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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…

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I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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