How can the net worth of any app-based services like Swiggy, Zomato, Ola, Uber, or Byju’s be assessed fairly and realistically on a sound economic basis?

Answer: https://qr.ae/pGm6FY

My Comments:

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To you, Zomato may not be Google / Amazon / Facebook / Tesla. But enough investors may think Zomato is Google et al (or have some other MNPI about Zomato that you don’t). At the same time, a lot of VCs passed on Zomato, so they probably don’t think Zomato is Google et al (or have the same MNPI as the first cohort of investors do). You could be right, they could be wrong, or vice versa, at this point, it’s just a bet on the future, no one can say who is right or who is wrong before the fact.

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Many savvy restaurants have a different menu for food delivery channel where prices are hiked up by ~20% – so as to recoup the commissions they pay to food delivery companies like Zomato.) (This is apparently perfectly kosher.) Effectively, many diners pay not ?100 but even ?150–200 or more per dish that they order from Zomato. (More or less same with Swiggy).
In addition, I can add delivery agent unrest and restaurant quarrels to your list of travails faced by Zomato.
But, in the larger scheme of things, these are intrinsics. Unless they cause a total meltdown, they don’t play such a big role in Zomato’s valuation – just as profit / loss, one of the most fundamental intrinsic of a business, didn’t at the time of Zomato’s IPO.
For the last 10 years or so, valuation of tech startups has been driven by Hype, PZF, FOMO, Marketing Gimmick, Liquidity and other Extrinsics. Unless there’s a big drop in liquidity, it’s just as easy to create a bullish outlook for Zomato and rationalize it on the basis of some other Intrinsics e.g. huge headroom to grow, higher propensity of growing Gen Y, Z and Alpha demographics to pay for convenience compared to their parents’ generations, etc. And, if there’s a big drop in liquidity, I can bet that the blue chip darlings of the stock market will suffer an equally bad – if not worse – fall in their valuations as Zomato.

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