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Zomato liquidates 10 overseas subisidiaries in less a year

Livemint

Livemint · 1y ago

Zomato liquidates 10 overseas subisidiaries in less a year

Zomato has liquidated its subsidiaries in Vietnam and Poland as it continues to cut costs, marking its exit from ten international markets in less than a year. The online food delivery platform has previously withdrawn from Canada, the US, the Philippines, the UK, Qatar, Lebanon, and Singapore. However, Zomato is still operational in Indonesia, Sri Lanka, and the UAE. The company reported two consecutive quarters of profit in FY2024 and its revenue from operations grew by 71%.

Related News

Now, Zomato Dissolves Its Slovakian Subsidiary

Inc42 · 1y ago

Now, Zomato Dissolves Its Slovakian Subsidiary

Zomato has dissolved its subsidiary, Zomato Slovakia, effective July 12. This comes after the announcement made in September last year about the liquidation process of its Slovakia-based subsidiary. Zomato has been strategically closing down various overseas subsidiaries in order to prioritize its operations in India.

Zomato’s 10-minute food delivery offering contributing 8% to platform’s volumes: CEO Deepinder Goyal

Economic Times

Economic Times · 5m ago

Zomato’s 10-minute food delivery offering contributing 8% to platform’s volumes: CEO Deepinder Goyal

Zomato's "Quick" 10-minute food delivery service contributes about 8% to its platform's volumes. This service rivals Swiggy’s Bolt, contributing 9% to its volumes. Despite a general industry slowdown, Zomato's food delivery grew 17% year-on-year. Additionally, Zomato-owned Blinkit is testing its own 10-minute offering, Bistro. Zomato previously rebranded its 10-minute service as "Everyday," focusing on home-style meals. The rapid delivery segment remains key for Zomato, contributing significantly to its revenues.

Zomato Shares Rally Over 4% As HSBC Raises Target To INR 330

Inc42 · 10m ago

Zomato Shares Rally Over 4% As HSBC Raises Target To INR 330

- Zomato's shares rose by over 4% after HSBC maintained a 'buy' rating on the stock. - HSBC highlighted Zomato's lead over Swiggy in terms of growth and profitability in the food delivery and quick commerce sectors. - Zomato's stock has surged by more than 122% year-to-date, outperforming the Sensex which has gained less than 13% in the same period. - According to HSBC, Swiggy trails behind Zomato in terms of active user base, gross order volume, and order frequency growth. - Swiggy is preparing for an IPO while Zomato has already gone public.

Zomato to liquidate Vietnam subsidiary after shutting Poland business

Economic Times

Economic Times · 1y ago

Zomato to liquidate Vietnam subsidiary after shutting Poland business

Zomato, the popular food delivery platform, is set to liquidate its subsidiary in Vietnam and shut down its operations in Poland. The decisions come as part of the company's efforts to streamline its business and focus on its core operations. Zomato has been expanding rapidly in recent years, entering multiple international markets. However, the company has faced challenges in some overseas markets, leading to exits and closures.

Swiggy hikes platform fee to ₹10

Inshorts · 9m ago

Swiggy hikes platform fee to ₹10

Swiggy has increased its platform fee to ₹10 per order. The food delivery company first introduced the platform fee of ₹2 in April last year and the current increase reflects a 400% hike since then. Swiggy's move comes after rival Zomato increased its platform fee from ₹7 to ₹10 ahead of the festive season.

Viral video shows model riding without helmet in Zomato gear; Company issues clarification

IndianStartupNews

IndianStartupNews · 1y ago

Viral video shows model riding without helmet in Zomato gear; Company issues clarification

A viral video showing a woman riding a bike without a helmet while wearing what appeared to be Zomato's attire and delivery bag has sparked controversy. Zomato CEO, Deepinder Goyal, clarified that the woman in the video is not a Zomato employee and the company had no involvement in the video. Goyal also emphasized that Zomato does not endorse helmet-less biking. The video initially led social media users to believe it was an official Zomato campaign, but the company dispelled this misunderstanding.

Wow Skin Science cuts losses despite revenue dip, eyes profitability by 2025

Economic Times

Economic Times · 9m ago

Wow Skin Science cuts losses despite revenue dip, eyes profitability by 2025

Wow Skin Science, a beauty and personal care firm, has reported a second consecutive year of revenue decline, while reducing losses by around 40% in the financial year ending March 2024. Its parent company, Body Cupid Pvt Ltd, experienced a 10% drop in operating revenue, attributed to a reduction in overall expenses. The company aims to achieve sustainable long-term growth and near break-even in Q4 of the coming year. Wow Skin Science has been expanding aggressively in overseas markets and has secured shelf space in major US retail chains.

Zomato gets service tax demand, penalty order of ₹184 crore, set to appeal

Livemint

Livemint · 1y ago

Zomato gets service tax demand, penalty order of ₹184 crore, set to appeal

Indian online food delivery platform Zomato has received a service tax demand and penalty order of over ₹184 crore ($25 million) for non-payment of service tax on certain overseas sales. The demand covers the period from October 2014 to June 2017, and Zomato plans to appeal the order. The company believes it has a strong case and expects no financial impact as a result of the dispute.

Zomato has nothing to do with video of female delivery partner in Indore: CEO Deepinder Goyal

Economic Times

Economic Times · 1y ago

Zomato has nothing to do with video of female delivery partner in Indore: CEO Deepinder Goyal

Zomato CEO Deepinder Goyal disassociated the company from a viral video featuring a female model dressed as a Zomato delivery executive riding through Indore. The video was posted by a verified Twitter user, Rajiv Mehta, and received significant attention. Goyal clarified that Zomato had no involvement in the activity and doesn't endorse helmet-less biking. He also emphasized the company's commitment to employing women as delivery executives. Zomato has been striving to increase the number of female delivery executives in its fleet, according to Goyal.

Looking to invest in overseas MFs? Find out which funds are open, which are not

Money Control

Money Control · 1y ago

Looking to invest in overseas MFs? Find out which funds are open, which are not

Overseas mutual funds have performed well, delivering average returns of 20.46% and 5.19% on a one-year and three-year basis, respectively. These funds have become popular in the portfolios of Indian investors due to their diversification benefits, exposure to global growth opportunities, and risk mitigation potential. However, the growth of overseas funds has been hindered by restrictions on investments by domestic mutual funds in foreign markets. According to data from ACE MF, the total assets under management of overseas-oriented mutual funds currently amount to Rs 51,584 crore across 74 schemes.

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