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30% of Zomato Piggybank’s users come through referrals; 1M users now

Zomato Piggybank, the loyalty rewards program, has crossed 1 million users, Zomato said. Piggybank was launched in July to a small set of users as invite-only, and in about 2 days, crossed 200,000 users then. Zomato credits 10% of a user’s order value as “Z Coins” into Piggybank when they order food online. These coins can be used to pay for 10% of the value of the next order.

Zomato founder and CEO Deepinder Goyal said that these 1 million users had placed 2 million orders using Z Coins and had “saved Rs 50 million” so far. He said that 30% of the new sign ups on Piggybank are through referrals.

Goyal added that the program was driving sales for its restaurants, which saw a 10% shift share in the number of orders using Piggybank. “Piggybank subscribers are now ordering more on a weekly basis, compared to the pre-Piggybank period,” Mohit Gupta, CEO of Food Delivery Business, Zomato said.

At the time of launch, Zomato had said that Piggybank would become a paid subscription program (Rs 299 per year) in 2 months (by August 2018), however, it is still a referral only service as of now. In July, the service peaked at 600,000 food orders during the Football World Cup final, leading to a monthly delivery order run rate of 13 million orders in the month, compared to 5.5 million in March 2018.

Launched in May 2015, Zomato food delivery claims to deliver over 10.5 million orders a month. In FY18, food ordering brought in nearly 30% of Zomato’s revenues in FY18, increasing from close to 18% in FY17.

Also read:
Zomato begins delisting restaurants without FSSAI licence
Swiggy takes on Zomato with its own membership program for food delivery

In July and August, Zomato expanded its food delivery services to 7 cities (Dehradun, Agra, Patna, Mysore, Ranchi, Raipur, and Aurangabad), taking the total to 28 cities in India.

Features on Zomato

  • Tip a delivery person Rs 10-50
  • Pay with Sodexo meal cards
  • Faster delivery for special cases like sickness,
  • Instructions for the restaurant to not send plastic cutlery
  • Mentioning special food requirements and allergies

Zomato Gold

The company’s paid subscription product went invite only in April this year, but is now available to be bought at ~ Rs 2000 per year in Delhi. Zomato Gold was launched in November 2017 and was sold through flash sale models. At the time, the service had 200,000 subscribers, up 33% from 150,000 subscribers in March 2018.

Our Zomato coverage here.

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