Swiggy on Friday said its 10-minute food delivery service 'Bolt', which was launched in October last year, is now operational in more than 500 cities across the country.
'Expect our food delivery business to deliver sustainable adjusted EBITDA margins of about 5 per cent in the medium term.'
Food delivery and quick-commerce major Swiggy, which is coming out with its initial public offering (IPO) on Wednesday, is seeking a valuation of about $11.3 billion. The Bengaluru-based company is aiming to garner Rs 11,327 crore from the IPO, which will comprise a fresh issue of shares worth Rs 4,499 crore along with an offer for sale (OFS) of Rs 6,828 crore. Swiggy has set a price band of Rs 371 to Rs 390 per share for its maiden public issue.
Oyo has recently undergone large-scale corporate restructuring, setting up several subsidiaries and bifurcating operations globally.
Leading up to Valentine's Day on February 14, quick-commerce platforms like Blinkit and Swiggy Instamart have witnessed a phenomenal uptick in the sales of products related to the occasion, such as roses and chocolates. Meanwhile, e-commerce giants like Amazon and Flipkart have gone live with their respective Valentine's Day sale events, offering generous discounts on products. Sales of chocolates and roses on Zomato-owned Blinkit shattered previous records at the beginning of this year's Valentine's Day week, on February 7, which is celebrated as Rose Day.
Several food and grocery delivery firms witnessed their highest ever single-day orders on New Year eve, December 31. Zomato achieved a record-breaking number of orders on its app. The company carried out nearly as many orders on December 31 as the total for the equivalent day in the period from 2015 to 2020.
The National Company Law Appellate Tribunal (NCLAT) on Wednesday closed insolvency proceedings against Oyo and one of its subsidiaries, and also disallowed the intervention of external parties including Federation of Hotel & Restaurant Associations of India (FHRAI). Industry body FHRAI said in May it has been allowed by the NCLAT to intervene on behalf of hotels in the Oyo unit insolvency case before the tribunal. The association had filed the application on behalf of its member hotels in India, who it said at the time are operational creditors suffering hugely on account of non-payments of debt by Oyo.
Pay cuts for employees with fixed compensation of up to Rs 8 lakh have been reversed from August 1, while the rest will see restoration in a phased manner from October 2020.
In December, over 1.7 million people have checked in over the weekends.
Result of Common Admission Test (CAT) 2014 for admission in IIMs and other prestigious B-schools of the country will be announced on December 27.
Each of the centres will have facilities such as Wi-Fi, air conditioning, free housekeeping services, locker facilities, and CCTV surveillance
EXLService Holdings, Nasdaq-listed business process outsourcing unit, posted a 77 per cent year-on-year fall in its net income for the quarter ended June 30, besides reporting a foreign exchange loss of about Rs 8 crore (Rs 80 million). Rohit Kapoor, the BPO's CEO and president, spoke to Kirtika Suneja on the road ahead in these challenging times.
Indian IT-BPO firms have stepped up investments by around 30-70 per cent on training and education of employees despite the economic slowdown.
Rohit Kapoor, COO and co-founder, EXL Service, talks to Business Standard about the company's third-quarter performance, growth plans and outlook.
Leading hotels are taking all precautions but the unusual service the staff has been pressed into puts them at the forefront of COVID fight.
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