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.
The company also said that it believes that its investment in Grofers will generate better outcomes for its shareholders than in-house grocery efforts.
Now, the concern for these delivery personnel has yet again risen after Zomato’s recent ads featuring Hrithik Roshan and Katrina Kaif were released.
This is largely on account of non-cash ESOP expenses which have increased meaningfully in Q1 FY22 "due to significant ESOP grants made in the quarter pursuant to creation of a new ESOP 2021 scheme".
The stock made its debut at Rs 115, reflecting a huge gain of 51.31 per cent against the issue price on the BSE. It then hit a high of Rs 138, a jump of 81.57 per cent.
Waiting for tables is slowly returning to usual, with crowds thronging popular restaurants, even going so far as to wait on roads on their bikes and cars just to get a table, and all this for biryani
The total IPO size is Rs 9,375 crore, comprising a fresh issue of equity shares worth Rs 9,000 crore and an offer-for-sale to the tune of Rs 375 crore by Info Edge (India) Ltd, Zomato said.
According to the NRAI, the anti-competitives actions of the aggregators include bundling of services, data masking, exorbitant commission charges, price parity agreements and deep discounting.
According to TechCrunch, the proposed investment values the seven-year-old startup Grofers, which counts SoftBank as its largest investor, at over $1 billion.
The campaign to raise money for the Zomato delivery executive went viral on social media and in less than 24 hours, it raised Rs.73,370 against the target of Rs.65,801.
Owners say orders have come down drastically due to fear among people and lockdowns
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Zomato was followed by Swiggy at a distant second position.
In a draft red herring prospectus (DRHP) filed with the market regulator, Zomato said it aims to raise Rs 8,250 crore in capital by offering the company's equity shares for sale.
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