SWIGGY ONE PROGRAMME
Swiggy announces $65 million ESOP programme for employees ahead of IPO
As part of the scheme, Swiggy employees across all levels and functions will have the opportunity to receive up to $65 million in liquidity for their ESOPs. This marks Swiggy's fifth liquidity event since 2018 and the third consecutive event following those in July 2022 and 2023. This positions Swiggy as one of the few start-ups consistently providing wealth-creation opportunities for its employees.
Uptick in IT hiring; ex-bureaucrat turns VC
Happy Monday! IT hiring has shown a glimmer of hope in Q1. This and more in today’s ETtech Morning Dispatch.
How startups are changing their hiring strategies to streamline costs
Facing a prolonged funding drought, startups are trying a new approach to cost-cutting. Layoffs continue, but some companies, like Swiggy and Ola, are strategically refilling certain open positions with lower-salaried junior staff, according to industry insiders.
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.
Food delivery cos bet on existing users; Infosys CEO interview
Happy Tuesday! With user growth stagnating, Zomato and Swiggy are prodding existing customers to order more. This and more in today’s ETtech Morning Dispatch.
The super app bandwagon; Tata Digital revamped
Happy Tuesday! Traditional financial services firms are the latest to launch so-called super apps. This and more in today’s ETtech Morning Dispatch.
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Tata chip unit gets Cabinet nod; Sridhar Ramaswamy named Snowflake CEO
The Rs 91,000-crore project will be set up in Gujarat’s Dholera district in partnership with Taiwanese Powerchip Semiconductor Manufacturing Corp (PSMC), Union communications and IT minister Ashwini Vaishnaw told a press briefing on Thursday.
Zepto launches membership programme for all users
The membership, priced at between Rs 149 and Rs 299 per month for various users, will allow for free deliveries of orders above Rs 99.
Zepto experiments with membership programme for select users
Zepto Pass is a membership program offering unlimited deliveries on orders over Rs 99 with up to 20% discounts. Zepto has become the second quick-commerce firm after Swiggy Instamart to offer subscription benefits.
Flipkart launches same-day delivery service
Ecommerce giant Flipkart be rolling out same-day delivery of products for its customers in over 20 cities from February. Flipkart said that for orders placed before 1 pm, products will be delivered before midnight of the same day. The service will be available to all customers with no extra charge.
Zomato tweaks Gold loyalty programme
Zomato has discontinued the ‘on-time guarantee’ benefits for memberships purchased or renewed from November 25, 2023. This feature was extended to Gold when it was relaunched in January 2023.
Cobranding with Tata Neu, Swiggy widens HDFC Bank cards’ reach
HDFC Bank has distributed a million-plus cards with Tata Group’s super app Tata Neu and around 120,000 with foodtech major Swiggy, two people in the know told ET.
Our business changes as the society and the kitchens of India change: Rohit Kapoor, Swiggy
“I keep repeating to my team that we are very small right now. I remember speaking to a one of the entrepreneurs who started a samosa business and she mentioned to me there are a few crore samosas sold in India every day. If I look at my platform today, we are not even scratching the surface there.”
Bose picks up minority stake in Noise; Udaan fires over 100 employees
In what could potentially strengthen homegrown audio accessories and wearables brand Noise’s foothold in a tightly contested segment, the company has closed its first ever fundraise from global audio devices maker Bose. This and more in today’s ETtech Top 5.
Zomato sees an opportunity in catering business
The company is also looking to add more offerings to its loyalty programme, Gold, despite concerns about the potential impact on profitability, Rakesh Ranjan, chief executive for food delivery, said in an interview.
Chill sets in for consumer lending apps; what’s cooking at food delivery platforms?
Consumer lending firms are set for difficult days ahead as a central bank diktat on reining in unsecured loans has choked off much-needed credit lines.
Zomato, Swiggy seek a route to reach bottom of the pyramid
Bengaluru-based Swiggy has launched a pilot called ‘Pockethero’ in about 15 cities in late November that will mainly target students and freshers looking for more affordable food delivery options. The platform has tied up with specific restaurants to offer higher discounts and free deliveries to onboard new customers.
Driven by Gold subscriptions, Zomato’s food business keeps swelling
The food business’s GOV hit Rs 7,980 crore in the latest quarter, against Rs 6,631 crore a year ago, and up from Rs 7,318 crore in the preceding quarter. The business also saw 18.4 million average monthly transacting customers, against 17.5 million in the April to June quarter.
Swiggy hikes its platform fee on food orders to Rs 3
The Bengaluru-based company had initially started levying the fee in Bengaluru and Hyderabad, following which it expanded the charge countrywide. Currently, it charges the platform fee as a Rs 5 levy with a Rs 2-discount, indicating that the fee could eventually be increased further.
Zomato launches hyperlocal delivery service Xtreme to leverage 3-lakh strong delivery fleet
Xtreme, which was launched late last month, targets both small and large merchants for delivering small packages intracity on the lines of services provided by Shadowfax, Porter and Loadshare.
Swiggy launches ‘Lite’ plan, bundling for One programme to take on Zomato Gold
Food delivery company Swiggy has launched a cheaper version of its Swiggy One membership called Swiggy One Lite. The new membership option is being offered at an introductory price of Rs 99 for three months. Swiggy One Lite offers users 10 free deliveries on food orders above Rs 149 and 10 free deliveries on Instamart orders above Rs 199.
Zomato shares hit 52-week high of Rs 105.90; m-cap nears $ 11 billion
The stock's value has surged in the last eight months. Mutual funds have increased their investments in Zomato, making it one of the top buys of domestic fund houses in August, with purchases exceeding 80 million shares.
PhonePe enters stockbroking; Swiggy tests bundling for ‘One’ subscriptions
PhonePe said in a statement that Share.Market will elevate discount broking through ‘WealthBaskets’, a market research-based technology platform that will provide stock market intelligence.
Swiggy tests bundling for ‘One’ subscriptions, experiments with pricing tiers
Food-delivery major Swiggy is working with banking and telecom firms to roll out bundled plans that include Swiggy One subscriptions. The company is also experimenting with different pricing and service tiers for the subscriptions, people in the know of the matter told ET.
Swiggy starts charging platform fee for food orders amid stagnant growth
The platform fee is levied in addition to the delivery charge, which is waived for customers of Swiggy One who make an upfront payment and get benefits like free delivery of food and grocery.
Zomato's Gold programme helps company reclaim market share from Swiggy: HSBC report
The report pegged Zomato’s market share for the January-June 2022 period at 55%, with the remaining 45% being held by Swiggy. This changed to 54% and 46% for Zomato and Swiggy, respectively, for the October-December 2022 quarter, it said.
ETtech Explainer: how restaurants responded to Zomato Gold's comeback
The National Restaurants Association of India (NRAI), an industry body, has advised restaurants to step up their own loyalty programmes on discounts through other apps, while many large companies said they are not on Gold.
Zomato Gold returns with discounts on delivery and dining out
According to company sources, the Gold membership is currently being offered on an invite-only basis. However, users with existing Pro memberships are being offered Gold subscriptions for three months.
Zomato Gold to make a comeback; CEO Deepinder Goyal shares teaser
On Thursday, Zomato founder and CEO Deepinder Goyal tweeted a teaser of the company's loyalty programme.
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