New Delhi22 minutes ago
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Food delivery platform Zomato has increased the platform fee from Rs 7 to Rs 10 during the festive season. The company gave this information in the app notification.
The company said in the app notification today i.e. on October 23 – 'This fee will help us pay our bills to keep Zomato running. To maintain services during the festive season, this has been slightly increased.
Zomato started 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 on January 1, it was reduced to Rs 4. Then it was gradually increased to Rs 7.
Platform fees are additional charges applied to each food order. These are exclusive of GST, restaurant charges and delivery fees. This platform delivers 20 to 25 lakh orders per day.
Zomato shares rose almost 2% to Rs 262
Today, Zomato shares are up by about 2% after the news of increase in platform fees. It is trading around Rs 262. The company's shares have given a return of 140% in one year. At the same time this share has increased more than double.
Food delivery company Zomato's profit increased by 388%
Food delivery company Zomato's profit in the July-September quarter has increased by 388% on an annual basis to Rs 176 crore. The company's consolidated net profit in the same quarter a year ago was Rs 36 crore.
Zomato released its results for the second quarter of financial year 2024-25 on Tuesday, October 22. The company's revenue in the second quarter increased by 68.50% to Rs 4,799 crore. Revenue in the same quarter a year ago was Rs 2,848 crore.
Consolidated profit means performance of the entire group
The results of companies 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 reports of all these will be called consolidated. Whereas, if the separate result of Blinkit will be called standalone.
Deepinder created Foodibee in 2008, then changed the name to Zomato.
- Deepinder Goyal and Pankaj Chadha together launched their food directory website named 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 by 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 this list.
- Zomato is the country's first foodtech unicorn. Startups valued at more than $1 billion are called unicorns. For the first time, Zomato had registered a profit of Rs 2 crore in the first quarter of the financial year 2024.
- Zomato is a technology platform that connects customers, restaurant partners and delivery partners. Apart from food delivery, Zomato founder Deepinder Goyal had purchased Blinkit in August 2022 for grocery delivery.
