ZOMATO ESOP COSTS
Zomato stops ‘Xtreme’ service; Reliance to bring back Shein
Zomato has halted its hyperlocal goods delivery service due to a lack of demand.
Persistent shares surge 3% post acquisition. Ticks all right boxes, says ICICI Securities
Persistent Systems' shares skyrocketed to a record high after sealing a deal to acquire Starfish Associates, boosting their AI offerings.
JM Financial cuts Zomato's target price by 8% on ESOP costs
JM Financial has lowered Zomato's target price to Rs 230 from Rs 250, noting that ESOP costs are no longer considered one-off expenses following the approval of a new policy. The formulation of this policy indicates that ESOP costs will be treated as regular business expenses, expected to recur.
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.
Zomato gets shareholder approval for Esop plan, gives up pursuit of NBFC licence
Food delivery company Zomato had proposed an Esop pool of 183 million shares. The new plan would mean a 2% stake dilution for existing shareholders, founder and CEO Deepinder Goyal had told shareholders in May, adding that the new pool would be sufficient for the next five years.
Zomato in talks to acquire Paytm's movies, ticketing business; deal pegged at around Rs 2,000 crore
Zomato’s interest in acquiring Paytm's events and movie ticketing business is in line with the Gurgaon-based company's efforts towards capturing consumer demand across categories like food, grocery and entertainment. If the transaction goes through, it will be the second biggest acquisition for Zomato after it acquired quick commerce platform Blinkit in 2022 in an all-stock deal for Rs 4,447 crore.
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A quarter of hits & a few misses; and other top tech, startup stories
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. This is Pranav Mukul in New Delhi. This week we’ve wrapped up another compelling quarterly earnings season for listed new-age companies from Zomato and Delhivery to Paytm and PB Fintech.
Buy Zomato, target price Rs 230: Emkay Global Financial Services
Emkay Global Financial Services has buy call on Zomato with a target price of Rs 230.
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.
Zomato Q4 earnings; Blinkit edges closer to profitability
Food delivery major Zomato reported a lower-than-expected quarterly profit of Rs 175 crore on Monday. Details on this and more in today’s ETtech Top 5.
Zomato sees Esop costs rising on grant of stock options to Blinkit leadership
Costs incurred under the Esops head are non-cash expenses, and will rise in the ongoing fiscal “on account of grant of Esops to the Blinkit leadership team and senior employees,” the management said in a post-earnings call.
Startups talk up funding winter, but loosen their purse strings
During the ongoing funding winter, several internet majors such as Paytm, Policybazaar parent PB Fintech, Flipkart failedd to control expenses in FY23. Horizontal omnichannel retailers such as Nykaa, Mamaearth parent Honasa Consumer and FirstCry also saw both employee expenses and marketing costs rise anywhere between 23% to 55% during FY23.
Paytm share price good now for anybody with a slightly higher horizon of holding: Rahul Jain
Rahul Jain of Dolat Capital believes that Paytm is fairly priced now from an event risk perspective. Despite the new RBI guidelines impacting their money-making business of loan aggregation, Paytm's losses are coming down and they are on course to become profitable soon. The company's focus on cost reduction, including employee expenses, is a sign of their commitment to achieving profitability.
Paytm shares rally 4% on UBS betting that stock can rally up to Rs 900
UBS' coverage on the new-age stock comes days before the fintech payments major is scheduled to announce its Q3 report card on Friday. The brokerage house has forecast an overall revenue CAGR of 21% in FY24-28.
Amidst a funding winter, large startups show healthier balance sheets; and other tech stories this week
While some startups have shown profits, even those who haven’t been able to get into the black yet reported strong revenue and Ebitda numbers.
Founder Vijay Shekhar Sharma’s stake in Paytm touches 20%; Data Bill passed in Lok Sabha
In a move that Vijay Shekhar Sharma no doubt hopes will please regulators and convince them to greenlight the Paytm founder’s business plans, Ant Financial has transferred a 10% stake in the fintech major to an entity owned by Sharma. The transaction will reduce Chinese representation on the cap table of One 97 Communications, Paytm’s parent. This and more in today’s ETtech Top 5.
Online gaming's tax troubles, and other top startup & tech stories this week
When a user wants to play a game like a fantasy sports competition or card games like rummy or poker, where they stand to win real money based on the outcome, they first deposit a contest entry amount (CEA). From this, prior to creating a pool that will be passed on to the winner, the platform deducts its fee — typically between 8-15%. This is called the gross gaming revenue (GGR).
Focus back on growth over profitability; no consumption slowdown yet: Swiggy's Rohit Kapoor
Kapoor, who was the global chief marketing officer at Oyo before joining Swiggy last August, told ET that both growth and profitability are significant for Swiggy, and the food business can expand by around 20% annually.
Online gaming hit by 28% tax; Swiggy is prioritising growth over profitability
Fist bump, on hump day. In a major setback to India’s online gaming industry, the GST Council decided to levy a 28% tax on the full value of monies paid by users, a move industry stakeholders have termed “unconstitutional and irrational”. This and more in today’s ETtech Morning Dispatch.
Food-delivery firms Zomato, Swiggy clock only 7% growth in biz during IPL: report
With consumer internet firms chasing profitability, the spends on marketing for online food delivery platforms like Zomato and Swiggy were lower compared to previous editions of the Indian Premier League.
In March, Swiggy’s food-delivery biz turned profitable, excluding Esop costs: CEO Sriharsha Majety
Food delivery platform Swiggy on Thursday announced that it has turned profitable as of March 2023.
Swiggy says food-delivery arm profitable sans Esop costs; Infy slashes variable pay to 60%
Amid the dark clouds of sharp valuation markdowns for tech companies, Swiggy's CEO Sriharsha Majety announced that its food-delivery business had turned profitable in March, Esop costs aside. This and more in today’s ETtech Top 5.
Why Jefferies sees 92% upside in Zomato stock despite EBITDA concerns
“New grants are declining sharply, and Zomato is no longer a startup that needs to overly rely on ESOPs. The existing pool seems sufficient for several years,” it said. It also stated that further ESOPs would need more than 75% shareholder approval, and investors will have a strong say
Delhivery approves allotment of 1.7 lakh shares against exercised Esops
The company has projected a cost of Rs 566 crore on Esops that are already granted over the next five years, of which Rs 282 crore is the projected cost for the ongoing fiscal year.
Getting an ESOP in your next job? Here's how an ESOP works, risks involved and tax implications
Typically, a company offers its employee an option to buy a fixed number of stocks after a vesting period at a predetermined price that often comes with a big discount. Though it may appear a good bargain on paper however, in reality, there are many things which may go wrong and there is no guarantee that you will always take home the jackpot. Here's what should know to get the call right.
Institutional investors oppose Esops; PharmEasy drops IPO, targets Ebitda breakeven
The stock option plans of listed startups such as Zomato and Paytm are facing opposition from institutional investors for a variety of reasons.
Zomato-Blinkit deal gets green signal; Google launches Street View in India
After the approval was notified to the stock exchange on Wednesday morning, Zomato's stock traded in the green and ended the session up 5.52% at Rs 43.95 a piece.
Esops allocated to Zomato CEO Deepinder Goyal amounted to Rs 387 crore for second half of FY22
CEO Deepinder Goyal, voluntarily waived off his salary for the year ended March 31, 2022 while company CFO Goyal had forgone his salary for the months of January, February and March this year.
Delhivery CEO says ‘no conflict’ between growth, profits, Mensa spreads its wings
Delhivery said on Monday that its revenue in the March quarter more than doubled from last year to Rs 2,071 crore, while net profit remained flat at Rs 119.8 crore
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