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business1 year ago

Zomato's Bold Moves: $1B Fundraise and ₹8,500 Crore Share Sale Amid Market Fluctuations

Zomato, the Indian food delivery and quick-commerce company, has raised $1 billion from institutional investors in its first major fundraising since its 2021 IPO. The move, which involved issuing 336.5 million shares, strategically shifts Zomato's status to a domestic company, allowing its quick-commerce unit Blinkit to adopt an inventory-led model. This fundraising comes shortly after rival Swiggy's $1.35 billion IPO and amid increasing competition in the quick-commerce sector. Zomato aims to maintain its market leadership and competitive edge with this capital infusion.

via TechCrunch|
#business#fundraising#investment
business1 year ago

Zomato CEO's Controversial Job Offer: Pay to Work Scheme Sparks Debate

Zomato's CEO, Deepinder Goyal, advertised a chief of staff position requiring applicants to pay 2 million rupees and work without salary for a year, sparking backlash on social media. Goyal later revealed the fee was a stunt to gauge interest, attracting over 18,000 applicants in 24 hours. Critics argue the move excluded talented candidates lacking financial privilege, highlighting issues of inequality in job opportunities. Goyal stated the stunt won't be repeated and emphasized the importance of fair compensation.

via CNN|
#business#controversy#deepinder-goyal
business1 year ago

Swiggy's IPO Surges Amid Mixed Investor Sentiment

Swiggy's $1.3 billion IPO has received a lukewarm response from Indian investors, despite being oversubscribed by institutional investors. The company, valued at $11.2 billion, faces challenges in a competitive market dominated by Zomato and newer entrants like Zepto. Swiggy's losses have widened, and its IPO comes amid a downturn in the Indian stock market and weak corporate earnings. The company plans to use IPO proceeds to expand its quick commerce network, but analysts remain cautious about its growth prospects.

via Financial Times|
#business#food-delivery#indian-stock-market
business-and-technology2 years ago

"Zomato CEO Deepinder Goyal in Hot Water Over New Year's Eve 'War Room' Amid Massive 125-Item Order Reaction"

On New Year's Eve, a customer in Kolkata ordered 125 roomali rotis through Zomato, which caught the attention of CEO Deepinder Goyal, prompting him to express his interest in attending the party behind the large order. Goyal's tweet about the order went viral, and he also shared updates from Zomato's "war room" as the company prepared for one of the busiest nights for food delivery. The CEO's posts garnered mixed reactions from the public, with some praising the real-time updates and others expressing concern for the employees working during the festive time.

via NDTV|
##business-and-technology#deepindergoyal
business2 years ago

China's Alipay Sells Stake in Zomato for $400 Million

Chinese payments group Alipay, owned by Ant Group, plans to sell its 3.4% stake in Indian food delivery giant Zomato for nearly $400 million through block deals on Indian stock exchanges. The stake sale is likely to be executed later this week and comes as other Chinese investors have been reducing their stakes in Indian companies. Zomato's shares have surged more than 90% this year, and Alipay aims to cash out at a favorable market timing.

via Reuters|
#alipay#business#chinese-investors