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Zomato Launches India’s First “Large Order Fleet” for 50 People

18Apr By PriyankaNo Comments

BUSINESS

Zomato Launches India’s First “Large Order Fleet” for 50 People

Bengaluru, 18th April 2024: Zomato India has recently introduced India's first large order fleet to meet the needs of group events such as parties, with the capacity to serve up to 50 people. CEO Deepinder Goyal made the announcement on the microblogging platform X, formerly known as Twitter, revealing that the company will be utilizing an "all-electric fleet" for delivering large orders. This decision was made in response to previous orders being handled by multiple regular fleet partners, resulting in a less than satisfactory customer experience. "We are excited to unveil India's first large order fleet, specifically designed to handle your group, party, or event orders with ease. This fleet is comprised entirely of electric vehicles, designed to efficiently accommodate orders for...

Food delivery platform Zomato’s IPO Oversubscribed

14Jul By AdityaNo Comments

Market

Food delivery platform Zomato’s IPO Oversubscribed

Bengaluru, Jul 14th, 2021: India's leading food delivery platform Zomato's initial public offering was oversubscribed on an opening day with retail investors bidding for 2.7 times the number of shares reserved for them. The offer received bids for 75.60 crore equity shares against an IPO size of 71.92 crores, stock exchange data showed. Retail investors sought 2.69 times the portion reserved for them. Against 12.95 crore shares reserved for retail individual investors, 34.88 crore shares were bid. Non-institutional investors put in bids for 13 percent against their reserved portion while 38.88 crore shares reserved for qualified institutional buyers (QIBs) were almost fully subscribed. Of the 38.09 crore shares sought by QIBs, over 36.84 crore was by foreign institutional investo...

Zomato Files for $1.1 Billion IPO, Info Edge will gain $100 million

28Apr By PriyankaNo Comments

Market

Zomato Files for $1.1 Billion IPO, Info Edge will gain $100 million

Bengaluru, 04/28/2021: India-based food delivery company Zomato files for a $1.1 billion IPO, and through this IPO its initial investor Info Edge will earn $100 million (Rs 750 crore) in the initial public offering. In a regulatory filing, Zomato is proposing IPO of its equity shares, comprising a fresh issue of equity shares by Zomato Ltd and an offer for sale by Info Edge (India) Ltd. On a fully converted and diluted basis, Info Edge's effective stake in Zomato stands at 18.4 per cent. "The Board of Directors of the Company today considered and have given their approval to the company to participate in the said Offer for Sale of up to a such number of shares of Zomato Ltd as would aggregate up to $1.1 billion (around 7500 crores)," it added. The terms and conditions of these...

Deliveroo IPO listing, Valuation could reach around $10 to $12 billion

25Mar By AnkitaNo Comments

Market

Deliveroo IPO listing, Valuation could reach around $10 to $12 billion

London, 03/25/2021: UK-based food delivery service Deliveroo said it plans to go public on April 4 via the London Stock Exchange at a price range of $5.35 to $6.32 per Share. The IPO listing could value the company around $10.5 billion to $12.1 billion. The Offer will comprise of new Shares to be issued by Deliveroo expecting to raise approximately $1.4 billion and existing Shares to be sold by certain existing shareholders. Will Shu, Founder, and CEO of Deliveroo said, "We are proud to be listing in London, the city where Deliveroo started. Becoming a public company will enable us to continue to invest in innovation, developing new tech tools to support restaurants and grocers, providing riders with more work and extending choice for consumers, bringing them the food they love from...

Uber to Acquire Postmates in $2.65 billion deal

6Jul By AdityaNo Comments

ACQUISITION

Uber to Acquire Postmates in $2.65 billion deal

SAN FRANCISCO, 6th July 2020-- Uber Technologies (Uber) will acquire online food & grocery delivery platform Postmates for approximately $2.65 billion in an all-stock transaction. Postmates is highly complementary to Uber Eats, with differentiated geographic focus areas and customer demographics, and Postmates’ strong relationships with small and medium sized restaurants, particularly local favorites that draw customers to the Postmates brand. Additionally, Postmates has been an early pioneer of “delivery-as-a-service,” which complements Uber’s growing efforts in the delivery of groceries, essentials, and other goods. For restaurants and merchants, Postmates and Uber Eats will together offer more tools and technology to more easily and cost-effectively connect with a bigger ...

Swiggy to Lay off 1,100 employees, will give 3 months salary

18May By PriyankaNo Comments

News

Swiggy to Lay off 1,100 employees, will give 3 months salary

Food ordering and delivery platform Swiggy said it is laying off 1,100 employees across grades and functions in cities and the head office over the next few days due to the impact of coronavirus pandemic on its business, including cloud kitchens. In an email to all employees, SwiggyCo-founder & CEO Sriharsha Majety said, "Today is one of the saddest days for Swiggy as we have to go through an unfortunate downsizing exercise."COVID-19 has hit the company with a huge blow of uncertainty, forcing it to look even harder at its cost base and preparedness for the road ahead, he added. Giving the reasons for the laying off of 1,100 employees, Majety shared the management outlook and key business decisions that were reasons for this decision. The core food delivery business has been ...

25Apr By PriyankaNo Comments

ACQUISITION

Gojek Acquires Moka for $130 Million

As per the Bloomberg report, Ride-hailing startup Gojek has acquired a payment startup Moka for $130 million. The deal was under negotiations since last year and completed about a month ago. The report also said, Indonesia based Ride-hailing and food delivery startup recently raises $1.2 billion funding to cement its position in digital payments space to acquire the users who are shifting away from cash and using digital services in this virus lockdown. The Moka payment app has more than 35,000 merchants and present in more than 100 cities across Indonesia. Moka accepts debit, credit cards and mobile wallets. It also has an analytics platform to track sales and inventory, run loyalty programs, and manage employees. A Gojek representative declined to comment, while a Moka of...

6Apr By PriyankaNo Comments

FUNDING

Swiggy Raises USD 43 mn as part of ongoing funding round

Food ordering and delivery platform Swiggy has raised an additional amount of USD 43 million (over Rs 325 crore) as part of its ongoing Series-I funding round. The size of the round now stands at USD 156 million. In February 2020, Swiggy raised USD 113 million (over Rs 805 crore) in the funding round led by existing investor Prosus N.V. along with participation from Meituan Dianping and Wellington Management Company. Along with existing investor Tencent, new investors Ark Impact, Korea Investment Partners, Samsung Ventures and Mirae Asset Capital Markets have participated in the latest fund raise, Swiggy said in a statement. "Swiggy has built a sustainable food delivery business over the years while solving various customer pain points. As we continue to strengthen and expand ...

Amazon Facing Heat in UK Over Acquisition of Deliveroo

13Dec By PriyankaNo Comments

News

Amazon Facing Heat in UK Over Acquisition of Deliveroo

British authorities are asking Amazon to address concerns that its plan to buy a stake in food delivery platform Deliveroo could damage competition between businesses that do takeaways and those that deliver groceries. The Competition and Markets Authority gave the online shopping shopping behemoth five days to come up with legally binding proposals to address the competition concerns identified Wednesday. Amazon is interested in investing in Deliveroo to give it a larger stake in the fast-growing restaurant delivery business. If the deal were to proceed in its current form, there's a real risk that it could leave customers, restaurants and grocers facing higher prices and lower quality services as these markets develop," said Andrea Gomes da Silva, the authority's executive directo...

Swiggy Launched App for homestyle meal Swiggy Daily

3Jun By AnkitaNo Comments

News

Swiggy Launched App for homestyle meal Swiggy Daily

India's Food ordering and delivery startup Swiggy launched 'Swiggy Daily', an app for everyday homestyle meals prepared by home chefs, tiffin service providers and organised vendors. Swiggy Daily will allow users to schedule their meals in advance or opt for a daily, weekly or monthly subscription, Swiggy said in a statement. Founded in 2014, Swiggy connects consumers to over 1,00,000 restaurant partners across over 175 cities. Commenting on the development, Swiggy CEO Sriharsha Majety said, with a mix of organised vendors and home chefs, Swiggy Daily will cater to the latent demand for homestyle meals that are an affordable, long-term solution for daily food needs. The service that has been launched in Gurugram will be expanded to Bengaluru and Mumbai in the coming months, t...

Swiggy FY18 Revenue Surges 232% Moving Closer to Zomato

29Oct By Gauri SinghNo Comments

BUSINESS

Swiggy FY18 Revenue Surges 232% Moving Closer to Zomato

Food delivery company Swiggy saw a revenue surge in FY18, with operating revenues more than trebling to Rs 442 crore from Rs 133 crore last year. The company has been growing more and more with time and became a unicorn expanding its geographic footprint across the country. Starting from seven cities in March 2017, Swiggy has expanded its operations to 12 cities now. Also, the order volumes increased more than three times during the period. Order volumes doubled in the last four months alone. Swiggy ended September with more than 21 million orders in absolute terms. The company is now inching closer to Zomato which is the largest food delivery company in the market right now. Swiggy earned Rs 1.11 for every one rupee it lost in FY18. Swiggy's losses, however, are far deeper than Zoma...

Foodpanda Reaches 50 Indian Cities & Aims to Make it 100

26Oct By Gauri SinghNo Comments

BUSINESS

Foodpanda Reaches 50 Indian Cities & Aims to Make it 100

Online food delivery player Foodpanda has reportedly expanded its delivery network to 30 more cities in India which has further increased its existence to 50 cities across the country. With this expansion, the company mentioned that its delivery network is now live in cities like Jodhpur, Kota, Udaipur, Amritsar, Ludhiana, Jalandhar, Dehradun, Allahabad, Varanasi, Surat, Vadodara, Aurangabad and Bhopal among others. Along with this, Ola-backed Foodpanda is also planning to expand the network to 100 cities by the end of November. Across these cities, the foodtech firm claims to have more than 125,000 delivery partners on its platform as of now. "While our network now covers all metropolitans and major tier 1 & 2 cities across the country, we are excited about introducing the supe...