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Zomato vs Swiggy market share; PM e-drive subsidy
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Zomato has extended its lead in India’s food delivery space over recently listed rival Swiggy. This and more in today’s ETtech Top 5.
Also in the letter:
¡ö Bitcoin hits all-time high
¡ö Bluesky gains more users
¡ö Third Wave Coffee financials
Deepinder Goyal, CEO , Zomato and Sriharsha Majety, group CEO, Swiggy
Gurugram-based Zomato leads the food delivery market with a share of 58%, according to a report by brokerage firm Motilal Oswal, with its recently-listed rival Swiggy having 42%.
Tell me more: These numbers are based on the companies’ first quarter performance.
Based on quarterly gross order value (GOV), Zomato had a 55% market share in the April-June 2024 period, and has since gained.
In the food delivery segment, while Zomato has maintained a lead over Swiggy, the latter has logged a better take rate than its rival. For the first quarter, Swiggy’s food delivery take rate was 25.4% compared to Zomato’s 24.3%.
Also Read: Here's how Swiggy stacks up against Zomato
Profit in food: “Swiggy’s food delivery business model is now established, and similar to Zomato we expect only a gradual, but continual, improvement in profitability for Swiggy over the medium to long term,” Motilal Oswal noted in its report.
Quick commerce: In the fast-expanding quick commerce sector, Zomato-owned Blinkit commands a 46% market share, followed by Zepto at 29% and Swiggy Instamart at 25%, in Q1FY25.
Recap: We had reported earlier that while Zomato’s GOV for its food delivery business came in at Rs 9,264 crore, Swiggy clocked a GOV of Rs 6,808 crore. It is also planning to raise $1 billion via a qualified institutional placement (QIP).
Caveat: ET reported earlier that Motilal Oswal Asset Management is in talks to invest in Zepto. Raamdeo Agrawal, chairman and cofounder of Motilal Oswal Financial Services, has invested his personal capital in both Swiggy and Zepto. The market share numbers are based on annualised sales from Q1 numbers, and do not take into account smaller players such as BigBasket's BB Now and Flipkart Minutes.
Also Read: Quick commerce can be bigger than food delivery, won't be a duopoly: Swiggy founder Sriharsha Majety
The centre has restored sops for sale of cargo electric three-wheelers (e-3w of L5 category) after ET reported they were stopped since PM e-drive targets were achieved.
Driving the news: Subsidies for eligible e-3w (L5) sales in the country will now be available at a reduced rate of Rs 2,500 per KiloWatt (kW), capped at Rs 25,000 per unit. This is half the original subsidy.
Context: The PM e-drive is a scheme to promote the sale of electric two- and three-wheelers that are locally made. On Monday, ET had reported that since PM e-drive’s target for FY24 had been completed within a few weeks after its introduction, the centre might stop subsidising the sale of new e-3w (L5).
Quote, unquote: "The incentive which was earlier applicable for the 1,24,846 e-3Ws (L5) for financial year 2025-26 from April 2025, is now made available from November 8, 2024," a senior official told ET.
Other details: Official data from Original Equipment Manufacturers (OEMs) showed a sale of 690,000 e2w, and 82,000 e3w (L5). In the upcoming three months, companies seeking subsidiaries are expected to submit the necessary documents.
Bitcoin rose to an all-time high of over $94,000 following reports that US president-elect Donald Trump's social media company was in talks to acquire Bakkt, a cryptocurrency trading platform.
Tell me more: Media reports said Trump Media and Technology Group, which operates social media platform Truth Social, will soon close an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange.
Analysts said bitcoin's rise to a record high was supported by the Trump deal talk report as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock's Bitcoin ETF.
Also Read: Bitcoin soars to record $93,400 on Trump euphoria and Fed rate cut bets
Upswing: Bitcoin is the world's biggest and best-known cryptocurrency. It has more than doubled this year. It was last at $92,104 in Asian hours on Wednesday, having touched a record high $94,078 just toward the end of the previous session.
Cryptocurrencies have soared since the US election as traders bet Trump's promised support for digital assets would lead to a less restrictive regulatory regime.
Also Read: Bitcoin nears $90,000 as Trump victory fuels surge: what's driving the rally?
Bluesky, a microblogging platform and X’s emerging nemesis, has gained 20 million followers within a span of just about one month - an impressive feat for a relatively new app. Given the app’s growth, this has given rise to speculation that it could soon become one of the top competitors of Elon Musk-owned X and Instagram’s Threads.
Also Read: Elon Musk says X saw all-time high usage amid US elections frenzy
Tell me more: Bluesky’s app is currently ranked number one in iOS App Store and second in Google Play according to Appfigures. Bluesky’s mobile app saw a 519% increase in usage in the US after the presidential elections while in the UK it rose 352%.
Threads: Currently, Bluesky is only 1.5 times behind Instagram’s Threads in the daily active user count, although the latter has a much larger user base.
The X situation: Many apps like Bluesky are benefiting from the mass exodus of users from X due to reasons such as a change in the block feature. However, it is still nowhere close to X.
Also Read: X faces hiccups in influencer-led monetisation push in Indian market
L-R, Rajat Luthra, CEO and Sushant Goel, cofounder, Third Wave Coffee
Specialty coffee chain Third Wave Coffee posted an increase in operating revenue for FY24, but its losses doubled due to a significant rise in total expenses during the year.
Financials:
Recap: In April this year, Rajat Luthra, the former head of KFC India and Nepal, took over as the chief executive of the firm, while former CEO Sushant Goel transitioned to a board role.
On June 18, we reported about the company’s plan to open 50 stores in its existing markets such as Bengaluru, Delhi, Mumbai and Hyderabad, besides entering new cities like Chennai.
Also Read: Blue Tokai Coffee gets a Verlinvest flavour
Today’s ETtech Top 5 newsletter was curated by Blessy Reji and Riya Roy Chowdhury in Bengaluru.
Also in the letter:
¡ö Bitcoin hits all-time high
¡ö Bluesky gains more users
¡ö Third Wave Coffee financials
Zomato leads food delivery with 58% market share in Q1, Blinkit tops quick commerce: Motilal Oswal
Gurugram-based Zomato leads the food delivery market with a share of 58%, according to a report by brokerage firm Motilal Oswal, with its recently-listed rival Swiggy having 42%.
Tell me more: These numbers are based on the companies’ first quarter performance.
Based on quarterly gross order value (GOV), Zomato had a 55% market share in the April-June 2024 period, and has since gained.
In the food delivery segment, while Zomato has maintained a lead over Swiggy, the latter has logged a better take rate than its rival. For the first quarter, Swiggy’s food delivery take rate was 25.4% compared to Zomato’s 24.3%.
Also Read: Here's how Swiggy stacks up against Zomato
Profit in food: “Swiggy’s food delivery business model is now established, and similar to Zomato we expect only a gradual, but continual, improvement in profitability for Swiggy over the medium to long term,” Motilal Oswal noted in its report.
Quick commerce: In the fast-expanding quick commerce sector, Zomato-owned Blinkit commands a 46% market share, followed by Zepto at 29% and Swiggy Instamart at 25%, in Q1FY25.
Recap: We had reported earlier that while Zomato’s GOV for its food delivery business came in at Rs 9,264 crore, Swiggy clocked a GOV of Rs 6,808 crore. It is also planning to raise $1 billion via a qualified institutional placement (QIP).
Caveat: ET reported earlier that Motilal Oswal Asset Management is in talks to invest in Zepto. Raamdeo Agrawal, chairman and cofounder of Motilal Oswal Financial Services, has invested his personal capital in both Swiggy and Zepto. The market share numbers are based on annualised sales from Q1 numbers, and do not take into account smaller players such as BigBasket's BB Now and Flipkart Minutes.
Also Read: Quick commerce can be bigger than food delivery, won't be a duopoly: Swiggy founder Sriharsha Majety
ET Impact: Subsidy partly restored for cargo electric 3-wheelers
The centre has restored sops for sale of cargo electric three-wheelers (e-3w of L5 category) after ET reported they were stopped since PM e-drive targets were achieved.
Driving the news: Subsidies for eligible e-3w (L5) sales in the country will now be available at a reduced rate of Rs 2,500 per KiloWatt (kW), capped at Rs 25,000 per unit. This is half the original subsidy.
Context: The PM e-drive is a scheme to promote the sale of electric two- and three-wheelers that are locally made. On Monday, ET had reported that since PM e-drive’s target for FY24 had been completed within a few weeks after its introduction, the centre might stop subsidising the sale of new e-3w (L5).
Quote, unquote: "The incentive which was earlier applicable for the 1,24,846 e-3Ws (L5) for financial year 2025-26 from April 2025, is now made available from November 8, 2024," a senior official told ET.
Other details: Official data from Original Equipment Manufacturers (OEMs) showed a sale of 690,000 e2w, and 82,000 e3w (L5). In the upcoming three months, companies seeking subsidiaries are expected to submit the necessary documents.
Bitcoin breaches $94,000 for the first time
Bitcoin rose to an all-time high of over $94,000 following reports that US president-elect Donald Trump's social media company was in talks to acquire Bakkt, a cryptocurrency trading platform.
Tell me more: Media reports said Trump Media and Technology Group, which operates social media platform Truth Social, will soon close an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange.
Analysts said bitcoin's rise to a record high was supported by the Trump deal talk report as well as traders taking advantage of the first day of options trading on the Nasdaq over BlackRock's Bitcoin ETF.
Also Read: Bitcoin soars to record $93,400 on Trump euphoria and Fed rate cut bets
Upswing: Bitcoin is the world's biggest and best-known cryptocurrency. It has more than doubled this year. It was last at $92,104 in Asian hours on Wednesday, having touched a record high $94,078 just toward the end of the previous session.
Cryptocurrencies have soared since the US election as traders bet Trump's promised support for digital assets would lead to a less restrictive regulatory regime.
Also Read: Bitcoin nears $90,000 as Trump victory fuels surge: what's driving the rally?
Bluesky clocks 20 million users, but yet to catch up with X, Threads
Bluesky, a microblogging platform and X’s emerging nemesis, has gained 20 million followers within a span of just about one month - an impressive feat for a relatively new app. Given the app’s growth, this has given rise to speculation that it could soon become one of the top competitors of Elon Musk-owned X and Instagram’s Threads.
Also Read: Elon Musk says X saw all-time high usage amid US elections frenzy
Tell me more: Bluesky’s app is currently ranked number one in iOS App Store and second in Google Play according to Appfigures. Bluesky’s mobile app saw a 519% increase in usage in the US after the presidential elections while in the UK it rose 352%.
Threads: Currently, Bluesky is only 1.5 times behind Instagram’s Threads in the daily active user count, although the latter has a much larger user base.
The X situation: Many apps like Bluesky are benefiting from the mass exodus of users from X due to reasons such as a change in the block feature. However, it is still nowhere close to X.
Also Read: X faces hiccups in influencer-led monetisation push in Indian market
Third Wave Coffee posts 67% rise in FY24 revenue, but losses double
Specialty coffee chain Third Wave Coffee posted an increase in operating revenue for FY24, but its losses doubled due to a significant rise in total expenses during the year.
Financials:
- Net loss at Rs 110 crore, up 104% from Rs 54 crore a year ago
- Operating revenue up 67% on year to Rs 241 crore
- Total expenses increased to Rs 358 crore from Rs 201 crore
Recap: In April this year, Rajat Luthra, the former head of KFC India and Nepal, took over as the chief executive of the firm, while former CEO Sushant Goel transitioned to a board role.
On June 18, we reported about the company’s plan to open 50 stores in its existing markets such as Bengaluru, Delhi, Mumbai and Hyderabad, besides entering new cities like Chennai.
Also Read: Blue Tokai Coffee gets a Verlinvest flavour
Today’s ETtech Top 5 newsletter was curated by Blessy Reji and Riya Roy Chowdhury in Bengaluru.
Want this newsletter delivered to your inbox?
I agree to receive newsletters and marketing communications via e-mail