type="General" weightage="50" keywordseo="rahul-bothra" source="Orion">Rahul Bothra</keyword>, CFO of Swiggy. The current transaction enables a combined annual GMV of $65 million (Rs 520 crore) for Kitchens@. The company aims to reach $100 million in revenue within the next 6 months and has already secured Letters of Intent with over 40 national and international brands to partner with it using a Master Franchise Model. To cut costs, Swiggy in January said it was laying off 380 employees. "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," Sriharsha Majety, Co-founder and CEO, said in an email to employees. The company also said that it will be shutting down its meat marketplace very soon as the company was not able to achieve product-market fit despite their iterations. The online food delivery platform's losses doubled to Rs 3,629 crore in FY22 compared to Rs 1,617 crore in the last fiscal year. Total expenses went up 131 per cent to Rs 9,574.5 crore in FY22, according to its annual financial statement with the Registrar of Companies (RoC). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/indian-banks-decade-best-metrics-and-subdued-valuations-make-them-a-compelling-buy-bernstein/articleshow/98359442.cms">Indian banks’ decade-best metrics and subdued valuations make them a compelling buy: Bernstein</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/what-the-super-rich-are-buying-marilyn-monroe-painting-ming-era-chair-in-the-list/slidelist/98360028.cms">What the super rich are buying: Marilyn Monroe painting, Ming-era chair &amp; more</a>

Swiggy sells Cloud Kitchen biz to Kitchens@ as food delivery growth slows down

<ul><li> <keyword id="733500" type="General" weightage="80" keywordseo="accel" source="Orion">Accel</keyword>’s accelerator programme has pivoted to focus on two themes for early stage startups as it believes the opportunities are large in India and outside.</li><li> So far, <keyword id="6355999" type="General" weightage="60" keywordseo="ai" source="Orion">AI</keyword> has been used to analyse and predict consumer behaviour, but <keyword id="733500" type="General" weightage="80" keywordseo="accel" source="Orion">Accel</keyword> expects new startups that will help redefine the entire customer journey using <keyword id="6355999" type="General" weightage="60" keywordseo="ai" source="Orion">AI</keyword>.</li><li>If the economy has to double in the next ten years, then manufacturing will play a big role. </li></ul> As the third largest startup ecosystem in the world, India is home to more than 90,000 startups at the start of 2023. But the one question on top of everyone’s mind is: Where will the next Flipkart or Swiggy come from? With the era of easy money gone, the entire ecosystem – entrepreneurs, angel investors along with venture/private equity funds – are more interested in business models and path to profitability than they were ever before. Accel India, a leading venture capital firm that works with founders from seed to scale stages, has identified two key themes – AI and Industry 5.0 – as their next big bets. Accel should know this because the firm has invested very early on in startups like Flipkart, Swiggy, Freshworks and Zetwerk. The global venture firm is taking a structured approach to pursue opportunities that it believes will be very big in the next seven to ten years. Accel’s accelerator programme, Atoms 3.0, which it launched in 2021 has also pivoted from a horizontal programme to a thematic one. Says Barath Shankar Subramanian, partner at Accel, “Both these are here and now opportunities. Atoms gives us that early window into identifying some of those opportunities that will be relevant 7-10 years down the line because it is an early stage programme.” Accel launched its Atoms 3.0 in 2020 and so far two of its cohorts have raised $160 mn across 24 startups. In its third edition, the programe has been tweaked to focus on AI and Industry 5.0. This has been done after taking feedback from the entire ecosystem such that the programme could meet the needs of founders. Both these themes are here and now opportunities and the Atoms 3.0 gives the venture firm an early window into these opportunities that would become big 7-10 years down the line. Accel is not wrong in its choice of themes as both have immense potential. Since November 2022, generative AI (artificial intelligence) has touched the lives of students, elderly and consumers in many different ways. While students can get answers to their questions late into the night, stock market traders are asking AI powered astrology apps on what the stars foretell. Beyond the fun aspects, AI will transform B2C platforms and their interfaces. So far, AI has been used to analyse and predict consumer behaviour, but Accel expects new startups that will help redefine the entire customer journey using AI. In its blog, Seed to Scale, Accel says that it anticipates the birth of transformative consumer startups redefining how businesses can cater to both consumer needs &amp; desires. Manufacturing – the other theme that Accel is betting on – is already the talk of town. Accel has already made investments in ten companies in the Industry 5.0 space, with Zetwerk and Detect Technologies being its most successful bets. Explains Subramanian, “If the economy has to double in the next ten years, then manufacturing will play a big role. There are a lot of tailwinds to why manufacturing will take off in India. These opportunities will be both brownfield and greenfield. Because of what has happened in India on the digital side over the last ten years, we are seeing that there is a market and the proxy for that is looking at digital transformation spending. The new age greenfield manufacturing facilities that will have to focus on digital from day one. These tailwinds are at play.” The VC firm is certain that manufacturing in India is a long-term trend and both existing manufacturing companies and new age ones will have to digitise their operations. What the Atoms Programme does is to help the new startups attain scale much faster as it has thanks to the learnings they have from the earlier investments. Accel now does not need to reinvent the wheel as its Atoms 3.0 is customised for founders in India. Adds Subramanian, “A lot of thought goes into a new vertical since we are still looking for the next large company coming out of India. The next Flipkart and Swiggy will come from AI or Industry 5.0.” “While many in the industry see Industry 5.0 as the SaaS for manufacturing, Subramanian says that while it may look like that but it is not. The next wave of companies in this space will be more enterprise-led and solutions will be co-created with large companies. Large enterprises in manufacturing spaces outside India have been slower to move as they are dealing with legacy systems. There is an opportunity in India here and now, which can later be taken outside India as well over time”, Subramanian adds. Accel has categorised the opportunity into three baskets – people, processes and machines – and any opportunity that interjects one of these or a combination of these is 5.0 for Accel. One of its portfolio companies is a good example of what startups can do in the space without actually setting up factories. Detect Technologies partners with the companies to reduce safety violations on a consistent basis. In the past, there would be cameras and people would monitor it manually, but this process can be machine-led and companies are willing to pay for it. Going forward, Accel is of the view that real businesses that make money will come from these verticals. Accel has five focused verticals – consumer, B2B, SaaS, fintech and digital health. Largely, everything the VC firm has done fits into these categories. It’s philosophy too has not changed, which is to catch startups young and to stay with them for the next ten years or so. Accel’s past record shows that it has managed to identify the right themes ahead of others. Its Fund II was largely focused on horizontal marketplaces, while Fund III (2012) was about SaaS companies. Its Fund IV took bets on consumer services startups like Swiggy and Urban Company, while Find V was B2B marketplaces. Now Fund VI is doubling down on B2B marketplaces and horizontal SaaS opportunities. “At the simplest level, we work on global themes and then we double down on it if we see India is ahead of that trend,” adds Subramanian.

The next Flipkart or Swiggy will come from AI or Industry 5.0, says Accel’s Barath Subramanian

<ul><li><keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion" topicspecial.url="https://economictimes.indiatimes.com/zomato-ltd/stocks/companyid-57948.cms">Zomato</keyword>’s Q4 consolidated net loss narrowed to about ₹188 crore in the March quarter. </li><li>The company reported consolidated revenue at ₹2,056 crore, a 70% jump from ₹1,212 crore in the year-ago period. </li><li>In FY23, Zomato's loss shrunk to ₹971 crore from ₹1,209 crore a year ago as revenue increased around 70% to ₹7,079 crore. </li></ul>Online food delivery platform Zomato on Friday said that its consolidated net loss narrowed to about ₹188 crore in the March quarter. In the same quarter last year, it posted a net loss of ₹360 crore. In the third quarter, its net loss was at ₹345 crore. The company reported consolidated revenue at ₹2,056 crore, a 70% jump from ₹1,212 crore in the year-ago period. In FY23, Zomato's loss shrunk to ₹971 crore as compared to ₹1,209 crore in FY22. Its annual revenues also increased around 70% to ₹7,079 crore in FY23. "In food delivery, over the last five quarters, we have improved our margins meaningfully while further strengthening our market position. We will continue with the same mindset as we look to further expand the adjusted EBITDA margin (from the current 1.2%) to our stated goal of +4-5% of gross order value," said Deepinder Goyal, Zomato Founder and CEO. Meanwhile, Zomato's arch rival Swiggy declared on Thursday that its food delivery business has become profitable, without giving any more details. Zomato now aims to get to positive adjusted EBITDA (and also profit after tax) on a consolidated basis (including quick commerce) within the next four quarters. "On the quick commerce side, while there is still a long way to go in terms of margin improvement, we are pleased with the outcomes so far in a short period of time. In the month of March 2023, more than 65% of the GOV was from contribution positive stores," said Goyal. <cmsannotation type="cmsannotation" annotationid="Blinkit average order value sees a decline" comment="subhead" text="Blinkit average order value sees a decline">Blinkit average order value sees a decline</cmsannotation> Regarding its quick delivery service Blinkit, contribution margins improved despite a seasonal drop in average order value (AOV) to ₹522 in Q4 as compared to ₹553 in the previous quarter. "We have learnt that the AOV in this business will continue to swing up and down in the near to mid-term due to multiple (mainly seasonal) factors. For example, AOVs will go down when there is a good harvest of vegetables (which leads to lower prices for F&amp;V)," said Blinkit founder and CEO Albinder Dhindsa. "Over time, as we get scale, we hope to be able to predict such swings better and mitigate the impact of these swings on our margins. We expect the AOV to increase QoQ in the current quarter (Q1FY24)," Dhindsa added. <cmsannotation type="cmsannotation" annotationid="ONDC not an immediate risk to Zomato and Swiggy" comment="subhead" text="ONDC not an immediate risk to Zomato and Swiggy">ONDC not an immediate risk to Zomato and Swiggy</cmsannotation> Despite the chatter about ONDC (Open Network for Digital Commerce) providing food delivery, analysts believe that it is still<a href="https://www.businessinsider.in/business/corporates/news/ondc-not-an-immediate-risk-for-zomato-and-swiggy-as-lower-prices-are-due-to-discounts/articleshow/100298963.cms"> not an immediate risk</a> to Zomato and its peer Swiggy which dominate the market. “The cost of ordering food on ONDC, at least in some cases, seems to be lower than on Zomato or Swiggy, though this is largely on account of ONDC-funded discounts, which may not sustain,” said the analysts at Kotak Institutional Equities. The brokerage noted that while the impact in near-term is limited, the long-term impact is not known yet. (With inputs from IANS) SEE ALSO: <a href="https://www.businessinsider.in/business/news/cheese-burst-quick-service-restaurants-see-muted-growth-ahead/articleshow/100332394.cms">Cheese burst: Quick service restaurants see muted growth ahead</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-companies-sc-appointed-panel-finds-no-evidence-of-regulatory-breach-by-adani/articleshow/100352920.cms">Hindenburg row: SC appointed panel finds no evidence of regulatory breach by Adani, Sebi wants to search some more</a> <a href="https://www.businessinsider.in/stock-market/news/mankind-pharma-pnb-among-stocks-to-become-largecap-from-midcap-mutibagger-rail-vikas-nigam-to-turn-midcap-from-smallcap/articleshow/100356527.cms">Mankind Pharma, PNB among stocks to become largecap from midcap; mutibagger Rail Vikas Nigam to turn midcap from smallcap</a>

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

IANS

Ashneer Grover blames Zomato's Blinkit acquisition for its share price fall

IANS

Swiggy sells Cloud Kitchen biz to Kitchens@ as food delivery growth slows down

IANS

The next Flipkart or Swiggy will come from AI or Industry 5.0, says Accel’s Barath Subramanian

Malini Bhupta

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

Rounak Jain

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