Zomato lands in controversy as it retracts ₹1.6 crore salary job offer in IIT Delhi | Mint
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Business News/ Industry / Human Resource/  Zomato lands in controversy as it retracts 1.6 crore salary job offer in IIT Delhi
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Zomato lands in controversy as it retracts ₹1.6 crore salary job offer in IIT Delhi

Hrithik Talwar, who is a research intern in IIT-Delhi wote on X(earlier Twitter) 'Zomato came to the campus, offered 1.6 cr salary, got the hype, and left'

The logo of Indian food delivery company Zomato is seen on its app on a mobile phone displayed in front of its company website in this illustration. (REUTERS)Premium
The logo of Indian food delivery company Zomato is seen on its app on a mobile phone displayed in front of its company website in this illustration. (REUTERS)

Online food delivery platform Zomato is once again facing the ire of the netizens as on the student of Indian Institute of Technology (IIT) Delhi took to social to say how the online firm has gone back on its words regarding the placement.

Hrithik Talwar, who is a research intern in IIT-Delhi wote on X(earlier Twitter) “Zomato came to the campus, offered 1.6 cr salary, got the hype, and left."

He also shared a screenshot of the notification in which it was updated that the application withdrawal and urged all the applicants to withdraw their application as Zomato had withdrawan the offer stating the company's constraints.

Netizens too came with their own theories with some stating this as a ‘Marketing Gimmick; So, it was all a publicity gimmick? wrote one user while another wrote ,"Zomato craves for any kimd of publicity!’

Another user wrote,"Well, I can say it is going to be short-lived hype for Zomato. If Companies play such tricks/tactics, the placement officers are not going to staying calm, they will block/delay them for the next academic year."

Meanwhile, Chinese payments group Alipay launched a $400 million accelerated bookbuild to sell its stake in Indian food delivery giant Zomato, according to the deal's term sheet on Wednesday.

The deal comes after Reuters reported on Tuesday that Alipay was planning to sell its 3.4% in Zomato through block deals on the Indian stock exchanges.

In October, Japan's SoftBank sold a 1.1% stake in Zomato, which is India's biggest food delivery service. Demand for online ordering has rapidly grown in recent years, prompting companies like Zomato to aggressively expand.

Alipay's exit from Zomato comes as other Chinese investors have been paring their stakes in Indian companies. In August, China's Antfin sold a 10.3% stake in Indian financial giant Paytm.

Tech stocks such as Zomato have staged a rebound after a drubbing last year amid a market meltdown, when investors also raised questions about sky-high valuations of some Indian startups that had made their stock market debut in recent years.

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Published: 29 Nov 2023, 04:28 PM IST
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