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Zomato founder-CEO Deepinder Goyal joins billionaire’s club as stock hits lifetime high
Share surges as food-tech company reportedly raises platform fee to ₹6 per order in metro cities; Zomato rival Swiggy also follows suit
Share surges as food-tech company reportedly raises platform fee to ₹6 per order in metro cities; Zomato rival Swiggy also follows suit
The company said that this decision would not have a significant impact on its revenue or operations.
Brokerage major CLSA has a ‘BUY’ call on the stock, with a price target of ₹248, an upside potential of 28% from the current levels
Shares of Zomato rose up to 1.5%, while shares of One 97 Communications Ltd, the parent of Paytm, fell nearly 3%, paring opening gains.
Zomato says discussions with Paytm are being undertaken with an intent to further strengthen the 'Going-out' business.
Zomato's Q4 profit was ₹175 cr vs ₹188-cr loss in year-ago period. Revenue up 73% YoY to ₹3,562 cr for the fourth quarter against ₹2,056 cr in Q4 FY23
Zomato doesn't see it having a significant competitive advantage against the incumbents in the payments space.
For the full financial year 2023-24, Zomato logged a profit of ₹351 crore from a loss of ₹971 crore in FY23.
This price change impacts customers residing in major metropolitan areas such as Delhi-NCR, Bengaluru, Mumbai, Hyderabad, and Lucknow.
Deepinder Goyal emphasised that this new fleet is tailored for gatherings hosting up to 50 people, addressing a gap in their services.