Tag: Zomato

Zomato raises platform fee by 25% and the Street loves it

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of food delivery aggregator Zomato Ltd. jumped nearly 5% in Monday’s trade after the company raised its platform fee, a few weeks before announcing its fourth quarter results. The company upped its platform fee by 25% to ₹5 per order.

The online food delivery giant introduced a platform fee — the flat charge that food delivery firms charge from customers per order — of ₹2 in August 2023. The platform fee was later increased to ₹3 to boost its margins and become profitable.

In January this year, Zomato had again increased its mandatory platform fee to ₹4 from ₹3 per order across key markets.

Its rival Swiggy charges a platform fee of ₹5 on food-delivery orders.

Following the fresh hike, Zomato shares were trading 2.62% higher at ₹194.15 apiece on the NSE during Monday’s afternoon deals. The stock has risen more than 55% this year, making analysts bullish on the counter.

Global brokerage firm UBS expects Zomato shares to hit ₹250 in the next one year. However, this isn’t the highest target for the stock on the Street. Other brokerages including ICICI Securities (₹300) and JM Financial (₹260) have targets higher than UBS for Zomato’s shares.

The foreign broking firm said that Zomato’s quick commerce growth and margin potential are underappreciated by the Street.

UBS expects Zomato’s Gross Merchandise Value (GMV) to reach $10.2 billion by the financial year 2029 or over the next five years, which is 20% above consensus, as per a detailed Total Addressable Market (TAM) and unit economics framework.

Additionally, the brokerage expects Zomato’s EBITDA margin to touch 9%. which is almost double the consensus estimates, over the next five years or by the financial year 2029.

Of the 28 analysts that track the Zomato stock, 24 maintain a ‘Buy’ recommendation on the stock, while four have a ‘Sell’ rating.

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Zomato gets ₹11.82 crore tax demand notice

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Online food delivery platform Zomato has received a tax demand and penalty order of ₹11.82 crore related to GST on export services provided to its subsidiaries located outside India from July 2017 to March 2021.

The order was passed by the Additional Commissioner, Central Goods and Services Tax, Gurugram, raising the GST demand of ₹5,90,94,889, with applicable interest (not quantified) and penalty of ₹5,90,94,889.

“We believe that we have a strong case on merits, and the company will be filing an appeal against the order before the appropriate authority,” Zomato stated in a regulatory filing late evening on Friday.

It informed that the demand order has been received, “confirming demand of GST on export services provided by the company to its subsidiaries located outside India during the period July 2017 to March 2021 by upholding that such services do not fulfil the conditions for the supply to qualify as export of service under GST”.

“The company, in its response to the show cause notice, had clarified on the allegations, along with supporting documents and judicial precedents, which appears not to have been appreciated by the authorities while passing the order,” it added.

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Zomato launches ‘large order fleet’ to deliver food for groups of up to 50 people

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Food delivery app Zomato has launched its all-electric large fleet tailored to accommodate sizable orders for gatherings of up to 50 people. Founder Deepinder Goyal shared the news on Tuesday (April 16), expressing his vision for an enhanced customer experience.

“Such large orders were earlier served by multiple regular fleet delivery partners, and the customer experience wasn’t what we really aspired for. These new vehicles should solve most of the problems our customers face while placing large orders on Zomato,” he wrote on X (formerly Twitter).

Today, we are excited to introduce India’s first large order fleet, designed to handle all your large (group/party/event) orders with ease. This is an all electric fleet, designed specifically to serve orders for a gathering of upto 50 people. pic.twitter.com/RCH6v0kxfn

— Deepinder Goyal (@deepigoyal) April 16, 2024

He, however, added that these vehicles are still “work in progress”, and Zomato is in the process of adding important enhancements to them – like cooling compartments, and hot boxes with temperature control.

Following the announcement, Zomato shares ended 0.72% lower at ₹186.75 on BSE.

Earlier on April 15, brokerage firm UBS said it expects the food delivery giant’s share price to rise as high as ₹250 over the next 12 months.

However, this isn’t the highest target for the stock on the Street. Brokerages like ICICI Securities (₹300) and JM Financial (₹260) have targets higher than UBS for Zomato’s shares.

UBS believes that Zomato’s quick commerce growth and margin potential are underappreciated by the Street.

The brokerage expects Zomato’s Gross Merchandise Value (GMV) to reach $10.2 billion by the financial year 2029 or over the next five years, which is 20% above consensus, according to a detailed Total Addressable Market (TAM) and unit economics framework.

Additionally, UBS expects Zomato’s EBITDA margin to touch 9%. which is almost double the consensus estimates, over the next five years or by the financial year 2029.

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Zomato shares may go up to ₹250, says UBS citing ‘underappreciated’ growth and margin potential

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Brokerage firm UBS expects food delivery giant Zomato Ltd.’s share price to rise as high as ₹250 over the next 12 months. However, this isn’t the highest target for the stock on the Street. Brokerages like ICICI Securities (₹300) and JM Financial (₹260) have targets higher than UBS for Zomato’s shares.

Of the 28 analysts that track Zomato, 24 maintain a “buy” recommendation on the stock, while four have a “sell” rating.

UBS believes that Zomato’s quick commerce growth and margin potential are underappreciated by the Street.

The brokerage expects Zomato’s Gross Merchandise Value (GMV) to reach $10.2 billion by the financial year 2029 or over the next five years, which is 20% above consensus, according to a detailed Total Addressable Market (TAM) and unit economics framework.

Additionally, UBS expects Zomato’s EBITDA margin to touch 9%. which is almost double the consensus estimates, over the next five years or by the financial year 2029.

Zomato reported its third straight quarterly profit for the October to December period. It reported a net profit of ₹138 crore, compared to a net loss of ₹347 crore during the same period last year.

The food delivery aggregator had also raised its revenue growth guidance from 40% earlier to 50%.

UBS’ price target of ₹250 for Zomato implies a potential upside of 29.5% from Friday’s closing levels. Shares of Zomato have seen a stellar run over the last 12 months since turning profitable, with the stock rising as much as 260%.

At the current level, Zomato is trading at a multiple of 118.4 times financial year 2025 price-to-earnings, well above the multiples for global peers like Uber, Deliveroo and Meituan.

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Zomato shares near ₹200 mark; Kotak anticipates a healthy performance in Q4

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of food delivery aggregator Zomato Ltd. rose 2% to scale a new high of ₹191.80 on April 5 in an otherwise subdued market on expectations of healthy March quarter (Q4FY24) earnings. At 12:10 am, the scrip was trading 2.17% higher at ₹191.05 apiece on the NSE.

In the last year, Zomato shares have quadrupled investors’ capital, registering a gain of 270% from a level of ₹51.75. Looking at the stock’s performance in the calendar year 2024 (CY24), the stock has witnessed a significant jump of more than 50% so far.

Food delivery GMV growth

The online food delivery company is expected to report a healthy performance in the fourth quarter of FY24, driven by a 25% year-on-year (YoY) growth in food delivery gross merchandise value (GMV) and a 99% YoY growth in Blinkit GMV, Kotak Institutional Equities said in a note.

“We expect Zomato to report food delivery GMV of ₹8,230 crore, up 25% YoY, but down 3% QoQ; Zomato guided for 20%+ YoY growth in food delivery GMV published in its 3QFY24 shareholder’s letter,” it said.

Blinkit GMV growth

The brokerage expects Blinkit to post 99% YoY growth in GMV and 102% YoY growth in revenues. “Despite the very high 28% YoY GMV growth in 3QFY24, we expect 15% QoQ growth in 4QFY24, driven by new store addition and ramp-up in throughput of existing stores.”

Kotak in its note said that newer stores of Blinkit are witnessing a quicker ramp-up, driven by sharper merchandise assortment and more awareness of quickcommerce services by customers. On the other hand, it expects older stores to witness better store-level throughputs, driven by better productivity.

CM expansion, driven by platform fee

The domestic brokerage expects both businesses to report sequential contribution margin (CM) improvement, driven primarily by higher restaurant take rate and advertising income. “The sequential improvement is due to marginal improvement in customer charges, driven by higher platform fee implemented from January 1, 2024.

Kotak noted that the customer charges have declined during FY24 due to the Zomato Gold impact and that it expects this to rise marginally with time, driven by a higher platform fee.

With this, Kotak has upgraded its FY2025-26 revenue estimates by 4-6% and earnings per share (EPS) by 1-3%, primarily on faster growth in Blinkit.

The fourth quarter, as per Kotak, typically witnesses a lull compared with the third quarter owing to fewer festive occasions, year-end exams and more.

Zomato had noted an upside risk to the guidance due to possible market share gains and demand revival. A healthy addition of supplier restaurants over the past two quarters will be an added growth driver, Kotak said.

The broking firm has retained a ‘Buy’ rating on the Zomato stock with a revised price target of ₹210 from ₹190 earlier, as it believes the momentum on the food delivery business remains reasonably healthy, with Zomato well-positioned to gain share in the near term, amid benign competitive intensity.

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Simpl expands partnership with Zomato, integrates ‘one-tap checkout’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Checkout network Simpl, on Friday (March 29), announced the expansion of its partnership with food ordering and delivery platform Zomato, to integrate its one-tap checkout with Zomato Gold, Intercity Legends and Zomato Everyday.

According to the company, this move is aimed at enhancing conversion rates, increasing average order value, and driving user retention within the platform.

“Through these integrations, millions of new and existing customers are expected to use Simpl’s 1-Tap Checkout on Zomato to fulfil an array of needs, thereby expanding the serviceable user base for both companies. This assumes significance as Simpl has crossed 100 million checkouts on Zomato in six years since 2017,” Simpl said in a press release.

The expansion comes at a time when online penetration in tier-3 cities and beyond is escalating, alongside the increased demand from metro, and tier-1 and 2 cities.

Nitya Sharma, Founder and CEO of Simpl, highlighted the growing significance of convenience in e-commerce transactions, particularly in the food ordering and delivery sector. One-tap checkout, as the name suggests, allows customers to make a purchase with a single tap.

According to Simpl, its 1-tap checkout has a success rate of 99% on Zomato. The platform’s contribution to total customer spending has surged nearly 27 times since 2018, it said, which resulted in the highest-ever single transaction of ₹18,807 on the 2024 New Year’s Eve.

Rakesh Ranjan, CEO of Food Delivery at Zomato, reiterated the company’s commitment to delivering exceptional customer experiences through seamless integrations like Simpl’s one-tap checkout.

Simpl’s one-tap checkout is currently available across 26,000 merchants.

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‘If it isn’t already obvious…’: Swiggy reacts to viral ‘ad’ targetting Zomato’s ‘veg mode’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Food delivery platform Swiggy has cleared the air on the viral ‘advertisement’ taking potshots at their competitor, Zomato‘s ‘veg mode’ announced on Tuesday. In a social media post, the company called it ‘fake’, urging everyone to refrain from sharing it. It further said that they have not launched any campaign in this regard.

“We came across a fake ad this morning regarding a recent controversy. If it isn’t already obvious, this is NOT an ad by Swiggy. It was neither created by us, nor anybody affiliated with Swiggy. Kindly refrain from circulating or attributing it to Swiggy,” the company statement read.

The ‘ad’ in question was shared by Nilesh Trivedi, founder of Snow Mountain AI, who in another tweet mentioned that his tweet had already hinted that it was fake. The viral ‘ad’ shows a delivery person at a customer’s doorstep; but, surrounded by a group of people with sticks in their hands.

While the advertisement does not mention Zomato, it makes a veiled attack on the food delivery giant with a message that reads, “Eviction-safe food delivery.” What catches the major attention is the imitation of Swiggy’s logo.

New #swiggy ad hits hard.

/s pic.twitter.com/BBSkASiHui

— Nilesh (@nileshtrivedi) March 20, 2024

As soon as the post was shared, it led to a series of reactions from many, leaving users confused whether the ‘ad’ was fake or, actually Swiggy’s official response to Zomato’s latest move.

However, Swiggy, with its official response, has put all such rumours and confusion to rest.

Zomato withdraws ‘Pure Veg’ fleet

A day after announcing ‘pure veg mode’ along with a ‘pure veg fleet’ on Zomato for customers “who have a 100% vegetarian dietary preference,” CEO Deepinder Goyal on Wednesday clarified that the company would not introduce green uniforms for its new fleet.

Update on our pure veg fleet —

While we are going to continue to have a fleet for vegetarians, we have decided to remove the on-ground segregation of this fleet on the ground using the colour green. All our riders — both our regular fleet, and our fleet for vegetarians, will…

— Deepinder Goyal (@deepigoyal) March 20, 2024

“While we are going to continue to have a fleet for vegetarians, we have decided to remove the on-ground segregation of this fleet on the ground using the colour green. All our riders — both our regular fleet and our fleet for vegetarians, will wear the colour red,” Goyal wrote on X.

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‘All riders will wear red’: Zomato rolls back green uniform for Pure Veg Fleet

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amid a mixed response to its announcement of a Pure Veg Fleet, food delivery aggregator Zomato has said all its delivery partners would continue to wear the red uniform, rolling back a plan to introduce a green uniform for those delivering vegetarian food.

Just a day ago, Zomato CEO Deepinder Goyal introduced the ‘Pure Veg Mode’ along with a ‘Pure Veg Fleet’ to address the concerns of vegetarians around the country and even make a few deliveries himself.

While sharing the green fleet, Goyal had said Zomato planned to add more specialised fleets for special customer needs. “For example, there’s a special cake delivery fleet coming up with hydraulic balancers which prevent your cake from getting smudged during delivery,” he wrote on X. It is not clear if those plans are still being considered as of now.

Giving an update on the latest service, Goyal wrote on X: “While we are going to continue to have a fleet for vegetarians, we have decided to remove the on-ground segregation of this fleet on the ground using the colour green. All our riders — both our regular fleet and our fleet for vegetarians, will wear the colour red.”

Update on our pure veg fleet —

While we are going to continue to have a fleet for vegetarians, we have decided to remove the on-ground segregation of this fleet on the ground using the colour green. All our riders — both our regular fleet, and our fleet for vegetarians, will…

— Deepinder Goyal (@deepigoyal) March 20, 2024

Goyal said the delivery partners meant for vegetarian orders will not be “identifiable on the ground” but will show on the app.

‘Physical safety’

Explaining the reason behind junking the green uniform for delivery partners, Goyal said it would ensure that red uniform delivery partners are not incorrectly associated with non-veg food and blocked by RWAs or societies during special days. “Our riders’ physical safety is of paramount importance to us,” he said.

He shared that some of the Zomato customers could also get into trouble with their landlords and “that would not be a nice thing if that happened because of us”.

“Thanks, everyone for talking about this last night. You made us understand the unintended consequences of this rollout. All the love and all the brickbats were all so useful – and helped us get to this optimal point. We are always listening, without unnecessary ego, or pride. We look forward to continue serving you,” Goyal wrote.

Social media storm

On March 19, Goyal’s announcement of a dedicated fleet for vegetarian people set off a storm of sorts on social media. Several people expressed concerns about the implications of such a decision.

“If Zomato uses different coloured boxes to deliver veg food, bigoted landlords can harass tenants if they see non-green colours. Whatever assurance of the veg fleet, if needed, must be kept inside the app only,” one user wrote.

Taking a jibe at the company’s decision, writer Varun Grover wrote: “Can you please ensure that the delivery partners and their families are also pure veg- otherwise they may just be serving khichdi after eating chicken for lunch with the same hands. Also what about the veg status of the farmers who have grown the rice used in pure veg khichdi?”

Another person wrote, “Which colour for pure vegan delivery ???? We don’t want to mix with these impur3 veg people”.

This is not the first time the company has tried to think out of the box. Zomato introduced kurtas as a new uniform option, besides the traditional T-shirts, for its women workforce on International Women’s Day on March 8.

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Zomato launches ‘Pure Veg Mode’ and ‘Pure Veg Fleet’; Details here

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Food delivery giant Zomato on Tuesday launched a ‘Pure Veg Mode’ along with a ‘Pure Veg Fleet’ to address the concerns of vegetarians around the country. In a series of posts on the social media site X, the company’s CEO Deepinder Goyal shared details about it.

“India has the largest percentage of vegetarians in the world, and one of the most important feedback we’ve gotten from them is that they are very particular about how their food is cooked, and how their food is handled,” Goyal said.

India has the largest percentage of vegetarians in the world, and one of the most important feedback we’ve gotten from them is that they are very particular about how their food is cooked, and how their food is handled.

— Deepinder Goyal (@deepigoyal) March 19, 2024

To solve the people’s dietary preferences, Zomato has come up with a ‘Pure Veg Mode’ and ‘Pure Veg Fleet’ on the platform, for the customers who have a 100% vegetarian dietary preference, he added.

What’s the all-new ‘Pure Veg Mode’ and ‘Pure Veg Fleet’?

Goyal shared that this mode consists of a “curation of restaurants that serve only pure vegetarian food”. Keeping in mind the vegetarian customers, this mode will exclude all restaurants that serve any non-vegetarian food item.

Not just that, the company has also introduced a ‘Pure Veg Fleet’, that will only deliver the food from “pure veg restaurants”.

“Our dedicated Pure Veg Fleet will only serve orders from these pure veg restaurants. This means that a non-veg meal, or even a veg meal served by a non-veg restaurant will never go inside the green delivery box meant for our Pure Veg Fleet,” Goyal wrote.

The Zomato CEO further said that this all-new initiative by the company “doesn’t serve or alienate any religious, or political preference.”

The company is now planning to add “more specialised fleets for special customer needs” shortly, Goyal said.

“For example, there’s a special cake delivery fleet coming up with hydraulic balancers which prevent your cake from getting smudged during delivery,” he shared.

“This feature will see a phased rollout in the next few weeks. We remain committed to listening to our customers, and serving our community in the best possible way,” Goyal wrote on X.

This comes weeks after the food delivery giant introduced kurtas as a new uniform option, besides the traditional T-shirts, for its women workforce on International Women’s Day on Friday, March 8.

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This foodtech stock has given a return of almost 200% in a year. Analyst expects 20% more upside

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Even as the blue-chip Nifty 50 witnessed its worst day in the past five months on March 15, shares of food delivery firm Zomato ended the day almost 5% higher.

Zomato shares will be in focus on March 18 as well since the online food delivery aggregator recently received a penalty notice of around ₹8.6 crore (the amount includes a fine of ₹4,11,68,604 along with applicable interest and penalty) for allegedly “overutilisation of input tax credit and underpayment of goods and services tax (GST)”. The order comes after an audit of GST returns and accounts by the Deputy Commissioner of State Tax, Gujarat.

Meanwhile, Swiss brokerage firm UBS has given a buy call on the firm and set the target price for its shares at ₹195, which means it expects the stock to surge another 21% from the closing price of March 15.

The buy rating comes on a stock that has given a return of 198% in the past year as against the benchmark Sensex which has risen 26% during the period. In 2024 alone (year-to-date) Zomato shares have made investors 28% richer as compared to Sensex which has gone up half a percent in the same time.

In its latest brokerage note, UBS has pointed out that industry volume is up 4% on a monthly basis, which is in line with seasonality. However, its question is whether a sequential or quarter-on-quarter decline in gross merchandise value (GMV) is possible for Zomato.

It said there might be some downside to consensus estimates and that it expects the food delivery firm to grow a percent on a quarter-on-quarter basis.

According to UBS, Zomato’s year-on-year growth shall remain healthy and within management’s guidance of 20%.

Of all the brokerages that have coverage on Zomato, 24 suggest buying the stock while four have given it a sell rating.

Jefferies has also called Zomato a “compelling food delivery play”. Food delivery continues to offer strong growth potential and a stable industry structure should continue to drive profitability in the near term, Jefferies said. Zomato is also expecting an EBITDA break-even for Blinkit by June 2024. It is also expecting the profit pool of Zomato to become increasingly visible over the next five years. “As the franchise generates strong free cash flows, capital allocation will be a key factor to watch,” a Jefferies note said.

Last week, HSBC raised its target price on Zomato to ₹200 with a focus on Blinkit. It believes that advertising revenues will be the backbone of quick commerce Blinkit business in the long term.

HSBC also expects Zomato’s digital spend share to increase in India and, within that, platforms to gain share thereby helping Blinkit. Within this spend, the brokerage expects the share of digital to increase from 38% currently to 44% by FY27e. Many digital marketers believe this share could go up even higher, it said citing an IPSOS State of Marketing report.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow