Food delivery platform Zomato has announced a platform fee during the festive season of Rs. 7 to Rs. 10 done. The company has given this information in the app notification. “This fee will help us pay our bills to keep Zomato running,” the company said in an app notification today, October 23. To maintain services during the festive season, this has been increased slightly.
Zomato has started the platform fee from Rs 2 In August 2023, Zomato introduced a platform fee of Rs 2 to increase its margins and become profitable. The company later increased it to Rs 3 and reduced it to Rs 4 on January 1. Then it was gradually increased to 7 rupees.
Platform fees are additional charges applied to each food order. This is separate from GST, restaurant charges and delivery fees. This platform delivers 20 to 25 lakh orders per day.
Shares of Zomato rose nearly 2% to Rs. 262 was done Shares of Zomato rose nearly 2% today following news of an increase in platform fees. It is trading around Rs 262. The company's stock has returned 140% in one year. At the same time this share has more than doubled.
Zomato's profit grew by 388% Food delivery company Zomato's profit rose 388% year-on-year to Rs 176 crore in the July-September quarter. In the same quarter a year ago, the company's consolidated net profit was Rs. was 36 crores.
Zomato announced its results for the second quarter of the financial year 2024-25 on Tuesday, October 22. In the second quarter, the company's revenue increased by 68.50% to Rs. 4,799 crores. In the same quarter a year ago, revenue was Rs. 2,848 crores
Consolidated profit refers to the performance of the entire group Companies' results come in two parts – standalone and consolidated. Standalone reports show the financial performance of only one unit, while consolidated financial reports report on the entire company.
Here, Zomato has 28 subsidiaries, 1 trust and 1 associate company, including Blinkit. The financial statements of all these will be called consolidated. Whereas, if blinkit has a different result then it will be called single.
Dipendra founded Foodbay in 2008, then changed the name to Zomato
- Deepinder Goyal and Pankaj Chadha together started their food directory website called Foodibay in 2008. In just nine months, FoodieBay became the largest restaurant directory in Delhi NCR.
- After two successful years, in 2010, the company was renamed Zomato. Soon after its success in Delhi-NCR, the company started expanding branches in cities like Pune, Ahmedabad, Bengaluru, Chennai and Hyderabad.
- By 2012, Zomato had begun expanding overseas, expanding its services to Sri Lanka, UAE, Qatar, South Africa, the UK, and the Philippines. In 2013, New Zealand, Turkey and Brazil were added to the list.
- Zomato is the country's first foodtech unicorn. Startups valued at more than $1 billion are called unicorns. For the first time ever, Zomato in the first quarter of FY 2024 posted Rs. 2 crore profit was recorded.
- Zomato is a technology platform that connects customers, restaurant partners and delivery partners. Apart from food delivery, Zomato founder Dipendra Goyal bought Blinkit for grocery delivery in August 2022.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
