Zomato

Restaurants Raised Discounts To Fend Off Swiggy & Zomato

Restaurants Raised Discounts To Fend Off Swiggy & Zomato

Large restaurants have increased discounts and promotional offers by 15-20% on their own apps to compete with aggregators like Swiggy and Zomato. This step is taken to reduce the steep commission and search optimisation fees being charged by the aggregators and lower the dependence on them, the industry executives said. India’s largest quick-service chain, Domino’s…

Zomato Board Likely To Sign Blinkit Deal Next Week

Zomato Board Likely To Sign Blinkit Deal Next Week

The board members of food tech giant Zomato will meet on June 17 to sign off the acquisition of the quick-commerce platform Blinkit (formally known as Grofers). Before this, in August 2021, Zomato invested around $100 million into Blinkit and revealed its plan to invest a total of $400 million. At that time, Zomato earned…

Zomato Pick Up 16.66% Stake in Mukunda Foods

Zomato Pick Up 16.66% Stake in Mukunda Foods

Zomato board on March 15 picked up a 16.66% stake in Mukunda Foods Private Limited for cash consideration of Rs. 37.5 crore. The acquisition will be made via a subscription of 13,289 convertible preference shares and 10 % equity shares.  Zomato said in a regulatory filing, “We are glad to inform that our board of…

Swiggy Crossed $10.7 Billion Valuation After Raising $700 Million in Invesco

Swiggy Crossed $10.7 Billion Valuation After Raising $700 Million in Invesco

Food delivery giant, Swiggy, has raised $700 million in Invesco and crossed a $10.7 bn valuation, according to the sources.   Swiggy’s latest valuation is almost double to Zomato before the latter went for its initial public offering. Zomato was valued at $5.4 billion before its IPO. With this new funding, Swiggy also came closer to…