COVID-19: Zomato Says Hundreds of Employees Take Salary Cuts as Business Hit

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 international locations 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 are also donating for our delivery partner fund, as well as ‘Feed the Daily Wager’ campaign to support the community during these times,” he added.

Goyal additionally introduced a number of measures to calm the scenario.

“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 via this robust time.

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

He mentioned the Zomato is beginning a fund to cowl up the misplaced earnings for 1000’s of its supply companions.

“We also hope that we get government support to help us with this,” Goyal mentioned.

Zomato in January acquired Uber’s Food Delivery Business in India in an all-stock Rs 2,500 crore deal the place Uber can have 9.99 per cent stake.

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

The newest spherical of funding in Zomato, which at the moment 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.

Source: NDTV Gadgets

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