Swiggy dineout

The report noted that Swiggy grew 40% while Zomato's growth was 55% during H1 FY23 Swiggy’s $315 Mn losses in H1 FY23 were six-fold higher compared to Zomato’s standalone losses of $50 Mn Together, Zomato and Swiggy operate in a near-total duopoly, accounting for 90-95% of the total food delivery space Equity research firm Jefferies has said that foodtech major Swiggy was fast losing market share to competitor Zomato, despite offering heavy discounts. Citing Prosus’ recently released “Swiggy grew 40% while Zomato growth was 55% during this period… Zomato averaged a 55% share, which we believe is the company’s highest share,” said Jefferies in a report. The report noted that Swiggy’s losses during the period under review were six-fold higher than Zomato’s standalone losses. The Bengaluru-based giant’s losses in the first half of the current fiscal year were ‘significantly higher’ at around $315 Mn (INR 2,570 Cr), while Zomato’s standalone loss during the period hovered around the $50 Mn (INR 410 Cr) mark, according to Jefferies. Even after counting the $120 Mn (INR 980 Cr) losses of its quick-commerce venture Blinkit, Zomato’s cumulative loss stood at $170 Mn (INR 1,390 Cr), the report noted. “Zomato has since improved its performance, with a recent quarter loss of slightly more than INR 204 crore,” the report stated. The Gurugram-based foodtech major narrowed its consolidated loss to INR 250.8 Cr during the September quarter of FY23, down from INR 434.9 Cr during the same ...

Swiggy's food delivery business has turned profitable, said the foodtech's CEO and co-founder Sriharsha Majety on Thursday. He added that it isone of the few global players in the sector to achieve such a feat within nine years of inception. Bullish on India's journey of eating out and food delivery, Majety, in a blogpost, said, "Our sharp focus on innovation, coupled with strong execution has led to yet another milestone. As of March 2023, Swiggy's food delivery business has turned profitable (after factoring in all corporate costs; excluding employee stock option costs)," he wrote. "This is a milestone for food delivery globally, not just for us, as Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than nine years since its inception." "We continue to make strides in gaining customer favour, including strong traction in Tier 2 and 3 markets. Our teams are more in sync than ever with restaurant partners to improve their experience with Swiggy and create mutual wins. As a result, our restaurant NPS has improved by over 100 per cent in the past eight quarters," Majety said. When Swiggy started its food delivery operations in 2014, the on-demand food delivery experience was new and broken and many viewed it as an unviable business model. Believing it is still early days in India's journey of eating out and food delivery, thecompany will continue to make responsible and measured interventions to fuel further growth in food d...

Click here for more What is the deal? Swiggy will acquire Dineout — founded by Ankit Mehrotra, Nikhil Bakshi, Sahil Jain and Vivek Kapoor — from Times Internet for an undisclosed amount. Following the completion of the deal, the three founders will join Swiggy, and Dineout will continue to operate as an independent app. In a statement, Swiggy said that the acquisition is designed to capitalise on Dineout’s assets and position in the dining out space. The app brings with it a network of 50,000 restaurant partners. Sriharsha Majety, CEO, Swiggy said: “The acquisition will allow Swiggy to explore synergies and offer new experiences in a high-use category.” What is the big picture impact of this deal? The acquisition means Swiggy stepping into Zomato’s core terrain of restaurant listings — a move that intensifies the competition between the two food-tech platforms. Zomato’s popular Zomato Pro product is at the heart of the Gurugram-based company’s dining out business segment. This segment was hit severely during the pandemic but is seeing some green shoots as Covid19 recedes. In its results presentation for October-December, Zomato had said: “The revival of in-restaurant dining in Q3 FY22 led to some green shoots in our dining-out ad-sales business. Our focus here for now is on improving our product and customer engagement while putting monetization on the backburner for a while”.

Swiggy has announced Dineout’s flagship Great Indian Restaurant Festival (GIRF) for the first time on their app via Swiggy Dineout with the launch of two brand films featuring Bollywood actors Farhan Akhtar and Shibani Dandekar-Akhtar, encouraging users to book their deals early before they are sold out at their favorite restaurants. Starting from 12th April until 4th June 2023, users of Swiggy Dineout can avail Flat 50% off deals at over 5000+ restaurants across 34 cities in India. Users can save up to 15% more (over and above flat 50% off) with HDFC bank credit cards while dining at their favourite restaurants during the festival. Swiggy dineout has partnered with some of the biggest participating restaurants like Marriott, Pullman, Mainland China, Flurys, Tacobell and Ohri’s. During GIRF, Swiggy will be issuing exclusive limited deals on their app, which can be redeemed at participating restaurants. Ankit Mehrotra “As we launch the Great Indian Restaurant Festival on the Swiggy app for the first time, I am thrilled to announce that we are opening up a whole new world of dining experiences for our users. This collaborative effort will help them to discover unique culinary gems while supporting the restaurant industry as a whole. At Swiggy, we are committed to promoting local businesses and delivering unparalleled convenience to our customers, and this festival is a testament to that,” said, Ankit Mehrotra, Co-founder & VP, Swiggy Dineout. Swiggy Dineout has more than 21,...

Food and grocery delivery company Swiggy has signed a definitive agreement with Times Internet to acquire restaurant table reservation platform Dineout. The move would make Swiggy a complete foodtech platform right from delivery to table booking. This also puts Swiggy directly in competition with Zomato’s table booking service Zomato Book which was launched last year after the company rebranded NexTable, a company it acquired many years ago. Dineout will continue to operate as an independent app post the acquisition, said Swiggy in a press statement. This is the second major move made by Swiggy this year after leading a $180 million round in bike taxi firm Rapido. According to Swiggy, it will double down on the synergies with Dineout’s offerings, including dining out table reservations and events. The acquisition will also help restaurants on Swiggy reach more customers. Dineout was founded in 2012 by Ankit Mehrotra, Vivek Kapoor, Sahil Jain, and Nikhil Bakshi. In 2014, the company was acquired by Times Internet for $10 million. At present, it ensures table reservation across 50,000 restaurants in 20 cities. This acquisition by the SoftBank-backed firm has been in the making for several months and has come at a time when Swiggy is drifting away from business verticals which aren’t sustainable. One such example is SuprDaily which rolled back its operations from five cities including Delhi (NCR) and Mumbai. Entrackr was the first to report the roll-back on May 10. Dineout re...