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Tech platform for frontline workforce management <keyword id="3156551" type="General" weightage="80" keywordseo="betterplace" source="Orion">BetterPlace</keyword> on Tuesday announced to acquire <keyword id="14078129" type="General" weightage="100" keywordseo="okaygo" source="Orion">OkayGo</keyword>, an on-demand blue-collared gig workforce management platform, for an undisclosed sum. With this move, BetterPlace said it aims to reduce the cost of hiring for enterprises by 15-20 per cent by providing them a pool of pre-skilled and pre-verified workers ready to be deployed for short-term tasks. "Despite having a large employable pool, enterprises in India are now facing an acute shortage of skilled workforce. The only way to solve this problem is to provide a mutually beneficial marketplace geared towards enabling people to be gainfully employed," said <keyword id="2935823" type="General" weightage="50" keywordseo="pravin-agarwala" source="Orion">Pravin Agarwala</keyword>, Co-founder and CEO at BetterPlace. Through a marketplace model, OkayGo and BetterPlace will enable frontline workers to increase their daily and hourly earnings an average of 25-30 per cent. "We started OkayGo with a clear vision to empower half a billion people to get flexible gig-opportunities and provide businesses with high quality talent instantly. BetterPlace would provide us a fillip to achieve our vision," said <keyword id="14078130" type="General" weightage="50" keywordseo="tomonaga-tejima" source="Orion">Tomonaga Tejima</keyword>, Co-founder at OkayGo. Founded in 2015, BetterPlace has onboarded over 1,500 companies to date. Founded in 2019, OkayGo focuses on increasing earnings per hour of frontline gig workers. Its clients include companies like Flipkart, Swiggy, <keyword id="830092" type="General" weightage="50" keywordseo="zomato" source="Orion">Zomato</keyword>, Jiomart, Zepto and Apollo. Over the past two years, OkayGo said it has increased earnings for more than 10,000 frontline workers. OkayGo is BetterPlace's fourth acquisition so far as it acquired Oust Labs, Aasaanjobs and Waah Jobs in October last year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/international/news/german-inflation-rate-hits-highest-level-since-70s-oil-crisis/articleshow/91911033.cms">German inflation rate hits highest level since 70s oil crisis</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/science/health/news/researchers-identify-rise-in-neurological-condition-guillain-barre-syndrome-following-astrazeneca-vaccine/articleshow/91911722.cms">Researchers identify rise in neurological condition 'Guillain-Barre syndrome' following AstraZeneca vaccine</a>

Blue-collar workforce management platform ﻿BetterPlace aquires OkayGo, aims to provide pre-skilled workers in India

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

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

<ul><li>Section 80JJAA of the Income Tax Act gives deduction for three years to employers for hiring new people.</li><li>The current limit of this provision is ₹300,000 a year that effectively means that the compensation of these people should be less than ₹25,000.</li><li>If the limit is increased, it could help in boosting the salaries of and the number of jobs for gig workers.</li></ul>One of the major concerns raised by the gig workers — such as <keyword id="4235145" type="General" weightage="20" keywordseo="delivery-partners" source="Orion">delivery partners</keyword>, drivers and more — who work for companies like Zomato, Swiggy, BigBasket and Blinkit (Grofers), is <a href="https://www.businessinsider.in/business/startups/news/bigbasket-flipkart-and-urban-company-may-have-paid-fair-wages-but-it-wasnt-enough-to-earn-a-living/articleshow/88946309.cms">the lack of decent compensation</a>. But what if we were to tell you that if an existing provision of the Income Tax Act is clarified and amended, it could raise salaries for the gig workers. Under Section 80JJAA provision of the Indian Income Tax Act, companies can get a tax deduction for hiring new people. If a company’s workforce increased by 50, the salary paid to these employees would make the company eligible for an additional deduction of 30% for the next three financial years, Hemal Zobalia, Partner at Deloitte Haskins &amp; Sells LLP explains. For example, if the company is paying ₹1000 annually to each of these 50 employees, it will get ₹300 as tax deduction for each of them for each of the next three years. Essentially, 90% of the first year’s salary, for each of the new employees, will be deducted from the company’s taxable profit. The goal of this provision is to create more permanent employment for those who are “low-skilled”, according to Jimit Devani, a partner at Deloitte Haskins &amp; Sells. The provision is applicable for employees whose salaries are ₹25,000 per month or less.Increasing the salary limit to ₹35,000-₹40,000 may push more companies to hire permanent employees instead of contractual ones. Meanwhile, Zobalia is of the belief that this would also help in further increasing their payout and salaries. But there is a bigger challenge here. This is not a widely availed incentive by the companies for several reasons. First, companies prefer to hire people on contract and keep them on a third party’s payroll. Such companies cannot avail tax benefit under the 88JJAA provision. Bringing people on to the payroll makes them eligible for other benefits like pension, insurance, and severance to name a few, Devani said. The third parties, however, do avail these tax benefits for employees that have been on their payroll for at least eight months, Devani added. The second issue with this provision is that the benefit is available only on the net addition of employees. Say, a company has a total of 10 employees. Five of them quit the company in a year, and six more are hired in the same year. While the company has six new employees, the net addition to the workforce is only one. And, so, the tax rebate is available only for one additional employee, and not all six. Improving this provision under the income tax law may go a long way in creating sustainable employment for people with less-valued skills, across a range of industries including the gig economy of which the likes of Zomato, Swiggy, Amazon and Flipkart are part of. The current state of salaries in the gig economy As per <a href="https://www.businessinsider.in/business/startups/news/urban-company-ola-uber-are-not-the-best-places-for-gig-workers/articleshow/88561764.cms">Fairwork India report of 2021</a>, most newage digital platforms — including Zomato, Swiggy, Uber, Dunzo, PharmEasy and Ola — do not offer fair wages to the contractual workers associated with them. Even though companies like Flipkart, Urban Company and BigBasket pay higher and better, it still may not be enough to make local living wage after costs, the report adds. <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;">Avg income range, including cost </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;">Flipkart </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;">₹14,500-₹25,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Urban 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;">₹30,000* </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BigBasket </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;">₹18,000-₹24,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">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;">₹20,000-₹30,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Swiggy </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;">₹10,000-₹15,000 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Note: Urban Company’s average salary excludes cost Source: Urban Company’s latest report, Apna.co It is important to note that there has been a further reduction in the payout for delivery executives due to decrease in rate cards and incentives, along with increased input costs of petrol and platform commissions. This has made matters worse for the Indian gig workers like delivery partners and drivers, the Fairwork report adds. Fairwork rates digital platforms on their treatment of gig workers who work for them. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/budget/news/budget-2022-why-income-tax-slabs-may-not-change-this-year/articleshow/89179572.cms">Budget expectations 2022: Here’s why income tax slabs may not change this year</a> <a href="https://www.businessinsider.in/budget/news/the-indian-government-has-spent-less-than-half-the-money-it-had-budgeted-for-capital-investments-so-far/articleshow/88852518.cms">The Indian government has spent less than half the money it had budgeted for capital investments, so far</a> <a href="https://www.businessinsider.in/budget/news/budget-2022-expectation-in-higher-standard-deduction-tax-slabs-and-covid-insurance/slidelist/88891751.cms">From higher standard deduction and change in tax slabs to clarity on Covid insurance, here’s what tax experts want from Budget 2022</a>

There’s a way government can prod Zomato, Swiggy, Uber and Ola to increase salaries of delivery partners and drivers

<ul><li>A recent ‘<keyword id="7780356" type="UNKNOWN" weightage="20" keywordseo="universum-india-talent-survey">Universum India Talent Survey</keyword> 2019’ has shown a widening <keyword id="456269" type="PERSON" weightage="20" keywordseo="gender-gap">gender gap</keyword> in India’s IT sector. </li><li>According to the report, the IT sector has nearly 26% female students, compared to 74% of males. </li><li>On the contrary, the engineering and the IT sector has been actively hiring, recording an 11% increase in May 2019.</li></ul>While IT sector employed a major chunk of India’s workforce, gender equality at work still remains a challenge to the organisations. A recent report titled “Universum India Talent Survey 2019” has shown a widening gender gap in the Engineering and the IT sector — which has merely 26% of the female students. While the male representation in engineering stood at 74%, nearly three times that of female participation, the report noted. Different variables that contribute to a widening gender gap are health, education, economy, and policies. Other variables such as automation affect the roles traditionally played by females disproportionately. “At the same moment, in increasing job fields that require STEM (science, technology, engineering, and mathematics) abilities and expertise, females are under-represented,” Bhajneet Dhingra, an independent Talent Advisor told Business Insider. Women are bogged down by constraints that range from tougher workplaces to handling excessive household responsibilities. “Another potential reason is that the infrastructure required to assist females to enter or re-enter the workforce is underdeveloped, and unpaid work remains mainly the responsibility of females,” he added. According to the data by <a href="https://www.businessinsider.in/a-large-section-of-women-are-vanishing-from-the-workforce-in-india/articleshow/69826315.cms">National Sample Survey Office</a> (NSSO), women constitute only 42% of graduates in the country and a handful(23%) of the employable women in India were actually employed in the workforce in 2017-18. Overall, IT students look for work-life balance, international exposure and stability on the job front, according to the Universum Indian Talent report. A few organisations have taken steps to <a href="https://www.businessinsider.in/zomato-paid-parental-leave-policy-for-men-and-women-and-same-sex-partners/articleshow/69635956.cms">counter gender gap</a> across roles — from maternity leaves to child daycare centres. For instance, the food delivery platform <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> rolled out a 26-week leave policy for both men and women, including the cases of adoption and surrogacy. The average expected salary among IT students was recorded as ₹945,852, annually. <a href="https://www.businessinsider.in/Heres-how-much-an-IT-employee-makes-in-different-countries/articleshow/69739244.cms">India ranks sixth</a> in terms of employee remuneration. See also: <a href="https://www.businessinsider.in/womens-day-indian-women-earn-19-less-than-men-says-study/articleshow/68313364.cms">Indian women earn 19% less than men, says study</a> <a href="https://www.businessinsider.in/zomato-paid-parental-leave-policy-for-men-and-women-and-same-sex-partners/articleshow/69635956.cms">Zomato announces a 26-week paid leave for parents of all genders, sexualities – $1000 bonus per child for new parents</a>

India’s IT sector has nearly three times more males than females: Report

<ul><li>Indian <keyword id="3105315" type="PERSON" weightage="20" keywordseo="Foodtech">foodtech</keyword> unicorn <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> has reported a 105% growth in revenue – from $192 million in FY19 to $394 million in FY20. </li><li>The company has also seen its EBITDA loss widen by 5.7% from $277 million in FY19 to $293 million in FY20. </li><li>Zomato founder <keyword id="476451" type="PERSON" weightage="20" keywordseo="Deepinder-Goyal">Deepinder Goyal</keyword> said they expect to make complete recovery over the next 3-6 months.</li></ul>Indian foodtech unicorn Zomato has doubled its revenue from $192 million in FY19 to $394 million in FY20. The company has also seen its EBITDA loss has widened by 5.7% from $277 million in FY19 to $293 million in FY20. “While COVID-19 has impacted the size of our business, it has accelerated our journey to profitability. In terms of the size of the business, COVID-19 has set us back by a year or so – but a year is only a small blip when you are building a company for the next 100 years,” wrote Zomato CEO Deepinder Goyal in a blog. In the first quarter of FY21, with most restaurants being shut and operating on a takeaway only business, Zomato reported a revenue of $41 million and loss of $12 million. But Goyal believes that the COVID-19 pandemic has made their business healthy. “In July 2020, we estimate our monthly burn rate to land under $1m, while our revenue should land at ~60% of pre-COVID peaks ($23m per month). We expect to make complete recovery over the next 3-6 months while continuing to maintain tight control on costs/profitability,” he wrote. While Zomato had laid off 13% of its workforce due to the coronavirus pandemic, 75% of its employees volunteered for partial salary cuts resulting in a total reduction of 14% in payroll costs. However, the original salaries have now been reinstated and the burn rate of July includes the salary costs, said Goyal. Meanwhile, Zomato’s FY20 India food delivery Gross Merchandising Volume grew by 108% over FY19. “ In Q1 FY20, we used to make a contribution margin of –₹47 per order; in Q1 FY21, we made a contribution margin of +₹27 per order,” wrote Goyal. SEE ALSO: <a href="https://www.businessinsider.in/business/news/mukesh-ambani-jio-fiber-and-reliance-invit-set-to-raise-over-1-billion-from-abu-dhabi-and-saudi-sovereign-funds-for/articleshow/76888352.cms">Mukesh Ambani is not done – Jio Fiber to get over $1 billion as Abu Dhabi and Saudi sovereign funds are set to invest in Reliance InvIT</a>

Zomato has doubled its revenue and founder Deepinder Goyal says COVID-19 has made the company lean and mean

<ul><li>Even though the ‘<keyword id="3080230" type="General" weightage="20" keywordseo="gig-economy" source="Orion">gig economy</keyword> workforce’ is a new concept, the <keyword id="37465" type="General" weightage="20" keywordseo="film-industry" source="Orion">film industry</keyword> has been working with such a model for decades.</li><li>The Indian film industry employed over 2.5 lakh people in 2017 alone.</li><li>Despite the unionisation of the Indian film industry that protects the rights of freelancers, there are a lot of issues left to be dealt with.</li></ul>Gig workforce is the hottest new trend that has emerged with the rise of the digital economy leading to the advent of companies like Zomato, Swiggy and <keyword id="8681398" type="General" weightage="20" keywordseo="urban-company" source="Orion">Urban Company</keyword>. Widely overlooked, but the concept of hiring contractual employees has been around for decades, if not centuries. That’s right. The Indian film industry has been one of the biggest employers of gig economy workers since its beginning. The Indian film industry employed over <a href="https://www.statista.com/statistics/731218/employment-in-the-film-industry-india/">2.5 lakh </a>people in 2017 alone. Business Insider hosted Academy Award winner and Indian film producer Guneet Monga and Urban Company’s cofounder Varun Khaitan in its Future of Work event — held on September 16 and 17 — to throw more light on the topic. Monga said that the film industry in general has been employing several freelancers for decades, whether it is light boys, dancers, junior artists, art directors, cinematographers and more. The term <keyword id="7771650" type="General" weightage="20" keywordseo="gig-workers" source="Orion">gig workers</keyword> has come up with the advent of the digital economy. “It can seem unstructured, but it actually works very well in the <keyword id="278613" type="General" weightage="20" keywordseo="freelance" source="Orion">freelance</keyword> business there… There is a union in this segment and that brings about a structure. But there are also some major challenges that come with it,” she added. She elaborated that the many freelancers have spoken about how difficult it is to get into the union or how expensive it is. Besides this, the segment does not get health benefits, does not come under labour codes and more, even though the payments are fixed due to the existence of a union. Watch More: What film producer Guneet Monga talks about unionisation in Indian film industry and what challenges it presents <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> Khaitan, on the other hand, elaborated how Urban Company, an at-home services startup, has managed to overcome such challenges in the beauty and home segment. He noted that a salon or a service shop would employ 10-15 professionals and were essentially the “middlemen”, therefore a professional’s income would be capped. Urban Company has not only offered a more flexible working environment, but also increased their take home income and offered them health benefits. Khaitan also noted that allowing these service professionals to get in touch with customers directly has provided them with more respect and business prepositions as well. “There is actually a very high price point here [Indian film industry] even to become a part of the Union. And then there is a supply of enough and more people are constantly getting inducted, but there is definitely a bottleneck on how unions function. They do protect them [freelancers] in terms of providing for jobs, but the kind of structures that you [Urban Company] are talking about is still, I feel, not in the best shape here right now. And this has just been our industry that has been thriving on freelance,” Monga added. She elaborated that while the Indian film industry has been striving for freelancers, it's not with a vision of bringing people together or offering insurance or health benefits or looking into labour laws. Watch More: What Urban Company’s Varun Khaitan had to say on the current conditions of freelancers in Indian film industry <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> Khaitan, sharing his experience, said “There are middlemen who claim to be good representatives and good samaritans of the workers, but are actually not. They are in some sense the heart of the problem, because a few things that just came up in this chat show there is no sense of balance between supply and demand in what is happening across the trade in the film industry and what that leads to is there is no sense of actual monthly earnings. So everyone just fights for what I can make on this job and it leads to an unheadly spiral.” SEE ALSO <a href="https://www.businessinsider.in/careers/news/the-only-way-to-beat-the-bots-from-taking-your-job-is-to-be-more-human/articleshow/86282273.cms">Future of Work 2021: The only way to beat the bots from taking your job is to be more human</a> <a href="https://www.businessinsider.in/stock-market/news/easemytrip-touches-market-cap-of-a-billion-dollars/articleshow/86285130.cms">EaseMyTrip touches market cap of a billion dollars</a> <a href="https://www.businessinsider.in/stock-market/news/biocon-hero-motocorp-tvs-motor-banks-and-other-top-stocks-to-watch-out-for-on-september-17/articleshow/86281250.cms">Biocon, Hero MotoCorp, TVS Motor, banks and other top stocks to watch out for on September 17</a>

Here is what the Indian film industry can learn from gig economy firms like Zomato and Urban Company

(Eds: Recasting overnight story) Kolkata, Jun 28 () A group of Zomato food delivery platform employees in Kolkata tore and burnt their official T-shirts to protest Chinese investment in the firm. The agitation comes in the backdrop of the killing of 20 Indian soldiers in a clash with Chinese troops in eastern Ladakh's Galwan Valley on June 15. During the protest at Behala in the southwestern part of the city on Saturday, some agitators claimed they have quit their jobs as Zomato has a sizeable Chinese investment and urged people to stop ordering food via the company. In 2018, Ant Financial, a part of Chinese major Alibaba, had invested USD 210 million in Zomato for a 14.7 per cent stake. The food delivery major recently raised an additional USD 150 million from Ant Financial. "Chinese companies are making profits from here and attacking the Army of our country. They are trying to grab our land. This cannot be allowed," one of the protesters said. Another protester said they were ready to starve but would not work for companies that have investment from China. In May, Zomato laid off 520 employees or 13 per cent of its workforce in a huge retrenchment exercise due to the novel coronavirus pandemic. There was no immediate reaction from Zomato and whether the protesters were among those who were retrenched was not known. BSM NN HMB ACD IJT

Zomato employees burn company T-shirts to protest Chinese investment in firm

New Delhi, March 25 () Zomato founder and CEO Deepinder Goyal on Wednesday said the company is actively working with the authorities so that essential services can operate without trouble on account of lockdown in the country due to the coronavirus pandemic. He also said the online restaurant guide and food ordering company is also starting a fund to cover up the lost earnings for thousands of its delivery partners and hoped that the government would support them with this. "We are actively working with the authorities to clear the confusion so that essential services can operate without trouble," Goyal said in a tweet. In a series of tweets, Goyal said, "We are also starting a fund to cover up the lost earnings for thousands of our delivery partners. We also hope that we get government support to help us with this." Sharing his concern regarding the restaurants' partners during the lockdown, he tweeted that, "We are also going to facilitate loans for our food delivery restaurant partners -- thousands of restaurants have been severely hit because of their immobilised workforce due to the lockdown." Goyal said hundreds of Zomato employees have taken deep voluntary salary cuts to conserve the cash flows of the company. "We are also donating for our delivery partner fund, as well as 'Feed the Daily Wager' campaign to support the community during these times," Goyal said. He also said all paid Zomato Gold memberships across India, UAE, Australia, Indonesia, Philippines, Lebanon, Turkey, New Zealand, Portugal and Qatar will get a two-month membership extension at zero cost. "Dining out in many countries is badly hit. For our gold partners (dining out), we'll be facilitating working capital loans to get through this tough time," Goyal said. AKT HRS

Working with authorities so that essential services can operate: Zomato founder

New Delhi, May 15 () Online restaurant guide and food ordering platform Zomato on Friday said it is going to layoff around 13 per cent of its workforce on account of the impact of COVID-19 pandemic. The company has around 4,000 employees in different roles. In a blog post, Zomato Founder and CEO Deepinder Goyal said multiple aspects of the company's business have changed dramatically over the last couple of months and many of these changes are expected to be permanent. "While we continue to build a more focussed Zomato, we do not foresee having enough work for all our employees. We owe all our colleagues a challenging work environment, but we won't be able to offer that to around 13 per cent of our workforce going forward," he added. Everyone who is impacted will get invites for a zoom call with the leadership team within the next 24 hours, he said. Goyal said he along with COO and co-founder Gaurav Gupta and CEO Food Delivery Mohit Gupta would be getting on video calls over the next couple of days with impacted employees to walk them through the next steps and help find them jobs as soon as possible. On the financial support to these employees, he said: "All our employees who no longer have any work at Zomato, will continue to be with us at 50 per cent salary for the next 6 months. During this time, outside of the handover period of 1-2 weeks, we expect these folks to spend 100 per cent of their time and energy towards looking for jobs outside of Zomato". Goyal also said the company will provide them outplacement support and also health insurance for 6 months or as soon as they find another job. Previously allocated employee stock ownership plans (ESOPs) will continue to vest during this period of 6 months, he added. Goyal also said,"Starting June, I am proposing a temporary reduction in pay for the entire organisation. Lower cuts are being proposed for people with lower salaries, and higher cuts (up to 50 per cent) for people with higher salaries". Zomato expects these cuts to be discontinued as soon as the economy starts getting back on track. "I foresee and hope this to be around 6 months from now," he added. AKT ANUANU

Zomato to layoff around 13 pc employees due to COVID-19 impact

(Eds: Updating with company's reaction) Kolkata, Jun 28 () A group of employees of food-delivery platform Zomato tore and burnt the company T-shirts to protest against Chinese investment in the firm, which said the protesters were terminated recently and vented their ire by riding a "wave of sensitive sentiment". Zomato filed a police complaint against those who took part in the agitation that came in the backdrop of the killing of 20 Indian soldiers in a clash with Chinese troops in eastern Ladakh's Galwan Valley on June 15. During the protest at Behala in the southwestern parts of the city on Saturday, some agitators claimed that they quit their jobs as Zomato has a sizeable Chinese investment and urged people to stop ordering food via the company. In 2018, Ant Financial, a part of Chinese firm Alibaba, had invested USD 210 million in Zomato for a 14.7-per cent stake. The food delivery company recently raised an additional USD 150 million from Ant Financial. "Chinese companies are making profits from here and attacking the Army of our country. They are trying to grab our land. This cannot be allowed," one of the protesters said. Another protester said they were ready to starve but would not work for companies that have investments from China. In May, Zomato laid off 520 employees or 13 per cent of its workforce in a huge retrenchment exercise due to the coronavirus pandemic. A company spokesperson on Sunday said, "This protest was conducted by a small number of delivery partners, who had their contracts terminated recently for repeatedly violating our platform guidelines." "Unfortunately, in their spite, they decided to get themselves heard by riding the wave of a sensitive sentiment. We have filed a police complaint against these miscreants," she told . However, the nature of the complaint was not disclosed. The official claimed that Zomato's operations are continuing smoothly in Kolkata as other delivery partners have not taken part in the "misleading protest". The company has around 3,000 delivery partners in the city, she said. BSM NN HMB ACD IJT NN RC

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