Akshata Sharma
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Deepinder Goyal-led food delivery giant Zomato has introduced a new initiative to help its delivery partners claim refunds on tax deducted at source (TDS) by filing an income tax return (ITR).
According to Goyal, more than 1 lakh delivery partners have initiated their ITR filing within 48 hours of the feature going live on the Zomato Delivery Partner app.
According to Goyal, the company paid a total of more than Rs 4,000 crore to its delivery partners last year. Zomato is mandated by the government to deduct 1% as TDS from the delivery partner payouts.
“With this initiative, most of our delivery partners will be filing taxes for the first time in their lives, which should make their lives easier in the long run. For example, they will be able to get access to structured credit, qualify for scholarships for their kids at various educational institutions, etc.,” Goyal said.
According to its latest shareholder letter, the average number of monthly active delivery partners in the last quarter of FY24 was 418,000.
The company reported a fourth consecutive quarter of net profit at Rs 175 crore for the January-March period, compared to a loss of Rs 188 crore in the year-earlier period. Its operating revenue grew 73% on year to Rs 3,526 crore for the quarter.
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