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NEWS

Posted On:
22-04-2024

Ordering food from Zomato to get costlier as the company hikes platform fee

Zomato has raised its platform fee for food delivery customers by 25 per cent, now charging Rs 5 per order as of April 20, as indicated by information on the company's app. This flat charge per order has been hiked in Zomato's key markets, including Delhi NCR, Bengaluru, Mumbai, Hyderabad, and Lucknow. Previously, on January 1, Zomato increased its platform fee for users from Rs 3 to Rs 4.Reportedly, Zomato processes between 2 and 2.2 million orders daily, suggesting that a Rs 1 increase across this large order volume could significantly boost the company's earnings over a quarter.Zomato applies the platform fee in addition to a delivery charge, although this is waived for customers enrolled in its Zomato Gold loyalty program, who receive benefits like discounts and free delivery after an upfront payment. The platform fee is also applicable to Zomato Gold members. In comparison, Zomato's chief competitor, Swiggy, charges a platform fee of Rs 5 on food delivery orders. Zomato introduced this fee first in August 2023 at Rs 2 per order, later raising it to Rs 3 in most major markets in October. Zomato's quick-commerce platform, Blinkit, also imposes a handling charge of Rs 2 on every order.
internship

Posted On:
22-04-2024

Salesforce abandons talks to acquire data-management firm Informatica

Business software maker Salesforce has backed away from its talks to acquire data-management software firm Informatica after the two companies could not agree on terms, a person familiar with the matter told Reuters on Sunday. The talks between the two companies were at an advanced stage earlier in April, Reuters reported. If the two sides had agreed on a deal, it would've ranked as one of Salesforce's biggest acquisitions. Salesforce and Informatica did not immediately respond to requests for comment from Reuters. Salesforce had been discussing a price for Informatica in the mid-$30s a share, according to the Wall Street Journal, which reported earlier on Sunday that the talks between the two sides had fizzled. When news of the deal talks first broke on April 12, Informatica's shares were trading at $38.48.Informatica's shares closed at $35.19 on Friday, valuing the Redwood City, California-based company at about $11.2 billion, including debt. Founded in 1993, Informatica offers subscription-based data management services over the cloud and helps automate tasks for more than 5,000 active customers. Informatica's customers include Unilever and Deloitte, according to the company's website.
internship

Posted On:
22-04-2024

Hero MotoCorp opens assembly facility with 75,000 units capacity in Nepal

Two-wheeler major Hero Motocorp on Sunday said it has opened an assembly facility in Nepal in partnership with its distributor CG Motors. The facility will have a capacity of 75,000 units per annum and will bring new investments and create job opportunities in the region, Hero MotoCorp said in a statement."This is an exciting development for us, CG Motors and for Nepal. The state-of-the-art assembly unit will ensure that our world-class products will now be made in Nepal and available to customers across the country," Hero Motocorp Chief Business Officer - Global Business Unit, Sanjay Bhan said. He further said, "The rapid expansion of the sales and service network will enable us to entrench the market with our world-class products and services." CG Motors, a part of the Chaudhary Group, will be rapidly expanding the sales and service network across Nepal to cater to the growing customer base, the statement said."Hero MotoCorp's world-class expertise in manufacturing and business processes will be highly beneficial for us to scale up operations. We look forward to building a robust market presence across the country," Chaudhary Group Managing Director, Nirvana Chaudhary said.
internship

Posted On:
23-04-2024

Arcelormittal Nippon Steel India in talks for $1 bn loan to fund growth

Arcelormittal Nippon Steel (AM/NS) India, a joint venture between two of the world’s leading steel makers, is in talks with banks to raise about Rs 8,500 crore ($1 billion), according to people familiar with the matter, in what could be the biggest local-currency loan this year to fund the firm’s expansion. At least three lenders including State Bank of India, ICICI Bank, and Axis Bank would be participating in the syndicated deal, with proceeds to be used for capital expenditure, said the people who asked not to be identified for discussing private information. SBI, India’s top bank, could lend more than half of the loan, which may carry a tenor longer than five years and be priced against a local interest rate benchmark, they said, adding that details of the lending facility are not finalised and may change. If the deal materialises, it would be the country’s largest rupee-denominated loan in 2024 so far, Bloomberg-compiled data show. India’s fourth-biggest manufacturer of flat steel — used in everything from consumer goods to cars — is seeking to ramp up capacity as a widely-anticipated reelection by Prime Minister Narendra Modi may spur infrastructure spending in the world’s most-populated nation.ArcelorMittal Nippon Steel India, State Bank of India, ICICI Bank and Axis Bank did not immediately reply to e-mailed requests seeking comment.
internship

Posted On:
23-04-2024

Raveendran raised debt to pay March salaries of Byju's employees

Edtech firm Think and Learn, owner of Byju's brand, credited partial salaries of employees for the month of March, according to sources. Byju Raveendran, the Founder and CEO of Think and Learn, has raised debt in his personal capacity to pay the salaries of employees for March.Byju's salary expenses for partial payouts is estimated to be in the range of Rs 25-30 crore. The salary was credited on Saturday, April 20, in the account of employees. According to the source, the amount paid is between 50-100 per cent of salary. "Byju raised more personal debt to pay salaries this month. While the rights issue money is still blocked by the foreign investors, " a source said."Byju raised more personal debt to pay salaries this month. While the rights issue money is still blocked by the foreign investors, " a source said.
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