COVID-19: Zomato Says Tons of of Workers Take Wage Cuts as Enterprise Hit

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Zomato CEO Deepinder Goyal on Wednesday introduced that a number of workers have taken deep voluntary wage cuts because the enterprise has been hit owing to the COVID-19 lockdown.

In a sequence of tweets, Goyal mentioned that eating out in lots of nations has been badly hit.

“To preserve our personal money flows, tons of of Zomato workers have taken deep voluntary wage cuts,” mentioned the Zomato CEO.

“We’re additionally donating for our supply associate fund, in addition to ‘Feed the Every day Wager’ marketing campaign to help the neighborhood throughout these occasions,” he added.

Goyal additionally introduced a number of measures to calm the state of affairs.

“All paid Zomato Gold memberships throughout India, the UAE, Australia, Indonesia, Philippines, Lebanon, Turkey, New Zealand, Portugal and Qatar will get a two month membership extension at zero price,” he mentioned.

For its Gold companions (eating out), the corporate mentioned it can facilitate working capital loans to get by means of this robust time.

Zomato can also be going to facilitate loans for its meals supply restaurant companions which have been severely hit due to their immobilised workforce in lockdown.

He mentioned the Zomato is beginning a fund to cowl up the misplaced earnings for hundreds of its supply companions.

“We additionally hope that we get authorities help to assist us with this,” Goyal mentioned.

Zomato in January acquired Uber’s Meals Supply Enterprise in India in an all-stock Rs 2,500 crore deal the place Uber may have 9.99 per cent stake.

Zomato additionally secured $150 million (roughly Rs. 1,142 crores) in recent funding from Ant Monetary, a subsidiary of China-based big Alibaba.

The most recent spherical of funding in Zomato, which at present worth the corporate at $three billion, was a part of $600 million funding spherical introduced by Zomato CEO Goyal at a Delhi occasion final December.

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