wordpress blog stats
Connect with us

Hi, what are you looking for?

, ,

Zomato will not charge commission on takeaway orders

Zomato

Food aggregator Zomato will not charge any commission on takeaway orders, and will also forego the payment gateway charges it incurs on such orders, the company announced on Wednesday. The company said that takeaway order volumes have more than tripled in the last few months. More than 55,000 takeaway restaurants are currently live on Zomato’s app, the company added. Zomato also said that its food delivery business has crossed pre-COVID levels, operating at around 110% of pre-COVID GMV (gross merchandise value). However, it also cautioned that while the signs are now encouraging, this growth in order volumes has not been “uniform”, and the “overall food service industry is still far from full recovery”.

The food delivery and dine out sector were among the most badly hit industries due to the coronavirus pandemic. In August, Zomato said that the food delivery industry had “largely recovered”, but noted that a number of dine-in restaurants are looking at an uncertain future, as several of them have already permanently shut shop. In fact, the company estimated that around 40% restaurants in India that shut due to the lockdowns may not be able to reopen at all.

In the course of the pandemic, both Swiggy and Zomato have laid off employees to manage costs. Swiggy laid off more than 1,400 employees, whereas Zomato had to let go around 13% of its workforce. Both the companies have also forayed into alcohol deliveries in multiple states.

Zomato has, in recent months, seen an infusion of capital. Earlier this week, it raised ₹1,452.4 crore ($195 million), taking its valuation ₹26,818 crore (₹3.6 billion). In October, US-based Kora Investments had reportedly pumped ₹386 crore ($52 million) into Zomato, with a larger amount follow-up amount expected in the coming months.

Earlier this year, Zomato’s fundraising efforts were affected by intensifying Indo-China tensions. After raising $150 million from existing investor Ant Financial, only $50 million came through as relations between the two countries soured. Zomato has plans of going public in 2021.

Advertisement. Scroll to continue reading.

Also read: 

Written By

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

Views

News

While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.

News

Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy.

News

Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations.

News

The need of the hour is for lawmakers to understand the systems that are amplifying harmful content.

News

For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.

You May Also Like

News

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...

Advert

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...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

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...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ