FOOD AGGREGATORS
Heat, humidity or hale: 'majboori' makes gig workers brave the elements
The weather extremities this summer can, of course, impact any and all. But for those whose daily bread depends on their job, there aren't many options. While companies like Swiggy, Zomato and others made some efforts to relieve their delivery partners of the heat to some extent by offering them refreshments, and resting areas according to the gig workers they weren't very helpful.
Q4 results: Stable costs boost India Inc. profits
Steady costs and firm domestic demand supported corporate performance in the March quarter.
Restaurants face the heat in summer of '24, business drops by up to 40 per cent
Temperatures in and around Delhi have hit all time highs this summer. On May 29, the day's maximum temperature of 46.8 degrees Celsius, recorded at the primary weather station Safdarjung Observatory, was a 79-year high. It broke the previous record of 46.7 degrees Celsius, registered on June 17, 1945. In Najafgarh area, temperatures soared even higher.
Consumer firms plan IPO; startups on poll mandate
India's public market will see about a dozen consumer companies make a debut on the bourses. More on this in today's ETtech Top 5.
RBI, payment industry meet discusses contours of new draft PA guidelines
The digital payments industry representatives met with senior officials of the Reserve Bank of India to share their feedback on the recently released draft guidelines for payment aggregators. This comes when US payment giant Stripe seems to be withdrawing from the domestic payments market in India.
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed these stories.
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Zomato surrenders payment aggregator licence, writes down Rs 39 crore worth of investments
Food delivery platform Zomato on Monday reported a consolidated net profit of Rs 175 crore for the quarter ended March 31, 2024, as against a loss of Rs 188 crore reported in the year-ago period.
Restaurants, food aggregators see record business on Mothers' Day
As compared to last year, restaurants saw families in larger packs, which, in turn, boosted the overall cover charges
Indian wheat was poised to feed the world. It now grapples to replenish reserves
India's wheat policy requires a comprehensive review to ensure the production and procurement balance is maintained.
Tata Play Binge becomes largest OTT aggregator with addition of discovery+
Tata Play Binge, an OTT aggregation service, has expanded its offerings by adding Discovery+ to its platform, now boasting over 30 local and global apps. Discovery+ brings a vast library of content spanning 40 genres, including nature, science, history, and reality shows, with popular titles like 90 Day Fiance and Man vs. Wild. Pallavi Puri, Tata Play’s Chief Commercial and Content Officer, emphasized the significance of this collaboration in enriching their content offerings.
Stepping up to beat the heat: India Inc lines up cool work plans for staff this summer
Several companies in India are implementing flexible work practices for white-collar workers, particularly those in sales and field-related roles, to protect them from the extreme summer heat and maintain efficiency. With the Indian Meteorological Department warning of a potentially record-breaking hot year in 2024, companies like Panasonic, MG Motors, KPMG, Deloitte, Mudrex, and PeepalCo are adopting measures such as flexible work hours, online meetings, hydration stations, and awareness campaigns on heat exhaustion.
Swiggy IPO: Food-delivery major secures shareholder nod for potential $1.25 billion public offering
Swiggy IPO: Swiggy plans to raise up to Rs 3,750 crore ($450 million) in fresh capital, in addition to an offer-for-sale (OFS) component of up to Rs 6,664 crore ($800 million). The food-delivery major is also looking to raise about Rs 750 crore from anchor investors in the pre-IPO round.
Shareholder nod for Swiggy’s $1.25 billion IPO; Koo halts salaries
Online food delivery major Swiggy has received shareholder approval to go public. This and more in today’s ETtech Top 5.
Ola, Uber roll out subscription-based plans for auto drivers
Adopting Namma Yatri, Rapido model may help platforms bypass 5% GST on auto rides. Ola has released its subscription model over the last few weeks for its auto drivers in select markets. Uber has also launched the same in six markets.
Nil duty on exports of Kala namak rice upto 100MT
The Indian government clarified on Wednesday that there will be no duty on exports of Kala Namak rice, a premium brand, with a restriction of 1,000 metric tonnes. Previously, there was a 20% duty on exports of this rice variety. The government permitted exports of Kala Namak rice up to 1,000 metric tonnes through specified customs stations, a change from the previous prohibition.
Zomato gets service tax demand and penalty order of Rs 184 crore
The demand order has been received for non-payment of service tax for the period October 2014 to June 2017 determined on the basis of certain sales made by the foreign subsidiaries and branches of the company to its customers located outside India, the company said in a late night regulatory filing.
Alteria Capital logs final close of Fund-III at $195 million
Alteria Capital will back startups that have raised venture capital funding of up to Rs 200 crore each through the venture debt fund. The fund has already deployed 50% of the total capital commitments to portfolio companies, including One Card, Renee Cosmetics, Samunnati, BlissClub, Rebel Foods, Giva, Lead School, Kissht, Captain Fresh, Traya, BlueStone and Ather.
Get ready for 5% profit from this FMCG player and 8% from this food aggregator
Nifty did not show any enthusiasm; it opened and closed in the negative, though there seemed to be an attempt for a modest recovery.
IRCTC partners with Swiggy for food delivery at railway stations
During the initial stage, Swiggy will provide services to IRCTC customers at four railway stations – Bengaluru, Bhubaneswar, Vijayawada and Visakhapatnam.
Pizza, burger or chicken? Rs 80,000 crore question haunting investors in QSR stocks
Competition among QSRs has investors questioning if pizza will lose out to other comfort foods like burgers, fried chicken, and biryani. KFC has seen growth and outperformed pizza, while pizza firms face slow store growth expansion. Among QSR stocks, Sapphire Foods has given a decent return in past 6 months, and buy ratings are recommended for Devyani, Sapphire, and Restaurant Brands Asia.
Quick service restaurants' revenue, margin under severe stress; recovery seems distant: report
The report by French brokerage BNP Paribas stated that the rising popularity of food aggregators has hurt dine-in sales of quick service restaurants (QSR) and has also fragmented delivery sales. Also, with more restaurants partnering with food delivery platforms, consumers now have more options, leading to fragmented sales which are likely playing a part in the weakness in average daily sales of the QSR industry besides the general weakness in demand due to elevated inflation, the report highlighted.
RBI grants payment aggregator licence to Mswipe Technologies
Upon securing preliminary approval in 2022, Mswipe set its sights on piloting its internally developed payment gateway stack with its established merchant base. It was looking to become a full-stack payments player, diversifying from offering offline merchant acceptance devices.
Zomato, Stripe secure final RBI nod for online payment aggregator
Zomato, in a stock exchange filing, said it will operate the online payment aggregator through its wholly-owned subsidiary Zomato Payments Private Limited.
IT stock set to give 4% gain as food aggregator aims at 5% return
Nifty opened strong and found the day’s high soon, but it slipped into negative territory later. However, the index closed with a gain.
How fintechs got their fingers in every pie; and other top tech, startup stories this week
On Wednesday, ET wrote about how fintechs were adding more than 42% of the new investors in mutual funds every month. And this is not unique. Be it wealth management, payments or credit, fintechs are playing an important role in expanding the market and driving adoption everywhere.
Tata Pay bags payment aggregator licence; Binny Bansal’s new startup OppDoor
Happy 2024! Welcome to the first edition of ETtech’s Top 5 in the new year. Tata group’s digital payments business, Tata Payments, has secured a payment aggregator licence from the Reserve Bank of India (RBI). This and more in today’s edition of our daily evening newsletter.
Delhi govt notifies Motor Vehicle Aggregator scheme, mandates companies to switch to EVs by 2030
In a move aimed at promoting green and sustainable mobility and enhancing the quality of transportation services in the national capital, the Delhi government on Wednesday notified the 'Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme 2023', which sets the stage for comprehensive regulation and licensing of aggregators providing passenger transport service and delivery services.
Zomato, Swiggy want to clarify stance to DGGI on tax notice
Companies are expected to tell officials that delivery fees are not accounted for as revenue, but passed on to delivery workers and hence cannot be taxed.
Barista and Massive Restaurants collaborate with Fudr to launch food ordering and payment app
Founded by technology and marketing professionals Aayush Khandpur, Prem Lokesh, Shobhit Marwah, and Akshat Khandpur, Fudr helps F&B brands build their app economies through its software as a service app builder stack that is fully integrated with POS and payment systems.
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