Zomato – Artifex.News https://artifexnews.net Stay Connected. Stay Informed. Thu, 29 Aug 2024 14:41:26 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://artifexnews.net/wp-content/uploads/2023/08/cropped-Artifex-Round-32x32.png Zomato – Artifex.News https://artifexnews.net 32 32 Zomato Gets GST Tax Demand Notice Of Rs 4.59 Crore https://artifexnews.net/zomato-gets-gst-tax-demand-notice-of-rs-4-59-crore-6446617rand29/ Thu, 29 Aug 2024 14:41:26 +0000 https://artifexnews.net/zomato-gets-gst-tax-demand-notice-of-rs-4-59-crore-6446617rand29/ Read More “Zomato Gets GST Tax Demand Notice Of Rs 4.59 Crore” »

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Zomato say it has a “strong case to defend the matter” (Representational)

New Delhi:

Online food delivery platform Zomato has received GST tax demand orders of over Rs 4.59 crore, including applicable interest and penalty, from Tamil Nadu and West Bengal authorities.

The company said it plans to appeal against the demand orders passed by the Assistant Commissioner of GST and Central Excise, Nungambakkam Division, Tamil Nadu and Assistant Commissioner of Revenue, Government of West Bengal.

The Tamil Nadu tax authority passed an Adjudication Order under Section 73 of the Central Goods and Services Tax Act, 2017, and Tamil Nadu Goods and Services Tax Act, 2017, for GST of Rs 81,16,518, with applicable interest (not quantified) and penalty of Rs 8,21,290.

Meanwhile, the West Bengal authority passed an adjudication order under Section 73 of the Central Goods and Services Tax Act, 2017, and West Bengal Goods and Services Tax Act, 2017 for GST of Rs 1,92,43,792 with interest of Rs 1,58,12,070 and a penalty of Rs 19,24,379.

In a regulatory filing, Zomato said it has clarified in its response, along with relevant documents and judicial precedents, “which appears to not have been appreciated by the authorities while passing the order”.

“The Company believes that it has a strong case to defend the matter before the relevant appellate authority and does not expect any financial impact on the Company,” Zomato stated.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Leads To Breach Of Trust https://artifexnews.net/zomato-boss-deepinder-goyal-to-remove-ai-generated-food-images-leads-to-breach-of-trust-6363526rand29/ Sun, 18 Aug 2024 08:57:13 +0000 https://artifexnews.net/zomato-boss-deepinder-goyal-to-remove-ai-generated-food-images-leads-to-breach-of-trust-6363526rand29/ Read More “Leads To Breach Of Trust” »

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Zomato CEO shared a real and an AI image of a burger

New Delhi:

After several customers complained about artificial intelligence- (AI) generated food and dish images on Zomato, CEO Deepinder Goyal on Sunday announced plans to remove such pictures from the platform.

The AI images of dishes on the food delivery giant were intended to add visual appeal to the food and also enhance the presentation of dishes.

However, taking to X, Mr Goyal said he has “received numerous complaints about these misleading images”.

This, he said, not only “leads to breach of trust between customers and restaurants” but also “increased refunds and lower customer ratings”.

“At Zomato, we use various forms of AI, to make our workflows efficient. However, one place where we strongly discourage the use of AI is images for dishes in restaurant menus,” Mr Goyal said.

“We urge our restaurant partners to avoid using AI for dish images in restaurant menus from now onwards,” the CEO said, adding that the platform “will actively start removing such images from menus by the end of this month”.

Last year, Zomato introduced PicNic AI (Picture Nicely AI) — a tool to boost the visual presentation of food images on its platform — to assist restaurant partners in upgrading their basic food images effortlessly.

Mr Goyal further noted that Zomato will also “stop accepting AI-generated dish images (as much as we can detect them using automation)”.

He called on both restaurant owners and in-house marketing team “to stop using AI-generated images for marketing purposes”.

At the same time, he encouraged restaurant partners to invest in real food photography from Zomato for free of cost.

“Restaurant owners – if you haven’t yet invested in real food shots for your menu, please reach out to our catalogue support team, to schedule a photoshoot”.

“This is offered to you as a pass-through cost; Zomato doesn’t make any money as part of this process,” Mr Goyal said.

Meanwhile, the online food aggregator recently reported a 74 per cent growth (year-on-year) in revenue to Rs. 4,206 crore in Q1 FY25.

It posted over 126 per cent growth in net profit to reach Rs. 253 crore in the April-June quarter (Q1 FY25), from Rs. 2 crore in net profit in the same quarter last year.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)





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Deepinder Goyal Now A Billionaire As Zomato Shares Reach Record High https://artifexnews.net/deepinder-goyal-now-a-billionaire-as-zomato-shares-reach-record-high-6109183rand29/ Mon, 15 Jul 2024 08:49:59 +0000 https://artifexnews.net/deepinder-goyal-now-a-billionaire-as-zomato-shares-reach-record-high-6109183rand29/ Read More “Deepinder Goyal Now A Billionaire As Zomato Shares Reach Record High” »

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Deepinder Goyal co-founded Zomato in 2008 as Foodiebay with Pankaj Chaddah.

Zomato’s Deepinder Goyal joined the elite club of billionaires in India after the company’s market capitalisation breached the $2 trillion mark. Zomato’s shares on Monday, July 15, hit an all-time high of Rs 232 a piece following a 4.2% surge on the National Stock Exchange. The shares opened trade at Rs 222, up from the previous close, before hitting the day’s high and driving the market capitalisation over the $2-trillion mark. 

Deepinder Goyal, an IIT Delhi graduate, co-founded Zomato in 2008 as Foodiebay, a restaurant directory, along with Pankaj Chaddah. The platform was renamed Zomato in 2010 following its initial success and went on to become a unicorn, attaining a market valuation of $1 billion in 2018-19. The same year, Pankaj Chaddah exited the company.

Mr Goyal’s realtime net worth is at $1.4 billion, up around $33 million this year, as per Forbes. With this, Mr Goyal, who owns 36.95 crore shares or a 4.24% stake in Zomato, has become India’s richest professional manager. The company went public in 2022, launching a much-talked-about initial public offer (IPO). Over the last year, Zomato shares have surged 82% since 2023 and 184%.

The rally in the shares of the food delivery aggregator is backed by a positive financial report in the last quarter of FY2024 and upbeat growth prospects for its quick commerce marketplace, Blinkit.

In May 2024, Zomato informed the exchanges that it expects Blinkit to turn profitable in March on an EBITDA basis. EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization.

Zomato has planned a rapid store expansion for its quick commerce business and is aiming for 1,000 stores by March 2025.

The company reported an overall net profit of Rs 175 crore in Q4-FY24 against Rs 138 crore in the year-ago period. The revenue went up to Rs 3,562 crore with an EBITDA of Rs 86 crore during the period.

Zomat had posted Rs 3,288 crore in revenue with an EBITDA of Rs 51 in the last quarter of FY23.

Revenue from Blinkit’s business swelled to Rs 769 crore in Q4-FY24  from Rs 644 crore in the year-ago period.



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Food Deliveries To Get Costlier As Zomato, Swiggy Hike Platform Fee https://artifexnews.net/food-deliveries-to-get-costlier-as-zomato-swiggy-hike-platform-fee-by-25-6108124rand29/ Mon, 15 Jul 2024 04:48:04 +0000 https://artifexnews.net/food-deliveries-to-get-costlier-as-zomato-swiggy-hike-platform-fee-by-25-6108124rand29/ Read More “Food Deliveries To Get Costlier As Zomato, Swiggy Hike Platform Fee” »

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Representational Image

New Delhi:

Food delivery platforms Zomato and Swiggy have once again hiked platform fees to Rs 6 per order from an earlier Rs 5 – a 20 per cent increase.

Currently being charged in Delhi and Bengaluru, the platform fee is different from delivery fee, goods and services tax (GST), restaurant charges, and handling charges.

The higher platform fee will roll out to other cities as well.

The platform fee goes to the food aggregators to apparently control costs and increase revenues.

In April, Zomato hiked its platform fee by 25 per cent to Rs 5 per order.

Zomato introduced a platform fee of Rs 2 in August last year and later increased it to Rs 3 to improve its margins and become profitable.

The food delivery platforms aim to generate Rs 1.25-1.5 crore a day by levying a platform fee.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Paytm In Talks With Zomato To Sell Movie Ticketing Business: Report https://artifexnews.net/paytm-in-talks-with-zomato-to-sell-movie-ticketing-business-report-5903891rand29/ Sun, 16 Jun 2024 15:48:47 +0000 https://artifexnews.net/paytm-in-talks-with-zomato-to-sell-movie-ticketing-business-report-5903891rand29/ Read More “Paytm In Talks With Zomato To Sell Movie Ticketing Business: Report” »

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Paytm and Zomato did not respond to requests for comment (Representational)

Paytm is in talks with Zomato to sell its movie and events ticketing business, according to people familiar with the matter, as the beleaguered fintech company carves a revival strategy amid weakening sales.

The discussions between Paytm, officially known as One97 Communications Ltd, and online food delivery firm Zomato are in advanced stages, though there are other suitors for the business, the people said, declining to be named as the matter is private. Talks are ongoing and no final decision has been made, the people said.

Paytm, run by billionaire founder-CEO Vijay Shekhar Sharma, last month reported its first sales decline on record and vowed to trim non-core assets. It also warned of job cuts, reflecting the fallout from regulatory action on Paytm Payments Bank Ltd. that’s curtailed much of the fintech’s business and forced it to forge new partnerships with lenders.

Paytm does not control the bank but relied on it for digital wallets and payments traffic before the central bank’s move earlier this year.

Paytm and Zomato did not respond to requests for comment outside of regular business hours.

Paytm does not disclose standalone numbers for its movie and events ticketing business. It reported annual sales of 17.4 billion rupees ($208 million) in the fiscal year through March 2024 in its marketing services business, which includes movie and events as well as credit card marketing and gift vouchers.

The sale, if successful, will allow Paytm to sharpen its focus on travel, deals, and cash backs – businesses that are important to broaden its merchant base and grow its own sales.

The purchase could help Zomato expand its digital business into a new high-growth area. In 2020, it acquired Uber Technologies Inc.’s India food unit.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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Swiggy, Zomato, Amazon Deliveries Not Allowed From September 8-10 in New Delhi District https://artifexnews.net/g20-summit-swiggy-zomato-amazon-deliveries-not-allowed-from-september-8-10-in-new-delhi-district-4360149rand29/ Tue, 05 Sep 2023 02:25:57 +0000 https://artifexnews.net/g20-summit-swiggy-zomato-amazon-deliveries-not-allowed-from-september-8-10-in-new-delhi-district-4360149rand29/ Read More “Swiggy, Zomato, Amazon Deliveries Not Allowed From September 8-10 in New Delhi District” »

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Essential services like medicine deliveries will be allowed during this period.

The G20 Leaders’ Summit is scheduled to be held from September 9-10 at the newly built international convention and exhibition centre, Bharat Mandapam at Pragati Maidan. Since the G20 is a high-profile meeting, several restrictions are imposed in the New Delhi district including the suspension of all online delivery and commercial services during that time.

All cloud kitchens, commercial establishments, markets, food delivery, and commercial delivery services will be shut for three days in the New Delhi district, PTI reported.

“We can’t allow cloud kitchen and food delivery services. Internet delivery companies such as Amazon and Flipkart will also not be allowed to operate in the controlled zone. Delivery executives can take medicines and essential items,” Special Commissioner of Police (Traffic) SS Yadav said on September 4 during a press conference.

“Cloud kitchens and food deliveries, or any commercial deliveries like Amazon deliveries, will not be allowed as we have stopped commercial services in the NDMC area,” Special Commissioner of Police SS Yadav added.

However, the delivery of essential medical items, including lab reports and sample collections, will be permitted throughout the city. Vehicles for hotels, hospitals, and other significant installations in the New Delhi District that are involved in housekeeping, catering, trash disposal, etc. will be permitted following verification.

”Essential services such as postal and medical services, sample collections by path labs will be allowed throughout Delhi,” Mr Yadav added.

The senior officer also added that barring the Supreme Court station, metro services will not be affected.

”There might be closure of gates for 10-15 minutes at stations due to VIP movement and security restrictions. But apart from at Pragati Maidan (Supreme Court), metro services will not be affected at other stations,” he added.

Meanwhile, all Central government offices in the national capital will be closed from September 8 to 10 considering the G20 summit.



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