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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Zomato surprises investors, turning adjusted EBITDA and PAT positive in the June quarter. Also, Gupshup’s valuation markdown.
Zomato announced Q1 (April-June) results yesterday and achieved a key milestone, turning in a positive adjusted EBITDA (Rs 12 crore) and a modest profit after tax (Rs 2 crore). Zomato had provided guidance of turning profitable by the end of 2023-24, which makes the performance a positive surprise.
Reported revenue was up 64% to Rs 2,597 crore, led by an 18.5% growth in food delivery revenues. While the year-on-year revenue growth rate was the lowest in three quarters, the business has managed to turn in a profit due to cost control, operating leverage and cutting losses in grocery delivery business …
India’s grocery and food delivery platforms are increasingly displaying misleading images of food using artificial intelligence, defeating the very purpose of buying online.
The EV maker is turning to gig-worker rentals to absorb its scooter output. But questions on cost, competition and execution make its latest pivot uncertain.
The popular super app startup is seeing widening losses, Dubai’s financial zone wants more wealth and Aramco’s big quarter.
