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<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

Both online <keyword id="6376068" type="General" weightage="20" keywordseo="Food-Delivery" source="Orion">food delivery</keyword> platforms charge some money from customers in the name of delivery fees. There is often a dispute between tax officers and food delivery apps regarding the delivery fee, which involves nearly Rs 1000 crore, according to the reports. When reached for a comment, <keyword id="830092" type="General" weightage="20" keywordseo="Zomato" source="Orion">Zomato</keyword> refused. <keyword id="6358977" type="General" weightage="20" keywordseo="Swiggy" source="Orion">Swiggy</keyword> did not comment either. As per Zomato and Swiggy, 'delivery charge' is nothing but the cost borne by the delivery partners who go to deliver food from door to door. Companies simply collect that cost from customers and pass it on to delivery partners. But, tax officials do not agree with this, as per the reports. Last month, Swiggy increased the platform fee from Rs 2 to Rs 3 for food orders. A Swiggy spokesperson told IANS, that "there has been no significant change on platform fee, which is applied by most service players and is a common practice across industries". In April, the company introduced a platform fee of Rs 2 per order, irrespective of the cart value. In August, Zomato also increased its platform fee to Rs 3 per order from an initial Rs 2. Zomato started charging the platform fee from Zomato Gold users, who were previously exempted.

Zomato, Swiggy slapped with Rs 500 crore GST each: Report

Online food delivery platform <keyword id="6358977" type="General" weightage="20" keywordseo="swiggy" source="Orion">Swiggy</keyword> has started charging all users a "platform fee" of Rs 2 per food order, irrespective of the cart value. The company told IANS that the additional charges are being levied only on food orders on the main platform and does not apply on Instamart users. "The platform fee is a nominal flat fee charged on food orders. This fee helps us operate and improve our platform and enhance app features to deliver a seamless app experience," a Swiggy spokesperson said in a statement. The platform fee is over and above the convenience and handling fees for food delivery. As last reported, Swiggy claimed to have processed over 1.5-2 million orders through the day. People in Hyderabad ordered a whopping 10 lakh biryanis and 4 lakh plates of haleem on leading food-delivery platform Swiggy during the holy month of Ramzan. In March, the online food delivery platform said it delivered 33 million plates of idlis in the last 12 months, indicating the immense popularity of this dish among customers. Bengaluru, Hyderabad, and Chennai were the top three cities where idlis were ordered the most. The company, on average, has over 2.5 lakh restaurant partners enabled on its platform, and typically onboards about 10,000 restaurants every month. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ultratech-cements-q4-net-profit-falls-32-to-1666-crore-declares-dividend/articleshow/99848912.cms">UltraTech Cement’s Q4 net profit falls 32% to ₹1,666 crore, declares dividend</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/non-tech-companies-are-actively-recruiting-tech-talent-with-over-one-million-jobs/articleshow/99816472.cms">Over a million jobs await techies &amp; it’s not tech cos that are hiring them</a>

Swiggy begins charging Rs 2 'platform fee' per food order from users

New Delhi, Jun 30 () Online restaurant guide and food ordering platform Zomato on Tuesday said it has rechristened its membership programme Zomato Gold to Zomato Pro to include more discounts and privileges. "All Zomato Gold members across 10 countries will automatically get upgraded to Zomato Pro starting August 1, 2020," Zomato Co-founder and COO Gaurav Gupta said in a blog post. The company has launched an initiative to rechristen Zomato Gold to Zomato Pro - and make it a bigger, better all-encompassing membership that unlocks amazing privileges and discounts at the best restaurants across dining out and delivery, he added. This is in addition to some never-seen-before exclusive privileges on the Zomato app and a unique money-back guarantee for all Pro members, Gupta said. Zomato Pro members will continue to enjoy existing offers (on Zomato Gold) across a wide selection of restaurants, he added. Zomato Pro has been designed to be much more friendly for a wider variety of restaurant businesses, Gupta said. "We have signed up around 50 per cent more partner restaurants on Zomato Pro than what we had on Zomato Gold – across dining out and delivery," he added. The restaurant industry is struggling during the COVID-19 crisis, and "we hope that Zomato Pro can be one of the most important levers to drive growth, and help restaurant businesses cover up the losses incurred in the last few months," Gupta said. Pro members will get access to exclusive delivery offers, which will now be over and above any deals available to other Zomato users. Pro members will also get priority delivery on Zomato, he added. "....we are so confident about Zomato Pro that it will come packed with a novel money-back guarantee - if you don't save 2x the subscription fee of Zomato Pro within the subscription period, we will auto-refund your subscription fee at the end of the year...," Gupta said. The company had launched its Zomato Gold programme in 2017. The programme had been extended to food delivery in September 2019, a move slammed by the industry body National Restaurant Association of India (NRAI). NRAI had said the programme promoted deep discounts, the cost of which is borne solely by the restaurant partners. AKT RUJ RUJ

Zomato rechristens membership programme Gold to Zomato Pro

Zomato-owned quick commerce platform <keyword id="12724311" type="General" weightage="20" keywordseo="blinkit" source="Orion">Blinkit</keyword> has shut down over 100 dark kitchens in Delhi, Gurugram, Faridabad, Ghaziabad, Noida, and Greater Noida for the past three days due to the ongoing delivery worker strikes, and it is expected that a larger number of stores will also go offline in the coming days, according to reports. Delivery executives are opposing a change in their compensation system, which they allege will result in lower profits. The media reports said that about 50-60 stores in Gurugram have closed, with more closures expected in Noida and Delhi as the new fee structure is implemented. In addition, customers in the region have been facing difficulties placing orders at offline stores that use the Blinkit app. These locations are currently marked as 'temporarily unavailable' due to ongoing maintenance, which has prompted several customers to voice their concerns on social media. Blinkit operates approximately 400 dark stores in 20 cities throughout the country, with a significant presence in the Delhi-NCR region, where half of its stores are located. Meanwhile, Zomato's consolidated loss widened to Rs 346.6 crore (year-on-year) for the quarter that ended December 31, against a loss of Rs 63 crore in the same period last year, the company said. The company said that adjusted revenue witnessed a 66 per cent growth to Rs 2,363 crore (YoY). "We think that the current slowdown is a result of a few temporary factors -- macro slowdown for the mid-market segment, boom in dining out for the premium-end, and boom in travel at the premium-end," he said in the company's earnings results. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbis-mpc-decisively-in-a-rate-pause-territory-as-inflation-cools-down/articleshow/99497132.cms">RBI's MPC 'decisively' in a rate-pause mode as inflation cools down</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms">Zepto preps for public listing in 2 years; Brings in Ramesh Bafna as CFO to lead IPO process</a>

Over 100 Blinkit dark kitchens shut in Delhi-NCR due to delivery boys' strike

Star all-rounder <keyword id="19906064" type="General" weightage="20" keywordseo="Hardik-Pandya" source="keywords">Hardik Pandya</keyword> is all set to lead <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> in the three-match T20 International series against <keyword id="19931726" type="General" weightage="20" keywordseo="Sri-Lanka" source="keywords">Sri Lanka</keyword> starting July 27. However, one of the heroes of India's T20 World Cup victory last month will take a break during the three-match ODI series, which is scheduled in August, due to "personal reasons". "Hardik Pandya was India's T2O vice-captain under Rohit Sharma. He is completely fit and available for the three-match T20I series and will lead the side," a senior BCCI source told PTI on conditions of anonymity. Rohit retired from T20 Internationals at the end of the World Cup. The <keyword id="20224973" type="General" weightage="20" keywordseo="T20Is" source="keywords">T20Is</keyword> against Sri Lanka will run from July 27 to 30 in Pallekele, followed by the <keyword id="19919287" type="General" weightage="20" keywordseo="ODIs" source="keywords">ODIs</keyword> from August 2 to 7 in Colombo. The squad for the series is expected to be announced in the next couple of days. While there is still no clarity on who would be Pandya's deputy, the toss-up is between Shubman Gill, who recently captained India to a 4-1 series win over Zimbabwe, and Suryakumar Yadav, who led the side during the T20Is against South Africa last year. About the ODIs, the official confirmed that Pandya has asked for leave and has already communicated this to regular skipper Rohit Sharma, who is also taking a break from this series. "The break from ODIs is for very personal reasons. Hardik doesn't have any fitness issue as is being floated in the media," the official said. For the ODIs, KL Rahul, who led in the last ODI series in South Africa, and Gill are in contention for the leadership role. SEE ALSO:<a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-increase-platform-fee-by-20-food-deliveries-to-get-costlier/articleshow/111758782.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/zomato-and-swiggy-increase-platform-fee-by-20-food-deliveries-to-get-costlier/articleshow/111758782.cms" target="_blank">Zomato and Swiggy increase platform fee by 20% – food deliveries to get costlier</a><a href="https://www.businessinsider.in/tech/mobile/news/oneplus-summer-launch-event-oneplus-nord-4-pad-2-and-more-to-launch-today/articleshow/111772672.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-summer-launch-event-oneplus-nord-4-pad-2-and-more-to-launch-today/articleshow/111772672.cms" target="_blank">OnePlus Summer Launch Event – OnePlus Nord 4, Pad 2 and more to launch today</a><a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-four-ipos-to-hit-the-street-this-week/articleshow/111745283.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-four-ipos-to-hit-the-street-this-week/articleshow/111745283.cms" target="_blank">IPOs this week – four IPOs to hit the street this week</a>

Hardik Pandya to lead India in T20Is against Sri Lanka

<ul><li>Viram Shah, CEO of <keyword id="9516879" type="UNKNOWN" weightage="20" keywordseo="Vested-Finance">Vested Finance</keyword>, shares what has kept most Indians away from US investing and answers the whys and hows of investing in international markets.</li><li>In 2020, Vested Finance completed $100 million in trade.</li><li>The three-year old startup recently raised $3.6 million in a seed funding round.</li></ul>For the Mumbai-born Viram Shah, who was pursuing his master’s in business administration in the US, it was frustrating that even though Indians use most of the products from big US-based companies, they weren’t really investing in them. The former JP Morgan investment analyst then partnered with his friend Darwin Arifin to start Vested Finance -- an online investment platform which allows Indian investors to invest in the US <keyword id="6357440" type="DEFINITION" weightage="20" keywordseo="Stock-Market">stock market</keyword>. In 2020, Vested Finance crossed $100 million in trade. The three-year old startup recently raised $3.6 million in a seed funding round from Moving Capital, Ovo Fund and TenOneTen Ventures in the U.S., and Inflection Point Ventures and Venture Catalysts in India. In a conversation with Business Insider, Shah shares what has kept most Indians away from US investing and answers the whys and hows of investing in international markets. Is it even legal to invest? Shah shares that when they started Vested Finance in 2018, the most common question he had to answer was whether it is legal to invest in US stocks from India. This was then followed by questions like how does one get to do it and what the investment opportunities are. The answer is -- Indians can start investing in the US stock market by opening an overseas account with an Indian brokerage, open an account with foreign brokerage or invest through Mutual Funds with global equities. Vested has partnered with US stock brokerage firm DriveWealth and has partnered with 25 firms in India across brokers, bank brokers, fintech cos and distributors as well. “We started off with a Business to Consumer (B2C) format and started onboarding customers who wanted to invest internationally. Over time, a lot of existing financial institutions reached out to us saying we want to offer US investments to our clients but we don’t want to go through the entire hassle of partnering with US platforms etc.,” Shah told Business Insider. It currently counts Axis Securities, Kuvera, Angel Broking and 5Paisa among others as its clients. Lack of awareness is the biggest competition In India, there are multiple <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> that have partnered with US-based broking firms to enable investing – INDmoney, Groww and Stockal to name a few. Even the likes of Zerodha, India’s largest retail trading platform in terms of users, is contemplating bringing US stocks on its platform. Yet, Shah believes that the current biggest competition is not from fellow companies but from the fact that there is not much awareness about international investing. “The space overall is still evolving, a lot of things still need to be streamlined in the customer journey,” he said. But the potential is huge. India has seen a huge uptick in the number of people investing in Indian stock market. Nithin Kamath, founder of Zerodha, had recently taken to Twitter to share the number of new Demat accounts added in 2020 is a clear indication of the increased interest in investing. December 2020 was the <a href="https://www.businesstoday.in/markets/market-perspective/a-million-demat-accounts-opened-for-fifth-straight-month/story/424181.html">fifth month</a> in a row where India saw one million Demat accounts being added per month. <div type="twitter" handle="Nithin0dha" handlename="Nithin Kamath" image="http://pbs.twimg.com/profile_images/1330378133762166788/oS6H5t5e_normal.jpg" favoritecount="728" retweetcount="69" status="Here's the yearly Demat addition for the last 20yrs. Stockbroking is as high beta as it can get. When someone asks… https://t.co/ROnzodOxEI" createdat="1613734086000" id="1362725642647707650"></div> And Shah believes that in an ideal scenario, every Indian retail investor should diversify their portfolio to include 15-20% investment internationally. Taxes and high withdrawal fees are keeping customers away Currently, the Reserve Bank of India allows an Indian to invest only up to $250,000 (₹2 crore) overseas per year without having to apply for special permissions. But here is what you need to remember while investing in an US stock -- the profits will be subject to currency exchange rates and some brokerages may charge high commissions. Shah believes that withdrawal fee continues to be a big hiccup for <keyword id="10818314" type="UNKNOWN" weightage="20" keywordseo="US-stock-investing">US stock investing</keyword>, but there has been a lot of improvement in the sector. “The withdrawal fee used to be $35 per transaction and now it’s $11. We expect it to come down further as things get more streamlined,” he said. Vested Finance, like most other stock broking platforms, does not charge any commission. So one wonders, how do they make money? “We have an upfront account opening fee of ₹399, we have a premium plan as well, which provides value add services, reduces the withdrawal fee, among other things. Over time, we expect a lot of different opportunities to open up as we hopefully will get a broking license in the future,” he said. What are the ‘safe stocks’ to bet on? While for Indians, the likes of Tesla, Facebook and Apple have been favourite US stocks, according to Shah pandemic-driven stocks like Pfizer, Zoom and Netflix have also been a hit in 2020. But for beginners to the US stock market, Shah advises to invest in exchange-traded funds (ETFs). An exchange-traded fund, which is quite similar to a mutual fund, is an investment fund which trades with securities, bonds and stocks. “The best way to go about it is pick an index ETF, a technology ETF and balance it out with a debt fund and some gold investments. That’s a very simple strategy. There are also pre-determined allocations called Vests which we offer, which is popular among first time investors,” he said. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/dassault-aviation-has-an-india-it-services-unit-offering-defence-msmes-a-digital-trial-room-where-they-can-test-their-products-to-bag-more-contracts/articleshow/81183313.cms">INTERVIEW: Dassault Aviation has an India IT services unit offering defence MSMEs a digital ‘trial room’ where they can test their products to bag more contracts</a> <a href="https://www.businessinsider.in/business/startups/news/ipo-bound-zomato-valuation-jumps-to-5-4-billion-as-it-cashes-in-another-250-million/articleshow/81164109.cms">IPO-bound Zomato's valuation jumps to $5.4 billion as it cashes in another $250 million</a>

Vested Finance CEO shares his guide to US stock investing for Indians

<ul><li><keyword id="19912297" type="General" weightage="20" keywordseo="NVIDIA" source="keywords" meta.keywordsubtype="org" meta.entityname="NVIDIA" meta.hostid="261" meta.entityid="NVIDIA">NVIDIA</keyword> and <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword> have partnered to build AI computing infrastructure.</li><li>NVIDIA will also supply the latest Blackwell AI chip for Reliance Industries’ new data centre.</li><li>The partnership was announced at the NVIDIA AI Summit India.</li></ul> <keyword id="16173150" type="General" weightage="20" keywordseo="NVIDIA-CEO-Jensen-Huang" source="Orion">NVIDIA CEO Jensen Huang</keyword> at the NVIDIA AI Summit India announced a partnership with Mukesh Ambani-led Reliance Industries to an artificial intelligence (AI) computing infrastructure and an innovation centre in India. As part of the partnership between the two companies, Reliance Industries will use the latest Nvidia Blackwell AI chip for its new major data centre. The company will use NVIDIA's cutting-edge technology, including the GB200 GPUs. The two companies are aiming to accelerate India's transformation into a global AI powerhouse with the partnership, banking on the nation's talent pool and growing digital infrastructure. "India is already world-class in designing chips, Nvidia's are designed here in Bengaluru, Hyderabad, Pune. A third of Nvidia is Indian, maybe more," Huang said. While praising the country’s rapid digitalisation in recent years and talking about the country’s potential in the AI sector, Huang said, “Very few countries have this amazing natural resource called IT and computer science expertise.” "We are at the doorsteps of the new intelligence age. India will be one of the biggest intelligence markets. It's not just our aspiration, but also the raw gene power which will help drive intelligence,” said Reliance Industries chairman <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>. "India will not just deliver CEOs to world, but also AI services. Like we did with data, in few years from now we can surprise the world with what Indians can achieve in intelligence," Ambani added. Ambani revealed the company’s plans to establish a scalable infrastructure capable of expanding beyond 1 gigawatt, powered by green energy. "We are building this so we can scale, and we think big," he said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/deepak-builders-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114533208.cms">Deepak Builders IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/news/synology-introduces-new-enterprise-solutions-reports-significant-growth-in-india/articleshow/114504353.cms">Synology introduces new enterprise solutions, reports significant growth in India</a> <a href="https://www.businessinsider.in/tech/apps/news/diwali-gift-zomato-platform-fee-increased-to-rs-10-ahead-of-the-festive-season/articleshow/114493617.cms">Diwali gift from Zomato – Platform fee increased to ₹10 ahead of the festive season</a>

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

Sourabh Jain

Zomato, Swiggy slapped with Rs 500 crore GST each: Report

IANS

Swiggy begins charging Rs 2 'platform fee' per food order from users

IANS

Zomato rechristens membership programme Gold to Zomato Pro

PTI

Over 100 Blinkit dark kitchens shut in Delhi-NCR due to delivery boys' strike

IANS

Hardik Pandya to lead India in T20Is against Sri Lanka

PTI

Vested Finance CEO shares his guide to US stock investing for Indians

Sanchita Dash

NVIDIA and Reliance Industries to build AI computing infrastructure in India

Sourabh Jain

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