SUMMARY
The Gurugram-based platform said that it is already live with 55,000+ restaurants on takeaway across the country
Zomato said in the blog that it is 110% of pre-covid GMV run rate
Zomato reported a strong revenue performance in FY 2020, growing 105% from the previous year
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
As demand grows for takeaway food, Zomato on Wednesday said its takeaway service is now available to restaurants at zero commission. The food delivery platform said that for restaurants to be able to tap into this growing demand, it is making takeaway service available for free to its restaurant partners.
The foodtech unicorn said in its blog, “We will not be charging any commission, and will also forego the payment gateway charges we incur on all takeaway orders. Takeaway on our app has witnessed tremendous growth with the order volume increasing by more than 200% in the last few months.”
According to Zomato CEO Deepinder Goyal, more than 55,000 restaurants are already live for takeaway and “we are serving tens of thousands of such orders weekly.”
Later in a tweet he added that, “We will also forego the payment gateway charges incurred on all such orders.”
We are introducing takeaway/self-pickup services at a much larger scale than before. Also making this service commission-free for our restaurant partners.
Read the blog post here — https://t.co/r561fcuBmu
[1/n]
— Deepinder Goyal (@deepigoyal) November 18, 2020
“We have delivered over 13 Cr orders since the first lockdown started in March, and there have been zero reported cases of covid transmission through food or its packaging,” the company claimed.
In September, Zomato had raised $102.5 Mn from US-based investment firm Tiger Global Management. Previously, it has already raised $62 Mn funding from Singapore-based state investment arm Temasek through MacRitchie Investments.
Earlier this year, Zomato facilitated ESOP sale of ex-employees worth $30 Mn to investors, CEO and cofounder Deepinder Goyal had said. “That’s a lot of meaningful wealth creation we have enabled for our people. On an average, people sold their ESOPs at a 4x premium to what those shares were allotted to them back in the day,” he wrote in a mail to his employees.
In terms of financials, Zomato reported a strong revenue performance in FY 2020, growing 105% from the previous year. Over the same period, however, the company’s losses grew by 47%. In the first quarter of 2020-21, the current fiscal year, the company’s earnings stand at $41 Mn while the losses stand at $12 Mn.
Launched in 2008, the company currently operates in 11 countries and serves almost 48 Mn customers every year. Out of these 48 Mn customers, India makes up for a whopping 23 Mn, whereas the other 10 countries account for 25 Mn orders.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.