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Jewellery retailer TBZ sees 36.16% surge in PAT in FY24

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Tribhovandas Bhimji Zaveri Ltd
Tribhovandas Bhimji Zaveri Ltd

Tribhovandas Bhimji Zaveri Ltd. (TBZ Ltd.), a 160-year-old Indian jewellery retailer, has reported a 36.16% year-over-year (YoY) increase in profit after tax (PAT) in the fiscal year (FY) 2024, growing from INR 39.67 crore in FY23 to INR 54.02 crore.

The company saw a significant 38.14% year-over-year (YoY) rise in profit before tax (PBT), climbing from INR 51.53 crore in FY23 to INR 71.18 crore in FY24.

Srikant Zaveri, chairman of TBZ, remarked, “Despite challenges such as elevated gold prices and election-related slowdowns this quarter, our strategic efforts have enabled us to stay on track. We’ve prioritized streamlining our supply chain and enriching customer interaction via tailored marketing endeavors.”

Continue Exploring: Organized gold jewellery retailers set for strong revenue growth in FY2025: CRISIL Analysis

Future Outlook and Expansion Plans

“Moving forward, we’re becoming more streamlined and efficient, thus fostering greater optimism for FY25. Our primary objectives include domestic expansion while upholding our dedication to distinctiveness, quality, and excellence,” he added.

TBZ’s earnings before interest, taxes, depreciation, and amortization (EBITDA) surged from INR 114.97 crore in FY23 to INR 138.17 crore in FY24, marking a 20.18% year-over-year increase.

The company’s profit before tax (PBT) margin saw a 94 basis points improvement, rising from 2.15% in FY23 to 3.10% in FY24, while the profit after tax (PAT) margin increased by 69 basis points, from 1.66% in FY23 to 2.35% in FY24.

Mukesh Sharma, chief finance officer of TBZ, commented, “Our enhanced profitability margins reflect our diligent cost control strategies and operational efficiencies. These endeavors have not only bolstered our financial performance but also empowered us to swiftly adapt to market dynamics.”

The company recently announced the continuation of Sara Ali Khan as its brand ambassador for the next two years. Additionally, its digital and social media initiatives achieved a total reach of 1.35 million, 900k impressions, and 27k engagements.

Established in 1864 as a modest one-store family venture, TBZ launched its flagship store in Mumbai. Now led by its fifth-generation successors, the company oversees operations across 33 stores spanning 25 cities.

Continue Exploring: Jewellery retailer Bluestone on track to become unicorn in pre-IPO funding round

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Emami’s Q4 profits rise by 3.6%, revenue surges 6.6% to INR 891.24 Cr

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Emami
Emami

Emami Ltd, a leading FMCG company, has reported a 3.62% increase in its Profit After Tax (PAT) to INR 146.75 crore for the fourth quarter ending on March 31, 2024. According to a company regulatory filing, the PAT for the same quarter of the previous fiscal stood at INR 141.62 crore.

During the quarter under review, Emami’s revenue from operations reached INR 891.24 crore, marking a 6.61% increase from INR 835.95 crore recorded in the corresponding quarter of the previous year.

“The fourth quarter witnessed profit growth driven by volume,” stated Emami in an earnings report.

Continue Exploring: Emami delivers robust Q3 performance: Posts 12% growth in PAT to INR 261 Crore

The FMCG firm noted that its EBIDTA, standing at INR 211 crore, experienced a 6% growth.

In the March quarter of FY24, Emami’s total expenses rose by 7% to INR 680.26 crore.

The company stated that its domestic business expanded by 8%, with a recorded volume growth of 6.4%.

Performance of Key Brands

Emami mentioned that key brands such as BoroPlus, the Pain Management range, Healthcare range, 7 Oils in One, The Man Company, and Brillare demonstrated robust performance throughout the quarter.

However, it added that extended winters led Navratna and Dermicool to post low single-digit growth.

It stated that its international business experienced a growth of 9% in constant currency and 8% in INR terms, primarily propelled by the MENA region.

In the March quarter, its total income, encompassing other revenue, rose by 6.14% to INR 901.94 crore.

Emami Vice Chairman and Whole-Time Director Mohan Goenka remarked, “It is encouraging to witness signs of market recovery, particularly with rural areas gradually bouncing back. Our contribution from organized channels has increased to 26% of our domestic business from 22% in FY23.”

Continue Exploring: Emami Group taps McKinsey & Co to explore expansion into packaged essentials and kitchen appliances

Emami’s consolidated Profit After Tax (PAT) for the financial year, which ended on March 31, 2024, surged by 15.42% to INR 724.14 crore. It was at INR 627.41 crore in the previous fiscal.

In FY24, its revenue from operations increased by 5.06% to INR 3,578.09 crore compared to INR 3,405.73 crore a year ago.

The company stated that it introduced over 50 products and variants in both domestic and international markets during FY24, with the majority being digital-first products.

Outlook and Growth Prospects

Emami expressed optimism regarding future growth, citing a favorable economic landscape, anticipated normal monsoon forecasts, expected rural market recovery, governmental initiatives, and promising macroeconomic factors.

On Wednesday, shares of Emami Ltd concluded at INR 516 on BSE, marking a 3.04% decline from the previous closing.

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Reliance Retail gears up for third round of fundraising, aims for over $160 Billion valuation

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Reliance Retail
Reliance Retail

Reliance Retail Ventures, having secured approximately $7.5 billion in its earlier two funding rounds, is gearing up for yet another round of fundraising from institutional investors. According to The Hindu BusinessLine, sources indicate that this time, it aims for a formidable valuation surpassing $160 billion.

Last year, when Reliance Retail Ventures raised over INR 15,000 crore from KKR, Qatar Investment Authority, and Abu Dhabi Investment Authority, its valuation stood slightly above $100 billion, marking a twofold increase from the valuation at which it had raised over INR 47,000 crore in 2020.

Continue Exploring: Reliance Retail secures INR 4,966 Crores investment from ADIA, building on KKR and QIA investments

Indications suggest that this time, Reliance Retail Ventures plans to raise a smaller amount, estimated between $1-2 billion, as management has clearly stated that the majority of future capital expenditures will be funded through internal accruals.

Preparations for the fundraising are still in the preliminary stages, with sources indicating that it is likely to occur in the second half of the year. The company plans to approach some of the investors who participated in previous rounds, as well as new investors.

Queries directed towards RIL for comment did not elicit any response.

Growth Trajectory and Financial Performance

The confidence in pursuing a higher valuation is grounded in the swift expansion of Reliance Retail. Its revenues surged by over 87 percent between FY20 and FY24, with EBITDA more than doubling during this period. In FY24, net profit increased by approximately one-fifth year-on-year, while revenue grew by over 15 percent.

Prominent brokerage firms have assessed the retail company’s value within the range of $114-120 billion.

With a store footprint exceeding 18,000 and spanning across 65 million square feet, it stands as the largest retailer in the country by a significant margin. Analysts anticipate that the company’s future growth will be fueled by increased sales per square foot from the additional stores.

The company has significantly improved its balance sheet by reducing debt, while witnessing a four-fold increase in operating cash flows. Capital expenditures decreased by one-fifth to INR 36,800 crore, and it is anticipated to remain subdued in the coming years as investment intensity diminishes.

Continue Exploring: Reliance Retail’s Smart & Smart Bazaar embrace premiumization with diverse product portfolio expansion

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Supertails completes 3 years in pet care industry, unveils exciting Pawscars and Birthday Bash sale

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Supertails
Aman Tekriwal, Vineet Khanna & Varun Sadana, Founders, Supertails

Supertails, a prominent tech-enabled pet-care brand, commemorates its third anniversary by highlighting significant growth and innovation in India’s pet care retail sector. To celebrate this milestone, Supertails introduces Pawscars, India’s first pet awards show, offering pet parents a platform to showcase and celebrate their pets’ antics, tricks, and heartwarming moments.

Big Birthday Bash Sale: Celebrating Three Years with Discounts and Giveaways

In tandem with its anniversary, Supertails rolled out the “Big Birthday Bash Sale” running from May 26th to June 3rd, featuring a plethora of discounts, offers, giveaways, and gifts tailored for pet parents. Simultaneously recognizing the cherished bond between pets and their owners, Supertails unveiled Pawscars, attracting over 5000 entries across categories such as Master of Mischief, Naptime Ninja, and The Scratch Machine. This initiative underscores Supertails’ commitment to fostering a vibrant pet parent community across India.

The anniversary festivities also leverage the burgeoning trend of pet influencers. Through the Big Birthday Bash campaign, Supertails collaborated with more than 200 pet influencers, affectionately dubbed as Superstars, collectively engaging with over 5 million devoted pet enthusiasts. Each of these influencers received personalized birthday boxes from the brand as tokens of appreciation.

Continue Exploring: Petcare startup Supertails raises $15 Million in funding led by RPSG Capital Ventures for expansion and product scaling

Varun Sadana, Aman Tekriwal, and Vineet Khanna, the Co-Founders of Supertails, reflected, “Three years have flown by! It feels like just yesterday when we embarked on this ambitious journey. We’re more thrilled than ever to witness the burgeoning growth of the pet care community in India. Our voyage over the past three years has been nothing short of remarkable. With Supertails’ Big Birthday Bash and Pawscars 2024 commemorating our third anniversary, our dedication to nurturing a resilient, empathetic community of pet parents is stronger than ever.

We take pride in showcasing our pets and their distinct quirks, recognizing this shared sentiment within the community. Our mission remains steadfast in supporting first-time pet parents in India by offering essential knowledge, resources, and assistance. We warmly invite all pet parents to join us in celebrating the extraordinary moments that make our bond with our beloved pets truly special and heartwarming.”

Since June 2021, Supertails has been dedicated to crafting the ultimate pet care ecosystem, with an impressive 80 percent of its business stemming from repeat clientele. Throughout the past year, the company has experienced remarkable expansion, particularly in tier II and III cities. In a bid to enrich the customer experience further, Supertails recently unveiled Supertails Pharmacy, transforming into a comprehensive platform offering a spectrum of pet supplies, online veterinary consultations, and behavior training. As the foremost provider of teleconsultations in India, boasting over 1 lakh successful consultations, Supertails has firmly established itself as a dependable ally for pet parents across all stages of their journey.

Continue Exploring: Supertails sets new benchmarks in pet care industry with 3X revenue growth and 5X consumer expansion in FY 2022-23

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Kendall Jenner’s 818 Tequila debuts in India with exclusive Delhi-NCR launch

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818 Tequila
Kendall Jenner

818 Tequila, the high-end tequila brand by Kendall Jenner, has officially launched in India. Distributed exclusively by Berry Beverages and imported in partnership with Zoup Beverages, 818 Tequila is now available in the Delhi-NCR region with plans for further expansion across the country.

818 Tequila achieves its unique flavor through time-honored methods at a cutting-edge distillery located in Amatitán, Mexico. This meticulous process involves slow-cooking agaves for more than 30 hours, crushing them with large stone Tahona wheels, and allowing for a 48-hour natural fermentation. Subsequently, the agaves undergo double distillation in alembic copper pot stills before being aged in French and American oak barrels.

818 Tequila

Although its name is inspired by the Calabasas, California area code, 818 Tequila prioritizes sustainability. The distillery operates on biomass and solar energy, bottles are crafted from recycled glass, and packaging is certified by the Forest Stewardship Council. Furthermore, 818 collaborates with s.a.c.r.e.d. (Saving Agave for Culture, Recreation, Education, and Development) to repurpose tequila production byproducts into building materials, supporting community projects throughout Mexico.

Kendall Jenner shared her excitement, stating, “I’m thrilled to announce the launch of 818 Tequila in India. This marks another significant stride for my brand on the global stage, and I can’t wait to see everyone savoring 818! Cheers!”

Continue Exploring: Kylie Jenner enters beverage alcohol sector with ‘Sprinter’ RTD brand launch

Sahir Berry, CEO of Berry Beverages, expressed enthusiasm, stating, “We are thrilled to introduce the renowned 818 brand to India, a nation with the world’s fastest-growing luxury spirits market. Our expanding market for premium spirits, particularly the surging interest in premium sipping tequila, aligns perfectly with 818 Tequila’s offerings.”

Expansion Plans: Bringing 818 Tequila to More Indian Regions

818 Tequila will be accessible in retail outlets and select hotels and restaurants throughout Delhi-NCR. Expansion into Mumbai, Goa, Karnataka, and Telangana is on the agenda for the coming months.

Harshal Goel, Director of Zoup Beverages, expressed excitement, stating, “We are delighted to collaborate with 818 Tequila to bring this exceptional brand to India. Together, we are establishing a new benchmark for quality and sophistication in the Indian market.”

Availability and Pricing of 818 Tequila in Delhi-NCR

In Delhi, the Blanco variant is priced at INR 7170, the Reposado at INR 8160, and the Añejo at INR 12,760. The ultra-premium Eight Reserve is available for INR 27,390. 818 Tequila provides diverse ways to enjoy their product, whether neat, on the rocks, or incorporated into cocktails like the Pura Margarita, espresso martini, or a unique take on an Old Fashioned.

Continue Exploring: Kylie Jenner enters beverage alcohol sector with ‘Sprinter’ RTD brand launch

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ABFRL’s Q4 net loss widens to INR 266.35 Cr YoY

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Aditya Birla Fashion
Aditya Birla Fashion

Aditya Birla Fashion and Retail Ltd (ABFRL) has reported a consolidated net loss of INR 266.35 crore for the fourth quarter ended March 2024. This marks an increase from the net loss of INR 194.54 crore recorded during the same period the previous year, according to the company’s regulatory filing.

Its revenue from operations for the quarter under review was INR 3,406.65 crore, compared to INR 2,879.73 crore in the same period last year.

The Aditya Birla group firm stated that the consolidated financial results for the quarter ended March 31, 2024, are “not comparable with previous quarters” due to the acquisition of TCNS Clothing and Styleverse Lifestyle.

Its total expenses in the March quarter amounted to INR 3,813.87 crore.

Continue Exploring: Aditya Birla Group’s retail jewellery venture, Novel Jewels, to kick off operations this July

“Amidst market headwinds, our established businesses remain focused on enhancing profitability,” ABFRL highlighted in its earnings statement.

Segment-wise Revenue Breakdown

Revenue from the ‘Madura Fashion & Lifestyle’ segment reached INR 1,861.75 crore, while Pantaloons’ revenue stood at INR 895.03 crore. The Ethnic and Others business recorded revenue of INR 712.43 crore, buoyed by increased same-store sales, network expansion, and category extensions.

The Reebok segment experienced a 29 percent growth this quarter, achieving profitable revenue surpassing INR 450 crore within its inaugural year under the Company’s operation.

Recently, it revealed plans for the demerger of the Madura business into a distinct entity named Aditya Birla Lifestyle Brands Limited (ABLBL), which will be listed separately.

Continue Exploring: ABFRL to raise INR 2500 Crore post-demerger of Madura business into Aditya Birla Lifestyle Brands

“The strategic demerger of ABFRL is laying the groundwork for the establishment of two distinct growth engines, each with a defined capital allocation strategy and a distinctive approach to value creation. Both entities will concentrate on targeted growth areas that resonate with their business models, aiming to optimize returns for shareholders,” it stated.

In the March quarter, ABFRL’s total income stood at INR 3,494.14 crore.

The Aditya Birla group company “ended the quarter with a net debt of INR 2,862 crore, consistent with the guidance provided at the beginning of the year.”

For the fiscal year that ended on March 31, 2024, ABFRL reported a net loss of INR 735.91 crore, compared to INR 59.47 crore in the preceding year. Its revenue from operations in FY24 amounted to INR 13,995.86 crore.

Retail Network and Brand Portfolio

As of March 2024, ABFRL boasts a network comprising 4,664 stores, spanning approximately 37,205 multi-brand outlets, with 9,563 points of sale in department stores throughout India.

It features a portfolio of brands including Louis Philippe, Van Heusen, Allen Solly, and Peter England. Additionally, it manages the fashion retail store Pantaloons.

In addition to its own brands, it also retails international brands such as Ralph Lauren, Hackett London, Ted Baker, Fred Perry, Forever 21, American Eagle, Reebok, Simon Carter, and Galeries Lafayette.

On Tuesday, shares of Aditya Birla Fashion and Retail Ltd concluded at INR 285.65 on the BSE, marking a decrease of 0.19 percent.

Continue Exploring: ABFRL to spin off Madura Fashion & Lifestyle into independent listed company

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Pricier kitchen staples squeeze home budgets: Pulses, wheat, and sugar costs on the rise

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dal
(Representative Image)

Throughout May, the costs of kitchen staples such as pulses, wheat, and sugar have experienced a steady increase. This surge can be attributed to the shortfall in domestic production caused by the deficient monsoon of 2023. Additionally, the limited availability of chana, urad, and tur in the international markets has resulted in sluggish and costly imports. Furthermore, the prices of sugar and wheat have remained high due to the diminishing buffer stock, raising concerns about stability.

Tur Dal and Chana Dal Prices

For several months now, tur dal has maintained its retail price at around INR 200/kg. Recently, chana dal has followed suit, surpassing the INR 100/kg mark in retail trade. This increase comes as the ex-mill prices for chana dal have reached INR 93/kg in Indore and INR 86/kg in Akola, two significant processing hubs for chana dal in the country.

In the local market, the prices of raw chana have risen for the third consecutive week, as indicated by data gathered by the Indian Pulses and Grains Association (IPGA). Within a week, they surged by approximately 5%, and within a month, they soared by over 10%.

Continue Exploring: Rising Yellow Peas imports from Russia and Canada stabilize Chana and Tur prices in India

“Chana dal prices have been on the rise due to the expectation of lower production and farmers and traders holding back stocks, anticipating further price increases,” explained a trader from Maharashtra, who chose to remain anonymous.

After India waived the import duty on chana on May 7, 58,000 tonnes of chana were imported from Australia in March through the diversion of the commodity in transit. According to trade estimates, consumers are unlikely to see a significant decrease in high chana prices, as availability in the international market remains low, while demand for chana flour (besan) rises during the monsoon season.

Sugar Price Fluctuations

Over the past month, ex-mill sugar prices in Maharashtra have surged by INR 100/quintal, reaching approximately INR 3600/quintal, propelled by robust demand. “The demand for sugar remained robust owing to the severe heat wave conditions across the country,” stated Abhijit Ghorpade, a sugar broker based in Maharashtra.

Sugar prices are anticipated to remain strong in the upcoming months.

In the last 15-20 days, wheat prices have escalated by 4-5%. This surge has prompted the processing industry to call for wheat imports to mitigate potential shortages during the lean period following Diwali.

Continue Exploring: Chana Dal goes affordable with the launch of government’s ‘Bharat Dal’ brand

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Radisson Hotel Group makes debut in Bihar, operations set to begin in Q4 2027

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Radisson Hotel Patna

Radisson Hotel Group has inked a deal for its inaugural establishment in Bihar—Radisson Hotel Patna—joining forces with Naturals Dairy Private Limited. Anticipated to commence operations by the fourth quarter of 2027, the hotel marks a significant milestone for the region.

Situated in Patna’s Patliputra area, the hotel enjoys convenient proximity to Jayaprakash Narayan International Airport and the Patna Railway Station.

Continue Exploring: Radisson Hotel Group to rapidly expand presence in India, targeting a new hotel every 20 days

“We’re thrilled to mark yet another milestone in our expansion journey into tier 2 and 3 regions of the country. The signing of our inaugural hotel in Bihar, Radisson Hotel Patna, underscores the Group’s commitment to providing top-notch accommodations nationwide, while also spotlighting lesser-explored destinations for travelers. Stepping into this market, we’re eager to elevate hospitality standards, offering quality accommodations coupled with exceptional service,” stated Nikhil Sharma, Managing Director and Area Senior Vice President, South Asia, Radisson Hotel Group.

Accommodation Offerings: From Standard Rooms to Luxurious Suites

The hotel will boast 120 rooms, offering a variety from standard accommodations to luxurious suites. Its amenities will include two ballrooms, a fitness center, and a swimming pool. Additionally, guests can indulge in multiple dining options during their stay.

“We’re excited to work with Radisson Hotel Group to build and operate Patna’s first internationally branded hotel. We want to reinvent hospitality norms in the industry by using the Group’s global hospitality benchmarks and our local expertise’, said Hemant Das, Co-founder and CEO of Naturals Dairy Private Limited.

Continue Exploring: Hotel giants bet big on India: Radisson, Marriott, Hilton, IHG, and Wyndham compete in intense race for expansion

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Reliance Industries set to disrupt quick commerce market with JioMart’s entry, challenging Blinkit, Zepto, and others

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JioMart
JioMart

Mukesh Ambani-led Reliance Industries, known for its disruptive presence in the consumer space with cut-throat marketing strategies, is now gearing up to enter India’s quick commerce space, taking on the likes of Blinkit, BigBasket, Instamart, and Zepto.

According to sources cited by TOI, JioMart, a venture by Reliance, aims to provide grocery delivery services in a minimum of 7-8 cities initially, with plans to expand its coverage to over 1,000 cities in the future.

Previously, the company provided 90-minute delivery services through JioMart Express, but it was discontinued approximately a year ago. Initially launched in Navi Mumbai, the Mumbai-based conglomerate had ambitions to extend this service to around 200 cities.

Now, JioMart aims to cater to customers within a 30-minute timeframe. However, competitors like Blinkit, Swiggy, and Zepto excel in providing rapid deliveries of groceries and a range of non-grocery items within just 10-15 minutes.

Competition in the Quick Commerce Sector

Currently, Blinkit holds a leading position in the quick commerce sector, boasting a market share of around 40-45 percent.

Continue Exploring: Zepto gains ground in quick-commerce market as Instamart slips

Reliance’s move aligns with Walmart’s Flipkart also gearing up to venture into the quick commerce sector, a concept increasingly favored, particularly among millennial and Gen Z households.

Continue Exploring: Quick commerce sector soars as Millennial and Gen Z homes drive growth

In contrast to its competitors, JioMart will leverage Reliance Retail’s vast network of stores and fulfillment centers instead of adopting a dark store model for its quick commerce operations.

At present, JioMart offers customers the option to select scheduled delivery slots or opt for next-day delivery.

“Going forward, JioMart aims to extend its quick commerce offerings to encompass non-grocery items as well,” stated sources, highlighting the potential to leverage Reliance Retail’s expansive network of over 18,000 stores spanning diverse categories and formats. “JioMart remains committed to establishing a hyper-local omni-channel presence, serving customers through thousands of conveniently located stores across the country,” reported TOI, quoting a source.

Continue Exploring: Quick commerce platforms Blinkit and Zepto expand into e-commerce, targeting fashion, beauty, electronics, and more

Reliance’s foray into quick commerce will intensify competition within the sector, presenting existing players with the formidable task of contending against the company’s extensive nationwide presence and considerable financial resources.

Goldman Sachs estimates the online grocery market’s gross order value to be approximately $11 billion as of FY24. Within this figure, quick commerce already accounts for approximately half, equating to $5 billion in gross order value. Analysts further speculate that the rise of immediate deliveries could be affecting the portion of purchases made from local kirana stores.

Continue Exploring: Flipkart challenges Zepto and Blinkit with quick commerce expansion

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Zomato mulls revival of lending business, enters talks with NBFCs for merchant lending

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Zomato
Zomato

Zomato, a major player in the foodtech industry, has reportedly initiated discussions with various non-banking financial institutions to offer working capital loans to its partner restaurants. This comes after a pause in its lending services for several years.

As per the terms of the deal, Zomato will serve as a loan service provider, as reported by sources close to the matter cited by Moneycontrol.

In its capacity as a loan service provider (LSP), the company will acquire loans from its partners and distribute the funds to prospective borrowers, levying a fee for its services. According to the report, this suggests that Zomato may also be tasked with collecting payments from end users.

An LSP, as defined by the RBI, serves as an intermediary for a regulated entity (RE), performing various functions on behalf of the lender. These functions encompass customer acquisition, underwriting support, pricing assistance, disbursement, servicing, monitoring, collection, and loan recovery for the RE.

Continue Exploring: Zomato expands beyond food, launches free weather monitoring service with 650 stations

RE pertains to financial institutions such as banks and NBFCs that are subject to the supervision and regulation of the RBI.

This comes days after Zomato voluntarily surrendered its payment aggregator license, which had been granted approval by the RBI back in January of this year.

Continue Exploring: Zomato’s subsidiary ZPPL to surrender RBI license as online payment aggregator

Zomato’s Financial Ventures: NBFC and Payment Aggregator

In 2022, Zomato established its wholly-owned NBFC, Zomato Financial Services. Nevertheless, it is still awaiting the issuance of its NBFC license for the same.

Significantly, in 2021, the food industry leader established its subsidiary, Zomato Payments Private Limited (ZZPL), to operate as a payment aggregator. It partnered with NBFCs such as Neogrowth, InCred, and Indifi for this venture.

As per the aforementioned report, armed with both payment aggregator (PA) and NBFC authorization, the company aimed to oversee the entire financial ecosystem, encompassing lending and payments.

In a parallel move, Zomato appointed Akshay Gautam from its previous lending partner, Indifi Technologies, as Assistant Vice President (AVP) to spearhead the initiative for Zomato.

Last year, Zomato introduced its in-house UPI service for both peer-to-peer and merchant transactions. However, within the same year, reports emerged stating that the company had halted the onboarding of new customers on Zomato UPI.

Swiggy, Zomato’s counterpart, also has a history of venturing into lending, beginning in 2017 with its “Capital Assist” program. This initiative involved partnerships with NBFCs such as Indifi, Incred, FT Cash, PayU, and IIFL.

Continue Exploring: Zomato’s Q4 net profit surges 27% quarter-over-quarter to INR 175 Cr

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