During InfoEdge’s earnings call on June 23, which owns a 22.71% stake in Zomato, InfoEdge founder and vice chairperson Sanjeev Bikhchandani had said that the funding from Ant Financial was yet to come but they had investor interest from other investors who don’t need any permission to invest in an Indian company. But the Financial Times reported on Sunday (July 5) that Zomato’s $100 million funding from Ant Financial, a sister company of Alibaba, has been scuppered by the recent Indo-China tensions. “There has been substantive, there was immediate substantial hit because restaurants are closed, delivery boys don't travel out, some delivery boys have gone home to their hometowns,” Bikhchandani said during the earnings call, but as restrictions are easing up and restaurants are re-opening, “there has been a bit of bounce back”. It is still well below the levels last year or in February this year but “burn is substantially down” and people are “moving to a better unit economics model” with fewer discounts. He said that Zomato is making “positive money” after meeting all variable costs each quarter. He didn’t share exact numbers but said that the company will improve in the coming months. Bikhchandani also said that it has enough interest from both internal and external investors. “Globally delivery has really picked up post-COVID. In India there were logistical issues where Delhi boys were on our travels restaurants are still, many of them are still shut [sic]. But once those are over, delivery is expected to be…
- Practo Partners With Government To Help Develop India’s Health Stack January 31, 2023
- Attend Our Briefing: Impact of Google’s changes to Android and Play Store January 31, 2023
- Why is Andhra government pushing facial recognition attendance on all its workers? January 31, 2023
- Karthik Rai On Developing an Interoperability Framework for India | Meta India Tech Scholars 2021-22 January 31, 2023
- Indian Telecom Watchdog issues consultation paper on regulating converged digital technologies and services January 31, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...