Food delivery platform Zomato has announced a hike in its platform fees, which comes after the company’s second-quarter results missed estimates.

What Happened: Zomato hiked the platform fee to ₹10 from ₹7. In a notification on the food delivery app, the company said the increased platform fee helps it to maintain its services during the festival rush.

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Zomato had started charging platform fee of ₹2 in August 2023, following in Swiggy’s footsteps, which it introduced in April 2024. Zomato’s platform fee was increased to ₹3 and was raised to ₹4 on January 1, 2024. The platform fee had temporarily spiked to ₹9 on December 31, 2023 as the company witnessed a record number of deliveries on new year’s eve.

Zomato subsequently increased it to ₹5 and ₹6 in April 2024 and July 2024, respectively. The company had an order volume of 64.7 crore in FY23.

Zomato reported a 390% jump in Q2 net profit to ₹176 crore while revenue went up 68.5% to ₹4,799 crore. The food delivery segment’s revenue reached ₹2,012 crore, while quick-commerce arm Blinkt’s topline jumped 129% to ₹1,156 crore. Brokerages maintained their bullish calls on the company after the results even though the results missed estimates.

Price Action: Zomato shares jumped 2.59% to ₹263, reversing the losses in the morning.

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