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We had little visibility on profits while going public: Zomato CFO

Inshorts · 9m ago

We had little visibility on profits while going public: Zomato CFO

Zomato CFO Akshant Goyal said the food delivery platform was "a loss-making business with very little visibility on profitability" when it launched its IPO. "That's how we sold our IPO to public market investors...they were...okay with the profile of our business," he stated. He added that going public was an unplanned move and was decided "over a lunch break".

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Zomato’s Up-And-Down Ride: Is The Stock Losing Its Charm?

Inc42 · 1y ago

Zomato’s Up-And-Down Ride: Is The Stock Losing Its Charm?

Zomato's stock value is closely tied to the growth potential of Blinkit, a quick commerce platform. The company's recent decline may be attributed to competition from JioMart and Flipkart. While Zomato has shown operational efficiency, there are concerns about its ability to bring in profits while scaling up. Tech-first business models are susceptible to changes in infrastructure and the internet ecosystem. Zomato's stock initially declined after going public but has the potential for a strong comeback.

SoftBank-backed Swiggy posts a $200 mn loss for April-Dec FY24

VCCircle

VCCircle · 1y ago

SoftBank-backed Swiggy posts a $200 mn loss for April-Dec FY24

Swiggy, the Indian food delivery giant backed by SoftBank, has reportedly posted a loss of $200 million for the nine months up until December 2023. The company is looking to go public but concerns have arisen regarding the high valuations of Indian startups still making losses. Swiggy's rival, Zomato, also faced a drop in share prices after going public in 2021 but has recently seen a surge in profits. Swiggy's losses may be reduced for the full year 2023-24 due to lower wage payouts and marketing spending cuts.

We were on a Zoom call for 20 hours: Zomato CEO Deepinder Goyal on 'pure veg' controversy

Inshorts · 1y ago

We were on a Zoom call for 20 hours: Zomato CEO Deepinder Goyal on 'pure veg' controversy

Speaking about the controversy over the announcement of a 'pure veg' food delivery service, Zomato CEO Deepinder Goyal said, "When we got the feedback, we...understood." "And we were on a Zoom call for the next 20 hours, just trying to fix anything that we needed to fix," he added. Several social media users had called the move casteist.

Mysterious restaurants serving just one dish at high prices appear on Zomato

Inshorts · 8m ago

Mysterious restaurants serving just one dish at high prices appear on Zomato

A Zomato user shared the app's screenshots showing restaurants offering only one dish. "What's going on with Zomato in Chandigarh? Fake 'restaurants' offering just ONE dish at absurd prices...with non-existent addresses...Something really shady is cooking on Zomato," he wrote on X. Many users said it was "code for something else", while one said it could be a part of testing.

ET Corporate Awards | At the core, our startup DNA still continues: Zomato CFO Akshant Goyal

Economic Times

Economic Times · 4m ago

ET Corporate Awards | At the core, our startup DNA still continues: Zomato CFO Akshant Goyal

Zomato, a pioneering Indian consumer internet startup, quickly scaled from its 2021 public debut to joining the BSE Sensex. Expanding beyond food delivery, it acquired Blinkit and Paytm Insider, significantly boosting its market capitalization. Despite the growth, Zomato maintains its startup spirit, focusing on innovative business practices. At the ET Corporate Awards, CFO Akshant Goyal highlighted the company's significant employment impact, attributing its success to the ecosystem's backbone, including restaurants and delivery partners.

We Founder Circle’s top exec teams up with angel investor for pre-IPO fund

VCCircle

VCCircle · 7m ago

We Founder Circle’s top exec teams up with angel investor for pre-IPO fund

A top executive from We Founder Circle has partnered with an angel investor to establish a pre-IPO investment fund, according to sources. The new investment vehicle will focus on investing in companies before their planned initial public offerings. The fund has already been registered and aims to support early-stage companies in their journey towards going public.

Uber unveils its 1st-ever share buyback plan worth $7 billion

Inshorts · 1y ago

Uber unveils its 1st-ever share buyback plan worth $7 billion

Uber on Wednesday announced its first-ever share buyback program in which it will repurchase up to $7 billion worth of company shares. This comes after the ride-hailing firm posted its first annual net profit since going public in 2019. "Today's authorisation of our...share repurchase program is a vote of confidence in the company's strong financial momentum," CFO Prashanth Mahendra-Rajah said.

Despite numbers, Zomato must tweak Gold to cut profitability drag, say experts

Economic Times

Economic Times · 1y ago

Despite numbers, Zomato must tweak Gold to cut profitability drag, say experts

Analysts and experts suggest that Zomato's loyalty program, Gold, needs adjustments to avoid negatively impacting the company's profitability. While Gold contributes to a significant portion of Zomato's food delivery gross order value, the program's benefits result in lower profitability compared to non-Gold orders. Zomato's CFO acknowledges the need for improvement, aiming to increase margins from Gold customers without hindering growth. The discount-led strategy used to drive Gold adoption led to higher-than-expected membership numbers. Going forward, Zomato plans to slow down the pace of Gold membership growth and reduce the margin gap between Gold and non-Gold orders.

Zomato posts Rs 3,288 Cr revenue and Rs 138 Cr profit in Q3 FY24

Entrackr

Entrackr · 1y ago

Zomato posts Rs 3,288 Cr revenue and Rs 138 Cr profit in Q3 FY24

Foodtech and quick commerce platform Zomato on Thursday released its financial results for the third quarter of the ongoing fiscal year (Q3 FY24). The results showcase a decent growth in scale along with a 3.8X jump in profits. Zomato’s revenue from operations grew 15.4% to Rs 3,288 crore in Q3 FY24 in contrast to Rs 2,848 crore Q2 FY24, as per the firm’s consolidated financial results sourced from National Stock Exchange. Compared to the third quarter of the previous fiscal (Q3 FY23) year, its operating revenue went up by 68.8% from Rs 1,948 crore. Zomato operates several units including a food marketplace platform connecting end users, restaurants, and delivery personnel. Hyperpure provides farm-to-fork supplies to restaurants and businesses while Blinkit offers kirana, FMCG and other essentials within 10 minutes. Meanwhile, dining.out and Zomato Live let users discover restaurants, reserve tables, and book tickets for entertainment events. The firm made 51.8% of its total operating revenue via food ordering and delivery business, which grew 10.2% to Rs 1,704 crore in Q3 FY24 from Rs 1,546 crore in Q2 of the same financial year. Collections from its Hyperpure supplies (B2B business) increased 15.3% to Rs 859 crore during the same period while quick commerce vertical (Blinkit) contributed Rs 644 crore to the group’s coffers. The remaining income came from the ‘Going-out’ segment and other operating activities during the quarter ending December 2023. Additionally, Zomato also earned Rs 219 crore as non-operating income (mainly from interest and gains on financial assets) in Q3 FY24. As a result, its overall revenue crossed Rs 3,500 crore during the period. Coming to expenses, delivery and related charges accounted for 31.6% in Q3 which surged 16.2% to Rs 1,068 crore. Purchase of stock (after adjustment of changes in inventories) inclined 16% to Rs 782 crore while employee benefits cost remained flat at Rs 423 crore during the quarter. Zomato also spent Rs 374 crore on advertisement and promotions, akin to which its total expenditure rose 11.3% to Rs 3,383 crore in Q3 of FY24. On the lines of rising scale, Zomato’s profits also jumped 3.8X to Rs 138 crore in Q3 against Rs 36 crore in the previous quarter. Last year in the same quarter (Q3 FY23), it booked Rs 347 crore in losses. On a unit level, the company spent Rs 1.03 to earn a rupee in Q3 of FY24. For the nine months ended period (Apr-Dec 2024), Zomato recorded Rs 8,552 crore revenue from operations with a profit of Rs 176 crore. Zomato made its public market debut in July 2021 at a valuation of $12 billion and touched its peak of over Rs 150 per share in November 2021. Later, it dwindled under Rs 50 during July 2022. Zomato got its momentum back in Q1 of FY24 when it recorded profits for the first time. Since then, the company attained nearly 3X surge in its share price and its current share price stands around Rs 144 a piece.

I've personal ambition to make a $100-bn Indian company: Paytm CEO

Money Control

Money Control · 1y ago

I've personal ambition to make a $100-bn Indian company: Paytm CEO

Paytm CEO Vijay Shekhar Sharma said he has a personal ambition to make a $100-billion Indian company. Acknowledging the recent crisis faced by Paytm, Sharma said, "We should've understood better and fulfilled our responsibilities more effectively. We are now far better prepared to navigate challenges." He further said that going public is like a marriage as it brings greater responsibility.

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