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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 c...

UberEats Partners With General Insurance Provider Tata AIG

17Sep By Gauri SinghNo Comments

BUSINESS

UberEats Partners With General Insurance Provider Tata AIG

Food delivery platform UberEats has tied up with general insurance provider Tata AIG for the purpose of offering comprehensive insurance covers for its delivery executives in India. The particular programme will provide insurance to the executives for up to Rs 5 lakh against accidental death and permanent disability, applicable when they are on the road delivering orders for UberEats. Along with this, the policy also offers a cover of Rs 2 lakh against hospitalization expenses and an outpatient cover of Rs 50,000 per delivery agent. “While the programme currently offers accidental insurance, we are thinking of extending it to areas relating to life and medical insurance... We are also running small pilots to negotiate term policies for agents in their individual capacity, at attractive...

Zomato vs Swiggy- The Much Heated ‘Unicorn’ Battle over $2.5 Bn Worth Foodtech Industry

20Jun By Lavina TolaniNo Comments

ANALYSIS

Zomato vs Swiggy- The Much Heated ‘Unicorn’ Battle over $2.5 Bn Worth Foodtech Industry

It's just been three months when Food Delivery Platform Zomato raised $200 Mn from Ant Financials and now it is gearing to raise fresh $200 Mn from Alibaba. Interestingly, Zomato's arch-rival Swiggy is too nearing to acquire unicorn status as it is reportedly raising $200 million from Yuri Milner’s DST Global. While Swiggy has declined to reveal any information regarding its proposed funding, Zomato too has chosen to remain tightlipped. However, one thing is confirmed that with players eyeing a big chunk of the pie, the Indian food tech industry is surely going to witness a heated battle in the times ahead. This year has been really eventful for food tech where in March, Swiggy raised $100 million from Naspers, while Zomato raised $200 million from Ant Financials in February. Whil...

Coatue Management to Invest $50-100 Mn in Swiggy

28Mar By Sheldan RungasamyNo Comments

FUNDING

Coatue Management to Invest $50-100 Mn in Swiggy

Coatue Management one of the world’s best performing technology hedge funds, is in discussion to invest $50-100 million in Swiggy, the online food-delivery in partnership with a few additional investors. This will be the second investment in two months for the food delivery app after South African Naspers and Meityan-Dianping, the Chinese e-commerce. This states how rapid the current Indian digital market is evolving, especially in terms of investment. Swiggy possessed a valuation of $700 million when they received their last investment and the Chinese online-to-offline service platform Meituan-Dianping is set to invest in the company again along with Coatue and two unknown investors. Meituan-Dianping is set to invest an additional $40 Mn in Swiggy. Reports cannot confirm whether ...

Why Uber CEO is not Worried about its Losses?

16Feb By RishabhNo Comments

Entrepreneurs Talk

Why Uber CEO is not Worried about its Losses?

Speaking at a conference held in San Francisco on Monday, the cab aggregator giant Uber Technologies chief executive officer Dara Khosrowshahi said that "we can turn the knobs to get this business even on a full basis profitable." Uber's last year losses were $4.5 billion on net revenue of $7.5 billion, but this is the last thought that Uber CEO is worried about right now. He says,"(forcing the business to be profitable)would sacrifice growth and sacrifice innovation.” Dara said that it's Uber's commitment to "developing" markets that are dragging its business down, but he views that as an "optional investment". He however, thinks that it is the "right thing to do," indicating that company will not stop exploring options and investing in Asia. Ultimately, Uber's business is getting p...

12Dec By PriyankaNo Comments

News

Uber Expands Its UberEATS App

Uber announced on Wednesday that it’s delving further info into food delivery with its new UberEATS app, separating its food delivery from its ride-sharing service. The original UberEATS launched in Los Angeles last year, and has since moved into Toronto, New York City, Austin, Chicago, and Barcelona. It promised delivery in 10 minutes or less, but only operated during certain hours, which vary in the different locations, with a selection limited to just a couple of options. The UberEATS app, currently only available in Toronto, offers longer hours and a much wider selection. It will be available every day from 10 a.m. to 10 p.m. and customers can view full menus from over 100 restaurants. It will also offer an Instant Delivery menu during lunch hours for a quicker option that sh...