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After A Failed Attempt At Ola Cafe, Ola Acquires Foodpanda In A Reply To UberEATS

19Dec By RishabhNo Comments

ACQUISITION

After A Failed Attempt At Ola Cafe, Ola Acquires Foodpanda In A Reply To UberEATS

Indian cab-aggregator unicorn Ola has acquired Foodpand India, run by Germany-based Delivery Hero Group. Run by ANI Technologies Pvt Ltd, Ola will also be investing around $200 million in Foodpanda's Indian business over an undisclosed period of time. "Foodpanda India will benefit from Ola's scale and efficiencies as a platform, also having leveraged learnings from Delivery Hero's global best practices. Ola and Delivery Hero will continue to collaborate on building the online food delivery ecosystem in India," Ola said in a statement announcing the acquisition. After the acquisition goes through, Saurabh Kochhar, current CEO of Foodpanda India will be succeeded by Ola's founding partner Pranay Jivrajka, Kochhar has decided to move on and pursue other opportunities. This acquisition is...

30Nov By PriyankaNo Comments

FUNDING

SoftBank Group To Acquire More Stakes In Flipkart, Valuing It At $10B

Japanese multinational telecommunications corporation SoftBank Group has offered to buy shares from investors and former and existing employees of Indian e-commerce website Flipkart, valuing it around $9-10 billion. SoftBank has offered to buy Flipkart shares at $85-89 per share, Mint reported. The price range values Flipkart slightly lower than the pre-money valuation it clinched in two funding rounds of $1.4 billion each, one from SoftBank in August and the other from eBay Inc., Microsoft Corp. and Tencent Holdings Ltd in April. SoftBank's move is a part of its August commitment to pick up additional stakes in the e-commerce giant. Out of the total $2.5 billion investment commitment, SoftBank will use around $1.2-1.4 billion in buying out shares of other investors and employees....

21Nov By AdityaNo Comments

FUNDING

Zoomcar To Raise $50M Funding From Existing And New Investors

Self-drive car rental service Zoomcar India Pvt Ltd is in talks to raise a funding of $50 million from new and existing investors, Mint reported. Citing two people aware of the development, the financial daily reported that Zoomcar's funding talks have progressed with M&M (Mahindra & Mahindra) the Indian multinational car manufacturing corporation headquartered in Mumbai. “They are in advanced talks with Mahindra and Mahindra, while there is interest from two other new investors, too,” the first person told the source. In its partnership with M&M, Zoomcar will be launching electric cars in Agra, Dehradun and Chandigarh.The company is currently running a pilot in Mysore, according to a third person familiar with the matter. The information has not yet been verified, as t...

Ola Ties Up With Microsoft For Connected Car Platform

8Nov By reutersNo Comments

FUNDING

Ola Ties Up With Microsoft For Connected Car Platform

Indian ride-hailing firm Ola said it has tied up with Microsoft to build a connected-car platform and will use the U.S tech giant’s Azure cloud-computing service to power its in-car entertainment offering. Microsoft is separately also in talks over a potential investment in Ola, a source told Reuters, declining to be named as the discussions are private. The new connected-vehicle platform, for cars that have internet access, will have features to aid navigation and to flag when vehicle maintenance is required, Ola said in a statement on Tuesday. “Both companies will collaborate to take this platform to car manufacturers globally to integrate with vehicle systems,” Ola said, making the announcement during a visit to India by Microsoft CEO Satya Nadella. Ola, which has been locked in...