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Zomato Forgoes Commission Fees From Partner Restaurants in #MissionGiveBack
Zomato, the restaurant discovery and online food ordering platform, have announced they will forgo the commission fee charged to partner restaurants on food orders under their new scheme called #MissionGiveBack. The move comes after co founder and CEO Deepinder Goyal announced the company was profitable in all of the 24 countries they operate in and across all businesses.
In a blog post, the food tech company reported their core advertising business in India, Southeast Asia and the Middle East have been generating enough money to cover their investments. The zero commission model is a token of appreciation for all the restaurant owners to mark this occasion. According to the blog post, restaurants can qualify for the zero commission scheme if they meet a set of predefined criteria which include a number of orders processed on a weekly basis. According to current data, almost 70% of Zomato’s restaurant partners are eligible for this zero commission scheme.
Zomato reported an 80% surge in revenue at around $ 60 million for the financial year 2017. Since the beginning of the year, the company has been on a rationalizing spree focusing on diversification and redesigning its ad serving product. They have also managed to cap their annual operating cash burn by over 80% to Rs. 77 crores and cut losses by 34% in 2016-2017. The food tech unicorn was also valued at $ 1.4 billion by Japan based financial holding company, Nomura. According to various media reports, the company is also expected to raise up to $ 200 million from Alibaba’s financial arm Ant Financial Pvt., Ltd. They also acquired the logistics and food delivery startup Runnr last week, adding over 1,500 people to offer delivery services to restaurants, complete with live order tracking.
Currently, the unicorn company charges a 7% commission fee, excluding delivery and payment gateway charges, from partner restaurants. Whereas, according to a news daily, the rival food delivery startup Swiggy’s commission fee is pegged at 1530% including delivery and payment gateway charges.
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