Zomato has increased the platform fee from Rs 7 to Rs 10 during the festive season. The company gave this information in the app notification.
The company said in the app notification today i.e. on October 23 – ‘This fee will help us pay our bills to keep Zomato running. To maintain the services during the festive season, officials have slightly increased them.
Zomato started the platform fee at Rs 2
In August 2023, Zomato introduced a platform fee of Rs 2 to increase its margins and become profitable. The company later increased it to Rs 3 and Rs 4 on January 1. Then it was gradually increased to Rs 7.
Platform fees are an additional charge applicable to every food order. This is separate from GST, restaurant charges and delivery fees. The platform delivers 20 to 25 lakh orders per day.
Zomato shares rose nearly 3% to Rs 264
After the news of an increase in platform fees, Zomato’s stock has gained about 3% today. In today’s trading, it reached Rs 264. The company’s stock has given a return of 140% in a year. At the same time, this stock has more than doubled.
Zomato’s profit increased by 388%
Food delivery company Zomato’s profit in the July-September quarter has increased by 388% year-on-year to Rs 176 crore. The company’s consolidated net profit was Rs 36 crore in the same quarter a year ago.
Zomato released its second quarter results for the financial year 2024-25 on Tuesday, 22 October. The company’s revenue in the second quarter grew 68.50% to Rs 4,799 crore. The revenue was Rs 2,848 crore in the same quarter a year ago.
Consolidated profit means the performance of the entire group
The results of companies come in two parts – standalone and consolidated. On the standalone, the financial performance shows only one unit, while the consolidated financial report presents the report of the entire company.
Here, Zomato has 28 subsidiaries, 1 trust and 1 associate company including Blinkit. We will call the financial reports of all these consolidated. On the other hand, we will call the separate results of Blinkit standalone.
Deepinder founded Foodiebay in 2008, then changed its name to Zomato
- Deepinder Goyal and Pankaj Chaddha together launched their food directory website named FoodieBay in the year 2008. In just nine months, FoodieBay became the largest restaurant directory in Delhi NCR.
- After two successful years, in 2010, the company was renamed Zomato. Soon after its success in Delhi-NCR, the company started spreading branches in cities like Pune, Ahmedabad, Bengaluru, Chennai and Hyderabad.
- By 2012, Zomato started expanding overseas by expanding its services in Sri Lanka, UAE, Qatar, South Africa, the UK and the Philippines. New Zealand, Turkey and Brazil were added to this list in 2013.
- Zomato is the country’s first food-tech unicorn. Startups valued at more than $1 billion are called unicorns. Zomato first reported a profit of Rs 2 crore in the first quarter of the financial year 2024.
- Zomato is a technology platform that connects customers, restaurant partners and delivery partners. Apart from food delivery, Zomato founder Deepinder Goyal bought Blinkit in August 2022 for grocery delivery.
Zomato is trending on Google after increasing platform fees
After the company’s second-quarter results and increased platform fees, users have continuously searched for Zomato on Google.
