CCI orders investigation against Zomato & Swiggy over law violations
The complaint was filed by the National Restaurant Association of India (NRAI) in July 2021.
Stay updated with the latest news and articles about Zomato.
The complaint was filed by the National Restaurant Association of India (NRAI) in July 2021.
Check all the major headlines from the Boeing 737 flight crash to Myanmar's genocide against Rohingya.
Zomato Instant as it will be called will commence a pilot with four stations in Gurugram from April.
Zomato Ltd, a food delivery company, announced the purchase of a 16.66 percent stake in Mukunda Foods Pvt Ltd for $5 million on Tuesday.
After its $1.3 billion initial public offering in July, Zomato became one of the first groups of online unicorns to touch India's capital market.
Throughout the year, the Indian primary market was brisk. In 2021, 63 firms raised a total of Rs.1,18,704 crore through IPOs.
Revenue from operations rose 82.47% to ₹1,112 crore for the December quarter as against ₹609 crore in the year-ago quarter.
According to the filing by Zomato, the company plans to set up the NBFC with a share capital of Rs 10 crore.
A sharp decline in stock price has seen Zomato’s market capitalisation (market cap) decline below the Rs 1 trillion mark, to Rs 95,007 crore as of 09:58 am; the BSE data showed.
Zomato & Swiggy had crossed 7,000 orders per minute, setting new records for the food tech unicorns.
The whole matter of the probe is about the discount coupons offered by the food delivery platforms on using a particular credit card, debit card or digital wallets as the mode of payments.
Zomato said the losses increased due to investments in the development of the food delivery industry, boosted fundings on branding and marketing for consumer procurement.
Zomato wrote in a letter to the restaurant partners, in which he stated: "After listening to your feedback and considering the ongoing dining restrictions, we have decided to postpone the launch of the restaurant loyalty program."
His exit comes days after Zomato exited its grocery shipping and Nutraceutical business.
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