ZOMATO CEO
Zerodha to end zero-brokerage model; Unacademy lays off 250 employees
Online stock broker Zerodha will likely discontinue its zero-brokerage structure due to new Sebi rules. More on this in today’s ETtech Top 5.
Fintechs' secure credit play; New Jersey turns IT hub
Happy Monday! Fintech companies like Cred, PhonePe and Paytm are seeking partnerships with NBFCs to enter the secured credit market. This and more in today’s ETtech Morning Dispatch.
Zomato launches platform to offer hiring, regulatory services to restaurants
Zomato's move comes a week after rival Swiggy launched a new feature on its partner app to connect restaurants with staffing experts as part of a new recruitment support initiative.
Ecom Express’ rights issue; Google Cloud chief interview
Ecom Express is planning a $170 million rights issue led by existing investors. This and more in today’s ETtech Top 5.
Food contamination cases: E-tailers turn more watchful, prepare to delist errant manufacturers
A human finger found in an order of ice cream recently brought food etailing into sharp focus. Following this weird episode, etailers are beginning to cast a keen eye on their suppliers, and bringing new policies with provisions to penalise errant partners.
Zepto raises $665 million funding at $3.6 billion valuation to take on Blinkit, Swiggy Instamart
Company to double dark-store count to 700, taking on rivals Blinkit, Swiggy Instamart and Big Basket’s BB Now; DST Global, Lightspeed Venture Partners, Avenir Growth Capital and Avra joined as new investors in the round led by Glade Brook Capital, StepStone Group and Nexus Venture Partners.
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Delivery boxes unhealthy: Nutritionist calls out Swiggy and Zomato over plastic containers; Zomato CEO responds
Celebrity nutritionist Luke Coutinho recently called on food delivery platforms Swiggy and Zomato to switch to biodegradable, non-plastic containers for food packaging. Highlighting the health risks of using plastic, especially for hot foods, Coutinho's appeal emphasized the need for safer food delivery practices. Zomato CEO Deepinder Goyal responded positively, promising to highlight restaurants that use food-safe packaging, while Swiggy is yet to respond.
Third Wave Coffee will add over 50 stores, expand to new cities: CEO Rajat Luthra
Third Wave Coffee, backed by Westbridge Capital, plans to open 50 new stores in existing markets like Bengaluru, Delhi-NCR, Mumbai, and Hyderabad, with a focus on Chennai, as stated by new CEO Rajat Luthra. The expansion comes as new-age coffee brands such as Blue Tokai, Subko Coffee and AbCoffee have seen a rush of venture capital.
Zomato-Paytm ticketing deal; Oyo’s Rs 1,000-crore funding
Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Paytm likely in talks with Zomato to sell movie ticketing business
Paytm is in advanced talks to sell its movie and events ticketing business to Zomato amid declining sales. The move is part of Paytm's revival strategy after reporting its first sales decline, triggered by regulatory actions. The potential sale aims to help Paytm refocus on core businesses like travel and cash backs.
Kunal Kamra vs Zomato: Comedian criticizes CEO Deepinder Goyal’s World Record announcement, says 'You’re such a hack'
Comedian Kunal Kamra criticized Zomato CEO Deepinder Goyal on social media after Goyal announced that Zomato set a Guinness World Record for the largest first aid lesson at a single venue. Kamra questioned the working conditions and average income of Zomato's delivery partners, contrasting these concerns with Goyal's focus on the record. The post received mixed reactions, with some praising the achievement while others called for better treatment and health insurance for delivery partners.
Zomato’s Rs 300-crore Blinkit boost; Ola Electric gets IPO nod
Food delivery company Zomato will infuse Rs 300 crore into its quick commerce unit Blinkit. This and more in today’s ETtech Top 5.
New-age stocks recover post poll results; Ixigo IPO launch
A day after election results, shares of new-age companies like Zomato and Delhivery made a sharp recovery on the bourses. A look at the numbers and more in today’s ETtech Top 5.
After Zomato makes a request to customers due to heatwave, a netizen offers a 'Rs 800' solution
With many parts of India experiencing a prolonged heatwave, Zomato has urged customers to avoid ordering food during peak afternoon hours unless absolutely necessary. This request, posted on X (formerly Twitter), has generated varied reactions from netizens.
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.
Bitcoin Pizza Day today: Mudrex CEO Edul Patel explains the significance
Mudrex celebrates Bitcoin Pizza Day in Bengaluru by distributing pizzas to children, startups, and food lovers, partnering with WeWorks and Zomato. Edul Patel shares insights on Bitcoin's journey from the first real-world transaction in 2010 to current regulatory trends, including SEBI's stance.
Blinkit starts offering free dhaniya with vegetables after viral post. Say thanks to a Mumbai mom
A Mumbai man's post on paying for coriander at Blinkit prompts CEO Albinder Dhindsa to offer free coriander with vegetable orders. Ankit Sawant suggests bundling herbs free with veggie purchases. Netizens were amazed by the speed of implementation by Blinkit
Zomato logs fourth straight quarter of profit at Rs 175 crore
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.
Cultfit elevates Naresh Krishnaswamy as CEO, Mukesh Bansal takes on executive chairman role
Naresh Krishnaswamy was previously the head of fitness services at Cultfit. He has been running all key operations at the firm since cofounder and former chief executive Mukesh Bansal moved to Tata Digital as its president.
Who is Grecia Munoz? Zomato CEO Deepinder Goyal's second wife
Zomato CEO Deepinder Goyal has married former model Grecia Munoz, who is also an entrepreneur. The couple returned from their honeymoon in February. Munoz, originally from Mexico, now resides in India and is involved in television hosting and running her startup focusing on luxury consumer products. Goyal, a prominent figure in India's startup scene, had been in a relationship with Munoz for some time. This marks his second marriage. Goyal founded Zomato in 2008 and recently announced plans to launch a 'pure veg' service in response to customer feedback, which generated some controversy.
Ad isn’t created by us or any affiliate: Swiggy on viral post taking dig on Zomato pure veg fleet
In an advertisement posted by X user Nilesh Trivedi, the logo and name of Swiggy are seen on top, with the text commenting on rival Zomato's recent pure veg fleet. The user later said that the ad was very clearly a parody.
Live entertainment, sports becoming favourites for the youth, says BookMyShow CEO Ashish Hemrajani
On the second day of Startup Mahakumbh in New Delhi, Hemrajani said, “Roti kapada makan is done, discerning people have got the money. Now they're focusing on outside of science and maths. They are focusing on art, they are focusing on music, they are focusing on sport."
Startup Mahakumbh to boost India’s efforts to improve innovation ranking: DPIIT secretary
The three-day Startup Mahakumbh starts today. In a presser on Sunday, RK Singh, secretary of the Department for promotion of industry and internal trade (DPIIT), said the government aims to improve India’s global ranking in terms of innovation, and hopes to get a booster on this from the event.
Not in a hurry to add new categories; will focus on grocery: BigBasket CEO Hari Menon
Hari Menon told ET that BigBasket will only diversify into adjacent categories to grocery like kitchen and home appliances. Meanwhile, rivals such as Zomato-owned Blinkit and Mumbai-based Zepto are rapidly diversifying into newer categories.
Zepto, Blinkit adding fashion, electronics, beauty and more
Blinkit and Zepto are entering the fashion segment, partnering with apparel firms and sellers for listing of brands including Adidas, Pepe Jeans, Jockey, Manyavar, XYXX and Mad Over Print. While this is new territory for both platforms, people aware of the developments say the companies could end up becoming the go-to destinations for shoppers in certain use cases.
Fortunes of startup founders swing with stock prices in past 12-14 months
During the last 12-14 months, startup founders such as Zomato’s Deepinder Goyal and Policybazaar’s Yashish Dahiya and Alok Bansal have reaped mega rewards. However, Paytm founder and CEO Vijay Shekhar Sharma has seen his wealth eroded.
On ‘quick’ path to profitability: Challenges for quick commerce companies
Efforts to make commerce quick has seen spends on areas ranging from data science and technology to customer acquisition and retention. Companies are of the view that growth in the number of orders and subsequently their topline is what will make the bottomline improve.
Zomato steps up restaurant signups as slowdown bites
In Zomato’s quarterly shareholder letter, food-delivery CEO Rakesh Ranjan noted that the demand environment was muted in the December quarter for the broader restaurant industry. “Hence, food delivery GOV growth (at 6.3% QoQ /27% YoY) was lower than our expectations but still higher than some of the other players in the restaurant industry space,” he said.
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