Working With Authorities So That Essential Services Can Operate: Zomato
Zomato founder and CEO Deepinder Goyal on Wednesday said the company is actively working with the authorities so that essential services can operate without trouble on account of lockdown in the country due to the coronavirus pandemic.
He also said the online restaurant guide and food ordering company is also starting a fund to cover up the lost earnings for thousands of its delivery partners and hoped that the government would support them with this.
"We are actively working with the authorities to clear the confusion so that essential services can operate without trouble," Goyal said in a tweet.
In a series of tweets, Goyal said, "We are also starting a fund to cover up the lost earnings for thousands of our delivery partners. We also hope that we get government support to help us with this."
Sharing his concern regarding the restaurants' partners during the lockdown, he tweeted that, "We are also going to facilitate loans for our food delivery restaurant partners -- thousands of restaurants have been severely hit because of their immobilised workforce due to the lockdown."
Goyal said hundreds of Zomato employees have taken deep voluntary salary cuts to conserve the cash flows of the company.
"We are also donating for our delivery partner fund, as well as 'Feed the Daily Wager' campaign to support the community during these times," Goyal said.
He also said all paid Zomato Gold memberships across India, UAE, Australia, Indonesia, Philippines, Lebanon, Turkey, New Zealand, Portugal and Qatar will get a two-month membership extension at zero cost.
"Dining out in many countries is badly hit. For our gold partners (dining out), we'll be facilitating working capital loans to get through this tough time," Goyal said.
Monzo Looks For US Banking License
Monzo is preparing a renewed push to secure a US banking licence, four years after abandoning its first attempt when tal... Read more
Crypto Firms Push Into US Banking
America’s cryptocurrency companies are scrambling to secure a foothold in the country’s traditional banking system, ... Read more
Parallel Banking: Stablecoins Are Now Global
Parallel Banking: How Stablecoins Are Building a New Global Payments SystemStablecoins—digital currencies pegged to tr... Read more
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more
Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector
The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more