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After making an impact in selling cooked food, Zomato plans to tap into the uncooked sector

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Aashwin Shanker, Mumbai Uncensored, 12th July 2021:

BENGALURU: Online food ordering app Zomato said it is on the oath of recovery after a decline in revenue during the pandemic. It said the growth in the first part of this fiscal year was better than the first part of last fiscal year. Zomato is now planning to tap into the grocery sector and has made huge investments in the grocery etailer Grofers.

Zomato reported a 23.5% decline in its operating revenue of Rs.1993 crore from last year’s Rs.2604 crore. Losses also dropped from Rs.822 crore to Rs.2608 crore and even the expenses nearly halved Rs.2608 crore from Rs.5000 crore. Meanwhile Zomato is going to launch its IPO next week.

Food delivery business was hit in the first wave of COVID due to fear of virus and surface transmission. The fear of surface transmission has gone away and we have delivered crores of orders in the last 18 months without even a single case of transmission through food delivery said CFO Akshant Goyal.

The company’s average order value has also been steadily increasing from Rs.287 to Rs.395.

Akshant Goyal said that they have invested $100 million for a minority stake in Grofers with the idea of getting more exposure and also plans to launch something similar on their platform on a pilot basis.

Zomato shares will be around Rs.72-76 after being listed at the stock exchange on 27th July. Zomato received majority of its investment from Info Edge, Alipay, Ant Financial, Tiger Global and Sequoia said that it had a contribution margin of Rs23 per order on average in Q3 of last year which was more than Rs30.5 in the previous year.

The company on an average is making money per order which has been possible due to increase in commission.

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Govt. Plans to Cut Cooking Oil Tax

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The Indian market after seeing an unprecedented rise in the prices of edible oils plans to cut taxes on edible oil to keep the prices in check.

Khushi shah – Mumbai Uncensored, 5th May 2022

The war, combined with weather disruptions that limited harvests in other vegetable oil-producing regions, led to a supply shortage of sunflower oil. The ban by the world’s biggest palm oil producer and exporter on 28th April 2022, on the export on the widely used edible oil and all the conflicts between Russia and Ukraine that already upended the global agricultural trade in the world, sent oil prices skyrocketing in the market.

India is particularly sensitive to rising vegetable oil prices as it is dependent on imports for 60% of its needs. Inorder to keep the prices in check ,India, the world’s top importer of vegetable oils is planning to cut taxes on some edible oils to cool the domestic market after the war in Ukraine. 

India has tried to reduce prices in the past, including reducing import duties on palm, soybean oil and sunflower oil, and limiting inventory to prevent stocking the oil.[ In September 2021] The import taxes on palm oil had been slashed to 2.5% from 10 %, while soy oil and sunflower oil had been reduced to 2.5 per cent from 7.5 per cent. 

The reduction in these taxes were aimed at bringing down prices of the edible oils in India and boost consumption, effectively increasing overseas buying by the south Asian country.It would also bring down edible oil prices ahead of key festivals, when edible oil demand rises in the country

However, The moves so far have not been effective enough to cut down the rates of oil in the market 

India, the world’s top importer of vegetable oils, wants to reduce the agricultural infrastructure and development cess on imports of crude palm oil to below 5% . According to reports, it is said that the government is now considering reducing import duties on crude varieties of canola oil, olive oil, rice bran oil and palm kernel oil from 35% to 5% to help boost domestic supplies. The new tax amount is still being deliberated The cess is levied over and above basic tax rates on certain items, and is used to finance agriculture infrastructure projects. The base import duty on crude palm oil has already been scrapped.

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C.I.A. picks Indian origin Chief Technological Officer – Nand Mulchandani

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Khushi Shah – Mumbai Uncensored, 3rd May 2022

Another Indian has raised the Indian flag abroad. Nand Moolchandani, who completed his schooling in Delhi, has been appointed as the first Chief Technology Officer (CTO) of the Central Intelligence Agency (CIA) of the US. 

With a degree in Computer Science and Math from Cornell, a Master of Science degree in Management from Stanford, and a Master in Public Administration degree from Harvard, Nand Mulchandani will be leading a team of technologists at the C.I.A.  He will be working with experts who already deliver world-class intelligence and capabilities to help build a comprehensive technology strategy.

William J. Burns, the CIA Director made the announcement specifying that he has prioritised focusing on technology. Nand Mulchandani has more than 25 years of experience in Silicon Valley as well as the US Department of Defense (DoD) and can bring substantial private sector, startup, and government expertise to the Agency.

The man, who describes himself as a “serial entrepreneur” in his Linkedn bio, prior to this position he served as the CTO and Acting Director of DoD’s Joint Artificial Intelligence Center. He also co-founded and was CEO of several successful startups Oblix (acquired by Oracle), Determina (acquired by VMWare), OpenDNS (acquired by Cisco), and ScaleXtreme (acquired by Citrix).

His LinkedIn profile says: “I pivoted from my career in private industry to serve in the Government by joining the Joint Artificial Intelligence Center at the US Department of Defense where I am driving the DoD’s next-generation AI efforts.”In his new role, Mulchandani will ensure the Agency is leveraging cutting-edge innovations and scanning the horizon for tomorrow’s innovations to further the CIA’s mission.

He said on Linkedn “I tried to leave a few breadcrumbs at the end of my last post when I was leaving the Department of Defense with “Just when I thought I was out, they pull me back in.” And believe me, this was certainly an “offer I could not refuse”,” 

An Indian origin C.T.O. that collects, processes and analyses intelligence reports from around the world to strengthen national security of America is a new feather in the cap of not only Indian Diaspora, but also India at large.

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Elon Musk’s purchase of Twitter may have prompted crypto ‘whales’ to purchase large amounts of Dogecoin.

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Hemant Singh – Mumbai Uncensored, 2nd May 2022

The price of bitcoin increased when it was reported on Monday that “Dogefather” Elon Musk would be taking over Twitter. And it appears that the rise was powered by a huge number of high-value transactions.

According to CoinDesk, the number of Dogecoin transactions above $100,000 reached 2,440 on Monday, the highest level since January 14, according to statistics from market analytics firm IntoTheBlock.

Transactions in excess of $100,000 serve as a barometer of the activities of “whales,” or huge investors of the meme-inspired cryptocurrency.

Whales can be wealthy people or institutional investors such as hedge funds or banks.

When Twitter revealed that its board of directors had approved Musk’s $44 billion acquisition bid, the price of Dogecoin increased by as much as 27 percent, reaching a day high of 16.5 cents. It has already cooled off and is now worth roughly 13 cents.

Though there are several theories regarding what Musk may alter about Twitter once he takes over, Dogecoin supporters may be hopeful that Musk would integrate the cryptocurrency into the social media network.

The DeFi community on Twitter believed that Musk may eventually transform Twitter into a decentralized social media network, or one that is not controlled by a single company.

Musk’s influence on Dogecoin’s price is nothing new.

Dogecoin was invented in 2013 as a prank by engineers Billy Markus and Jackson Palmer. It is inspired by the Doge meme, which depicts a Shiba Inu dog.

Musk commenced tweeting about Doge in 2019 and has been a vocal promoter of the cryptocurrency ever since.In addition to owning it, he has mentioned working with Dogecoin developers on bettering its network. The world’s richest man has stated that the meme-inspired coin is suitable for transactions and is the “people’s crypto.”

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