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Swiggy Sharply Hikes Membership Fees For Free Delivery

New subscriptions to Swiggy Super is still available at Rs. 79 a month or Rs. 179 for three months.

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BENGALURU (Karnataka): Naspers-backed food delivery platform Swiggy has decided to sharply increase the charges of its ‘Swiggy Super’ programme.

We’re just writing in to let you know that Swiggy Super is undergoing some changes. Effective 08.01.2020, the introductory prices will be applicable for first-time members only,” reads the emailer that Swiggy sent out to its subscribers.

The food delivery startup has decided to increase the monthly plan of ‘Swiggy Super’ of ₹79 to nearly double of ₹149. Similarly, the three months plan will now be charged at ₹349 instead of the current plan of ₹179.


The new charges will be applicable for the existing ‘Swiggy Super’ members and will be charged upon the renewal of the programme. The new rates will come into effect from 8 January 2020.

However, if a consumer subscribes to the ‘Swiggy Super for the first time, the food delivery startup will continue to charge the previous rate of ₹79 for one month and ₹179 for three months.

The company has also clarified that it is going to increase the charges of the ‘Swiggy Super’ in response to a tweet when asked about the increase in charges of ‘Swiggy Super’ programme. It further added that it will roll out new offers and discounts for the subscribers of the membership programme.



The company will continue to deliver the food without any delivery charges to any subscriber of ‘Swiggy Super’ when the total amount the bill is more than ₹99 per order.

Swiggy has sent specific emails to the subscribers of the ‘Swiggy Super’ and informed about the hike in the membership programme.

The food delivery startup has posted a six-fold increase in losses for the financial year-end March 2019 (FY19), on account of heightened expenses which went up by four-fold during the same year at a time when the five-year-old startup has been expanding rapidly across the country to keep up with intense completion in the food delivery segment.

The development comes at a time when the company’s bottom-line is suffering, given the high cash burn in the sector.

Bundl Technologies, the parent holding that owns Swiggy, reported consolidated losses that ballooned to Rs 2,364 Cr during the financial year 2018-2019, which is a substantial increase compared to ₹385 crore losses posted a year ago in FY18. The startup, however, grew its revenue by three-fold in FY19 which stood at ₹1,128.3 Cr, compared to revenues of ₹417 Cr reported a year ago.


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CHANGE ON THE GROUND

IRCTC To Pay Compensation Of Rs 100 Each To 630 Passengers Of Tejas Express

The Tejas Express and a few other suburban and outstation trains were held up due to a technical problem on the outskirts of Mumbai.

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MUMBAI (Maharashtra): Indian Railway Catering and Tourism Corporation (IRCTC) has said that it will pay a compensation of 100 rupees each to around 630 passengers of the Ahmedabad-Mumbai Tejas Express because of a delay.

The Express, the second IRCTC-run train which commenced commercial operations from January 19, was delayed for over an hour on Wednesday afternoon as it was entering Mumbai. The train reached the Mumbai Central station around 1 hour and 30 minutes late.

The IRCTC spokesperson said the passengers will have to apply as per the refund policy. They will be given a refund after verification.


According to railway officials, the premium train departed from Ahmedabad at 6.42 am, two minutes late. But it arrived at Mumbai Central at 2.36 pm instead of the scheduled time of 1.10 pm.

The Tejas Express and a few other suburban and outstation trains were held up due to a technical problem on the outskirts of Mumbai.

The IRCTC spokesperson said that as the train was delayed, around 630 passengers who travelled up to Mumbai Central will be given compensation.



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ECONOMY-DEVELOPMENT

With $49 Billion Inflow, India Among Top 10 FDI Recipients In 2019: UN report

The FDI flows to developed countries remained at a historically low level, decreasing by a further 6 per cent to an estimated $643 billion.

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NEW DELHI: India was among the top 10 recipients of Foreign Direct Investment in 2019, attracting USD 49 billion in inflows, a 16 per cent increase from the previous year, driving the FDI growth in South Asia, according to a UN report released on Monday.

The Global Investment Trend Monitor report compiled by United Nations Conference on Trade and Development (UNCTAD) states that the global foreign direct investment remained flat in 2019 at USD 1.39 trillion, a 1 per cent decline from a revised USD 1.41 trillion in 2018.

This is against the backdrop of weaker macroeconomic performance and policy uncertainty for investors, including trade tensions, it said.


Developing economies continue to absorb more than half of global FDI flows.

South Asia recorded a 10 per cent increase in FDI to $60 billion and “this growth was driven by India, with a 16 per cent increase in inflows to an estimated $49 billion.

“The majority went into services industries, including information technology,” the report said.

The FDI flows to developed countries remained at a historically low level, decreasing by a further 6 per cent to an estimated $643 billion.

The FDI to the European Union (EU) fell by 15 per cent to $305 billion, while there was zero-growth of flows to the United States, which received $251 billion FDI in 2019, as compared to $254 billion in 2018, the report said.



Despite this, the United States remained the largest recipient of FDI, followed by China with flows of $140 billion and Singapore with $110 billion.

China also saw zero-growth in FDI inflows. Its FDI inflows in 2018 were $139 billion and stood at $140 billion in 2019.

The FDI in the UK was down 6 per cent as Brexit unfolded.

Looking ahead, UNCTAD expects the FDI flows to rise moderately in 2020, as current projections show the global economy to improve somewhat from its weakest performance since the global financial crisis in 2009.

Corporate profits are expected to remain high and signs of waning trade tensions emerge.

However, the decrease of announced greenfield projects by 22 per cent – an indicator of future trends, high geopolitical risks and concerns about a further shift towards protectionist policies temper expectations.


The report said that GDP growth, gross fixed capital formation and trade are projected to rise, both at the global level and, especially, in several large emerging markets.

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ECONOMY-DEVELOPMENT

Zomato Acquires Uber Eats India In An All-Stock Deal

While the two companies did not share the deal size, market experts believe it to be about $300-350 million.

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GURUGRAM (Haryana): Zomato on Tuesday announced the acquisition of Uber’s food delivery business, Uber Eats, in India in an all-stock deal.

The deal, which gives Uber 9.99% ownership in Zomato, underlines the U.S.-listed cab aggregator’s effort to cut back on loss-making business segments globally.

Following the acquisition, Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday.


Deepinder Goyal, Founder and CEO, Zomato, commented:

We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India.

This acquisition significantly strengthens our position in the category. ”



Dara Khosrowshahi, CEO of Uber, said:

Our Uber Eats team in India has achieved an incredible amount over the last two years, and I couldn’t be prouder of their ingenuity and dedication.

India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader.

We have been very impressed by Zomato’s ability to grow rapidly in a capital-efficient manner and we wish them continued success. ”

Zomato is a restaurant review, restaurant discovery, food delivery and dining out transactions platform providing in-depth information for over 1.5 million restaurants across 24 countries and serves more than 70 million users every month.


Uber Eats which was launched in 2017 in India, had about 26,000 restaurant partners and garnered about 12% of the market, sources said. It was competing with Zomato as well as Swiggy in the segment.

The deal comes close on the heels of Zomato raising $150 million in funding from existing investor Ant Financial, an Alibaba affiliate, at a $3 billion valuation.

The deal also means that Zomato will now have stronger teeth in the market against its rivals like Swiggy.

Sources said that with the sale of the food business, Uber would now focus on its rides business and expansion to tier 2 cities.

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