Promoters (funds) owned 41.69% of Sapphire Foods at at September 30, 2023. This was almost 10% lower than 51.26% they held post IPO in November 2021. Two promoter entities have now further sold 5.9%Â stake in the restaurant operator for Rs 530 crore through open market transactions. Earlier this month, another promoter entity had offloaded … Read more
The Company has announced – Up to 1,25,00,000 (One crore twenty five lakhs) fully convertible equity warrants convertible into equivalent number of Equity Shares of the Company having face value of Rs. 10/- each, at a Premium of Rs 35/- per Warrant, aggregating up to Rs. 56.25 cr 25% of the consideration shall be payable … Read more
Zomato Gold is a periodic subscription based membership, whereby the subscribing customers get significant discounts and free deliveries from the member restaurants. Initially, it was mainly available on offline eating. However, later Zomato extended it to deliveries and that’s when member restaurants put up a significant protest because of which the scheme was altogether stopped … Read more
The Central Consumer Protection Authority (CCPA) on Monday barred hotels and restaurants from levying service charge automatically or by default in bills. It will be completely up to the customers to pay any amount as tip and eateries cannot directly or indirectly levy any charge more than the rate of food items. “Hotels, restaurants can’t … Read more
Quick commerce is a buzzword now-a-days and Zomato has been at the forefront of it. It has provided significant support to Blinkit (erstwhile Grofers) over the last few months. In November 2021, invested an equity of $100 mn, valuing Blinkit at > $1 bn; and In March 2022, committed debt of $150 mn to support … Read more
The order comes months after the National Restaurant Association of India (NRAI) asked the Competition Commission of India (CCI) to investigate the companies for breaching platform neutrality by providing priority to the exclusive contractors. Key points to note – NRAI represents more than 5,00,000 restaurants across India. Other than complaints about platform neutrality, complaint by … Read more