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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.
Tata may retain outgoing CEO Rajesh Gopinathan in advisory role; Zomato's beginning to reclaim lost market share
Tata Group is looking to offer an advisory role to Rajesh Gopinathan, the outgoing CEO of Tata Consultancy Services (TCS). Gopinathan is set to exit the IT services major on September 15. This and more in today's edition of ETtech Top 5.
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.
Fintechs, RBI consult over FLDG rules; restaurants explore options as Zomato Gold returns
Following the release of the Reserve Bank of India’s (RBI’s) new digital lending rules, fintechs in India have been in continuous consultation over first loss default guarantee (FLDG) arrangements. Today we have new details of the conversations between the central bank and fintechs on this hot bottom issue. More details in the ETtech Morning Dispatch.
As Zomato restarts Gold, NRAI advises restaurants to step up own loyalty programmes
Restaurant industry body National Restaurants Association of India (NRAI) is sending advisories to restaurants to step up their own loyalty programmes on discounts through other apps, while many large companies said they are not on Gold.
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Zomato shares tumble 15%. What's cooking?
"The relaunch of the loyalty programme is important due to growing concerns on sequential growth in Zomato’s food delivery business and the high likelihood of the company having lost some market share to Swiggy in recent quarters as the latter had continued to run its loyalty programme, especially when ‘Pro Plus’ was absent," the brokerage firm JM Financial said.
Zomato Relaunches 'Gold Loyalty program', provides dining and delivery discounts
Zomato relaunches its Gold loyalty programme which would give its subscribers preferential access to restaurants amid high demand. In addition, Zomato Gold provides meal deals. The firm has collaborated with over 10,000 restaurants around the country to provide Gold members with up to 40% off dining out.
What fintechs want from union budget; MyTeam11 gets relief from Rajasthan HC
India’s fintech sector had a rocky 2022 thanks to a prolonged funding winter and strict new lending rules from the Reserve Bank of India. Looking for a new lease of life, the sector is lobbying hard for incentives in the upcoming budget, including ‘priority’ status from the government.
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.
Seven nations to sign up for India Stack; Zomato Gold is back
At the start of January, Microsoft CEO Satya Nadella praised India’s digital infrastructure, saying the country had a huge lead over others. Now, seven nations are set to sign up for India Stack's digital public goods, union minister of state Rajeev Chandrasekhar told us.
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.
Swiggy trailed Zomato in first half of 2022 despite offering bigger discounts: Jefferies report
Zomato’s quick-commerce business Blinkit also recorded a higher GMV than Swiggy’s Instamart over the same period, according to Jefferies.
Zomato working on new loyalty programme after shutting Pro and Pro Plus
Zomato is working on a “loyalty programme construct” for food delivery, the company’s chief financial officer Akshant Goyal said during the September-quarter earnings call on Friday.
Zomato moving towards profitability but can grow much faster: CEO Deepinder Goyal
Zomato’s founder and CEO Deepinder Goyal said that even as the company’s food delivery business was growing and moving towards profitability, there was room for it to grow much faster.
Zomato Q2 net loss narrows to Rs 251 crore; Amagi raises over $100M
Food delivery firm Zomato reported its Q2 (July-September) earnings on Thursday evening. Company’s consolidated net loss narrowed more than 42% to Rs 250.8 crore, from Rs 434.9 crore in the same quarter of FY22, while revenue surged 62% to Rs 1,661 crore. Zomato CEO Deepinder Goyal said while the food delivery business was growing and moving towards profitability, it had the potential to grow much faster.
Zomato Pay now live in some cities, replaces flagship Zomato Pro programme
With Zomato Pay, customers can make payments at partner restaurants through the Zomato app and even avail of discounts and cashback. Zomato had run a pilot programme of Zomato Pay in Hyderabad.
Be wary of Zomato, Swiggy dine-in schemes, restaurant body NRAI tells members
A statement issued by Ant Group-backed Zomato said the company’s new dining product has been live in Hyderabad for a few weeks with great results. “We are confident that we will create tremendous value and growth for the industry,” a spokesperson for Zomato said in the statement. “We are looking forward to working with progressive restaurants.”
Nomura sees 19% downside in Zomato; pay hikes galore in logistics, delivery
Foreign brokerage Nomura has initiated coverage on Zomato with a 'reduce' rating and a target of Rs 50, which suggests a potential 18.56% downside from Friday's closing price of Rs 61.40.
Zomato halts new Pro and Pro Plus memberships
Zomato launched its loyalty programme Zomato Pro in 2020. In August 2021 the company launched Pro Plus, which included unlimited deliveries and other benefits.
Zomato not allowing users to renew Pro membership
The program was hit because it allowed users to avail a lot of big discounts while ordering food online as well as when dining out. Currently, active pro users will continue to receive benefits from the program but renewals or new memberships will no longer be allowed, said a Zomato spokesperson.
Comb your hair, shape your pecs and perfect that karate chop — all using the same mirror
A Hyderabad-based company has designed an ‘intelligent mirror’ that brings exercise classes to your living room. It sees this as a way to tap into the promising home fitness segment, which has found wings after the Covid pandemic.
Paytm: The Aftermath
Paytm's wretched market debut -- after it conducted India's biggest IPO -- has already sent ripples through India's wider fintech and startup ecosystem.
Paytm drops another 13%; panel adopts personal data bill
Shares of Paytm’s parent company One97 Communications continued their freefall on the company’s second day of trading on Monday, dragging its market cap down to around Rs 88,000 crore by the close of the day.
Swiggy to expand new membership programme to 500 cities
The new membership programme went live in four cities including Lucknow, Pune, Trivandrum and Vijayawada on November 19.
PolicyBazaar files for IPO amid threat of 'listing' tax
In today's ETtech Top 5 Newsletter: PolicyBazaar has filed draft papers for its much-awaited initial public offering (IPO), even as early investors in unicorns looking to list are faced with the threat of 10-15% tax on bonus shares.
Zomato introduces Zomato Pro Plus to shore up revenue per user
Under the invite-only Zomato Pro Plus membership plan, select Zomato Pro members will get unlimited free food delivery, and no surge free and distance fee.
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