ZOMATO GROCERY

Companies are expected to tell officials that delivery fees are not accounted for as revenue, but passed on to delivery workers and hence cannot be taxed.

Besides, the brokerage has also shared the list of companies it remains bearish on given the challenges and risks to earnings growth. These are Tech Mahindra, Cummins India, Asian Paints, Gujarat Gas, and Tata Power.

While Paytm saw its employee headcount expand by a whopping 3.5 times during the fiscal, PB Fintech, which runs the Policybazaar platform, saw a 32% year-on-year increase in employees. Mumbai-based FSN Ecommerce, which runs the Nykaa platform, saw a 15% year-on-year increase in its headcount, while CarTrade Tech’s workforce increased 44%.

Honasa Consumer, the IPO-bound parent of Mamaearth, has seen a reduction in contribution to revenue from its top 10 selling products. This and more in today’s ETtech Top 5.

The increase in fair value, on the basis of information provided in the company’s FY23 annual report, is mainly due to the contribution margin for food delivery which rose “handsomely” to Rs 18.5 per order in FY23 from Rs 6.6 in FY22, driven by higher revenues and cost optimisation, the brokerage firm said.

Earlier in May, Invesco slashed Swiggy's valuation in its holding to about $5.5 billion.

The Bengaluru-based company had initially started levying the fee in Bengaluru and Hyderabad, following which it expanded the charge countrywide. Currently, it charges the platform fee as a Rs 5 levy with a Rs 2-discount, indicating that the fee could eventually be increased further.

Online food and grocery delivery platforms and cloud kitchen companies experienced average demand during the India vs Pakistan World Cup match, but they expect an increase in orders later in the evening as India started its successful chase. Quick commerce platforms saw a spike in orders for chips and beverages during the second half of the match. Overall, food and grocery delivery companies witnessed a 25-30% increase in orders compared to a regular Saturday. The CEO of Zomato-owned Blinkit also noted a surge in orders for chips and beverages during the match.

Xtreme, which was launched late last month, targets both small and large merchants for delivering small packages intracity on the lines of services provided by Shadowfax, Porter and Loadshare.

The stock was the preferred pick of domestic fund houses in August.

The continued losses for the nearly 13-year-old firm come as it faces intensified competition in both grocery delivery as well as relatively new verticals like quick commerce.

Users can no longer download the JioMart Express app from the Google Play Store, and its website is also inactive. Instead, it is directing users to try JioMart on WhatsApp where deliveries are taking at least a few hours or the next day as opposed to JioMart Express, which was a 90-minute delivery service.

Zomato founder Deepinder Goyal has advertised 800 openings for five different roles, through his LinkedIn post. The qualifications for positions such as generalist, growth manager, and others have been disclosed by him.