Swiggy
How CCI order is also a breather for Zomato, Swiggy
While the CCI has indeed directed a Director-General (DG) investigation, the order in some sense is a vindication for the food delivery companies since the CCI has not found concerns with issues around "bundling of services, their independence with respect to levy of commissions or the alleged imposition of unilateral clauses on restaurant partners".
CCI orders probe into conduct of Zomato, Swiggy
Following a complaint from the National Restaurant Association of India (NRAI), the CCI said that it is of the view that there exists a prima facie case with respect to some of the conduct of Zomato and Swiggy, "which requires an investigation by the Director General (DG), to determine whether the conduct of platforms have resulted in contravention of the provisions". The NRAI represents over 50,000 restaurant operators across the country.
Bloodbath in Zomato, PolicyBazaar, Nykaa shares on low valuations, broader market crash
Zomato, PolicyBazaar, and Nykaa and several other companies' stocks took a hard beating on Monday amid the market crash as analysts feel these companies have low valuations. Shares of the food delivery aggregator hit the 20 per cent lower circuit intraday and settled at Rs 90.95 on Monday.
Swiggy raises $700 mn, becomes 5th Indian decacron
Before Swiggy, India has seen four 'decacorns' to date -- Flipkart, Paytm, Byju's and OYO. With this funding, Swiggy also surpassed the valuation of its closest rival Zomato that saw its stock hammered and closing at Rs 90.95 on Monday, shrinking its market cap to below $10 billion. In the last few months, Swiggy has expanded Instamart to 19 cities, as grocery delivery becomes the next big thing in the country.
Swiggy receives 9,500 orders per minute on New Year's Eve
The company claimed that this is the highest ever for food delivery in India. "This year we exceeded all our plans by a big margin and were overwhelmed by the customer response. OPM reached almost 9,500 level by early dinner itself, which is almost 1.7x of last year's peak," the company said in a statement. "As the evening progressed, we saw a 177 per cent jump in the number of active users on the platform," it added.
Swiggy, Zomato to pay 5% GST from today as new rules come into effect | Here're details
The GST council justified the new 5% tax on online food aggregators, arguing that such a move will reduce instances of tax invasion by restaurants. The council meeting notification read that “services by cloud kitchens/central kitchens are covered under ‘restaurant service… under section 9(5) of the CGST Act, 2017’,” will attract this tax rate increase minus the input tax credit.
Swiggy, Zomato to collect 5% GST on deliveries, food not to get dearer
Such food delivery apps will now be required to collect 5 per cent GST, or Goods and Services Tax, from consumers instead of the restaurant they pick up orders from, Finance Minister Nirmala Sitharaman said on Friday evening after the Council meeting. There would be no extra tax burden on the end consumers taking food delivery from restaurants registered with the GST.
Swiggy raises over Rs 9,357 crore after Zomato's bumper IPO
The food delivery platform said that the fresh investment will further accelerate its multi-year strategy of growing its core food delivery business and building new food and non-food adjacencies in 2021 and beyond, as it expects the total addressable market for convenience to grow to 500 million users in the next decade.
Numerous instances of delay in payment by Zomato, Swiggy: NRAI
It said Zomato and Swiggy are forcing restaurant partners to give discounts on their platforms to maintain good visibility on the platform. They have shifted the entire cost burden to the restaurants. On July 1, the National Restaurant Association of India (NRAI) filed information with the Competition Commission of India highlighting the inherently anti-competitive practices of Zomato and Swiggy.
Restaurants' body moves CCI against Zomato, Swiggy
"Keeping the interest of restaurants in India in mind and how they have been affected by the inherently anti-competitive practices of Zomato and Swiggy, the NRAI on July 1 filed an information with the CCI highlighting the following practices by Zomato and Swiggy, which have an appreciable adverse effect on competition," the industry body said in a statement on Monday.
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