Zomato on Sunday said the auditor of its subsidiaries Zomato Hyperpure and Blink Commerce has resigned with immediate effect, paving the way for the food tech platform's auditor Deloitte Haskins & Sells to be appointed in its place to make the audit process more efficient. Batliboi & Associates, who was appointed as statutory auditors of the two wholly-owned subsidiaries for five years beginning April 1, 2023, till the conclusion of the 13th AGM, resigned w.e.f. May 12, 2024, Zomato said in a...
In the summer of 2023, Zomato seemed to be in a pickle, with reports of protesting BlinkIt riders. Meanwhile, earnings data released in June the same year displayed a decrease in monthly transacting users (MTUs). However, things soon began changing for the company.
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.Also in this letter:■ Zomato Esop costs to rise■ Apple India's FY25 starts with a bang■ SoftBank swings to Q4 profitZomato posts Q4 consolidated net profit at Rs 175 crore 110089129Online food delivery firm Zomato on Monday reported a consolidated net profit of Rs 175 crore in the March quarter against a consolidated net loss of Rs 188...
Food and grocery delivery company Zomato on Monday reported a fourth straight quarter of net profit compared with a loss a year earlier, but its shares fell as the performance missed market expectations.For the quarter ended March 31, the company posted a net profit of Rs 175 crore, compared with a loss of Rs 188 crore in the year-earlier period. Brokerages had expected the company’s net profit to come in the range of Rs 188-218 crore.Operating revenue grew 73% to Rs 3,526 crore, mainly driven...
Zomato, in its latest filings, said it did not see any competitive advantage in the payments business any longer.
Zomato’s costs on account of its employee stock ownership plan (Esop), which almost doubled year on year to Rs 161 crore in the March quarter, are expected to rise further.Costs incurred under the Esops head are non-cash expenses, and are likely to increase in the ongoing fiscal “on account of grant of Esops to the Blinkit leadership team and senior employees,” the company’s management said in a post-earnings call on Monday.Zomato also announced a new stock ownership plan for 18.3 crore shares,...
Zomato has surrendered its payment aggregator licence and its application for the mobile wallet licence, the food delivery major said in a stock exchange filing on Monday.The Gurgaon-headquartered startup has written down Rs 39 crore, which it had invested into its wholly owned subsidiary Zomato Payments that held the PA licence, and accounted it as impairment losses. Zomato clarified that the other operations of its payments subsidiary will continue.This decision comes within just a couple of...
In a bold expansion move, Zomato's BlinkIt plans to double its store count to 1,000 by FY25, aiming for a significant increase in Gross Order Value.
Food delivery platform Zomato and quick commerce platform Swiggy Instamart on Mother’s day surpassed record order volumes it witnessed on New Year's Eve.“Mother's Day, for the first time ever, is turning out to be a (much) higher volume day than New Year's Eve,” Zomato cofounder and chief executive Deepinder Goyal said in a post on X on Sunday.“Fingers crossed that we are able to serve everyone treating their moms today,” he wrote. Zomato's Blinkit and Swiggy Instamart witnessed an uptick in...