Sunday, March 3

Tag: food tech

Dineout Acquires Food Tech Platform Binge Digital
ACQUISITION

Dineout Acquires Food Tech Platform Binge Digital

Restaurant technology solutions firm Dineout has acquired Delhi-based food tech platform Binge Digital. The acquisition is in line with Dineout's latest product announcement Dine-In, the company said in a statement. The financial details of the deal were not disclosed. The founding members of Binge Digital Naman Jain, Prakhar Agarwal, and Preksha Singla have joined the Dineout team, it added. "We are happy and excited to announce the acquisition of Binge Digital which through its cutting edge technology will enable us to bolster our product portfolio, especially the newly launched digital menu product Dine-In," said Dineout Chief Executive Officer and co-founder Ankit Mehrotra. This is Dineout's fourth acquisition after in Resto, Gourmet Passport and Torqus to further accelera...
After FoodPanda, Ola Wants to Acquire More Food Delivery Startups
News

After FoodPanda, Ola Wants to Acquire More Food Delivery Startups

Ola is reportedly considering setting up an independent food-tech company after acquiring food ordering app Foodpanda in December and began negotiations to acquire additional private food firms. Ola has already held talks with Freshmenu officials and another firm operating in the same market segment, according to three anonymous sources close to Ola. As of yet, no definitive decision has been taken on the matter. Ola is also ready to raise the capital of Foodpanda later in the course of the year especially since food-tech competitors are raising huge sums of funding. The anonymous sources also revealed that Ola is adopting a strategy similar to that of Flipkart as they see the prospects of a vertical integration in the food-tech market. Ola generates revenues from several outlets ...
Swiggy Launches ‘Swiggy Access’ For Restaurant Partners
News

Swiggy Launches ‘Swiggy Access’ For Restaurant Partners

Online food ordering and delivery platform Swiggy today announced the launch of Swiggy Access, an initiative to bring quality food closer to consumers while enabling business expansion for its restaurant partners. For the restaurant partners, these ready-to-occupy kitchens will offer them a basic setup with the required amenities. No rent or deposit will be charged for the premises, Swiggy said in a statement. Commenting on the initiative, Swiggy CEO Sriharsha Majety said,"With Swiggy Access, we are diversifying local palettes, bridging geographical gaps in supply and solving for variety, quality and convenience of food." It is another step towards giving the consumers what they come to Swiggy for - great variety, delivered at a lightning fast speed, he added. "At the same time, it will...
Ready-To-Cook Food Startup Fingerlix Raises $7Mn in a Series B Round
FUNDING

Ready-To-Cook Food Startup Fingerlix Raises $7Mn in a Series B Round

Run by Maverix Platforms Pvt. Ltd, ready-to-cook food brand Fingerlix, has recently raised $7 million in a Series B funding round led by Accel Partners and its existing investor Zephyr Peacock India. The startup is also planning to launch recipe-based offerings in several centre-of-plate categories. Other than that, it will be utilising the funds to accelerate its growth strategy and expand into newer geographies of Bengaluru, Hyderabad, Chennai and Delhi-NCR. Currently Fingerlix is offering ready-to-cook products such as batters, mixes, curries, lentils and paranthas. It will soon be offering Upma Mix, Biryani Mix and Puran Poli after the funding it raised. “We are delighted to partner with Accel, and further strengthen our association with Zephyr Peacock. We look forward to workin...
Food Tech Startup Yumist Shuts Down
News

Food Tech Startup Yumist Shuts Down

Gurugram-based food technology startup Yumist has decided to shut down its operation after it failed to raise any funding. The startup cooked its own meals and delivered to the customer's' doorstep through a cloud kitchen model.  (more…)
Swiggy Raises $80 Million From Naspers, Existing Investors
FUNDING

Swiggy Raises $80 Million From Naspers, Existing Investors

Online food delivery platform Swiggy today said it has raised USD 80 million (over Rs 517 crore) in series E funding led by global internet group and technology investor Naspers. The funding saw participation from other existing investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners. The funds will help Swiggy introduce new products and service offerings to enhance its customer experience, Swiggy said in a statement. Naspers has also invested into the parent company of Swiggy's rival foodpanada, Delivery Hero. The food ordering platform also said it plans to double its technology headcount and increase investments across core engineering, automation, data sciences, machine learning and personalisation. Besides, th...
Berlin-based Delivery Hero Acquire Food Delivery Platform Foodpanda
ACQUISITION

Berlin-based Delivery Hero Acquire Food Delivery Platform Foodpanda

Berlin-based online food takeaway service Delivery Hero, one of Europe's biggest start-ups, will acquire competitor Foodpanda, a sign of further consolidation to fend off new competition in Europe's sought after food-delivery business. Delivery Hero, which was valued at 2.89 billion euros ($3.05 billion) in its last funding round a year ago, in a statement on Saturday said it signed a definitive agreement to buy Foodpanda, itself a Berlin-based start-up. Delivery Hero and Foodpanda are both backed by German ecommerce firm Rocket Internet, which invested 800 million euros in Delivery Hero last year and holds 49.1 percent in Foodpanda which focuses on deliveries in Eastern Europe, the Middle East and Asia. Delivery Hero said in a statement the acquisition will be funded by issuing n...
Decoding: Why Food Tech Startups Are Not Successful in India?
Story

Decoding: Why Food Tech Startups Are Not Successful in India?

Last year before Diwali we covered an interview of  a 25-year-old Bikaneri sweet shop owner from Noida "What kind of Startup Services a “Bikaneri Sweet Shop” Owner Needs?". Here we mentioned each and every point of a sweet shop owner needs from food tech startups. Though after a gap of one year we still feel that none of the food tech startups taking a lesson from it. Due to lack of perfect business model and strategy, most of the shop owners stop using online food services.   Reasons Why Businesses Had to Scale Down Indian market is not mature enough to order food online. They only order food when there is a discount. Sad but true. We saw 100–150 orders from the single restaurant just for dinner on weekends when foodpanda was running a discount. Immediate next week when foodpand...
A Reply To HSBC & Media From Deepinder Goyal (Founder of Zomato)
BLOGS

A Reply To HSBC & Media From Deepinder Goyal (Founder of Zomato)

An HSBC analyst report marked down our valuation from $1b to $500m. For starters, this is very different from all the markdowns so far where investors have marked down their own investments. But given all the media reports, I got a lot of questions from people at Zomato about what’s going on. Here’s an email I sent to everybody at Zomato (2100 people currently across the world) to allay their concerns and answer their questions. Read on. Hello all, You must have woken up today to Google Alerts with mentions of Zomato’s valuation being marked down by HSBC. As you already know, the media is all over it, and we are trending on Twitter. Since the report isn’t public, and we all get troubled by where we are and where we are heading, here’s some context and detail around the HSBC ...
From Unicorn to Cockroach- Zomato Valuation Goes Half
News

From Unicorn to Cockroach- Zomato Valuation Goes Half

Not getting over Fund crunch cyclone in Indian startup ecosystem, it seems one more cyclone is going to hit Indian startups called as "valuation cut-off". After India's leading e-commerce company Flipkart valuation cut-off, the cyclone is hitting one more Indian startup "Zomato". The brokerage arm of HSBC's bank, HSBC Securities and Capital Markets has slashed the valuation of Zomato by half from $1 billion to $500 million. However, Info Edge which currently owns a 50.1% stake in the company disagreed with HSBC's estimate. In the note, which raised concerns around Zomato's ad-heavy business model, international operations and growing competition in the online food ordering segment, according to a report by Mint. What matters is that your business has strong fundamentals, positiv...