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Zomato to Raise $210 Million from Alibaba’s Online Payment Firm

15Oct By Gauri SinghNo Comments

FUNDING

Zomato to Raise $210 Million from Alibaba’s Online Payment Firm

The food delivery and restaurant discovery major Zomato has reportedly entered into a deal to raise funds amounting to $210 million (roughly Rs. 886 crores) from Alibaba's online payment platform Alipay Singapore. This funding news has come a few weeks after the food-ordering platform announced the acquisition of TongueStun, a Bengaluru-based startup that serves corporate catering space in six Indian cities. "[W]e would like to bring to your knowledge that Zomato has signed a definitive agreement to undertake a primary fund raise of approximately $210 million from Alipay Singapore Holding Pte Ltd (which is an existing shareholder of Zomato) and/ or any of its affiliates, and upon the closing of this fund raise," the regulatory filing mentioned. Prior to this, the company secured $150 ...

Zomato Claims to be the Leader of Food Delivery Space in India

6Oct By Gauri SinghNo Comments

BUSINESS

Zomato Claims to be the Leader of Food Delivery Space in India

India’s food delivery sector is growing a lot these days. Restaurant discovery and food delivery firm Zomato recently claimed to have hit the 21 million monthly order run rate in India. The company said that it saw its highest weekly order volume during the month of September touch 700,000 orders each day of the week. With this, foodtech giant Zomato has announced that it is the market leader in the food delivery space in India. “At the beginning of 2018, we were at 3.5 million orders a month. With 21 million orders per month, as far as we know, we are now the market leader in the food ordering space in India,” mentioned Zomato CEO, Deepinder Goyal. Also, it was stated that Zomato had reached the 3 million monthly order volume mark. The company has its existence in 38 cities in India....

Zomato scales FY18 revenue by 40%, Losses Fall Almost 73%

22Sep By Gauri SinghNo Comments

BUSINESS

Zomato scales FY18 revenue by 40%, Losses Fall Almost 73%

Online food delivery and restaurant discovery firm Zomato has ended the financial year 2017-18 with a 40% growth in revenues at Rs 466 crore. The firm also reduced its losses by almost 73% to come in at Rs 106 crore in FY18 as compared to Rs 390 crore last year. According to the reports, the firm witnessed its standalone revenues grow almost 25% to Rs 388 crore in FY18 from Rs 309 crore last year. Also, the standalone losses for FY18 fell 86% to Rs 78.5 crore this time. “We demonstrated that our business can generate profits — almost throughout the year, we hit EBITDA breakeven globally, across all our business, and while maintaining good growth levels; and then in the last two months, we decided to double down on growth,” said Zomato Founder and CEO Deepinder Goyal. The firm saw ...

Zomato Appoints Thomas Phillippe as its General Counsel

19Sep By Gauri SinghNo Comments

News

Zomato Appoints Thomas Phillippe as its General Counsel

The restaurant discovery and food delivery platform Zomato has been taking various efforts to keep up with the growth phase. And now, the company has taken on board Thomas Phillippe as its General Counsel. Prior to Zomato, Thomas was earlier a partner at legal firm Khaitan & Co. This new appointment marks the first such role at Zomato which has previously been working with legal firm AZB & Partners as its advisor. The new General Counsel has over 13 years of experience as a private practice lawyer in both domestic and cross-border M&A, private equity, and venture capital transactions. This may be a positive point for the foodtech firm. From the past few years, Thomas has played a valuable and important role at e-commerce and financial technology companies in advising ...

China’s Ctrip May Invest $100 million in Zomato

10Sep By Gauri SinghNo Comments

BUSINESS

China’s Ctrip May Invest $100 million in Zomato

The leading travel-booking platform in China Ctrip is planning to invest in India’s online restaurant discovery and food-delivery platform Zomato as part of a financing round. According to some of the statements, the investment could go up to $400 million (Rs 2,800 crore). The company is expected to pump around $100 million into Zomato. This investment will value the food discovery firm at $1.8-2 billion. It is being stated that Ctrip will be joined by Zomato’s existing investor Ant Financial, an Alibaba affiliate, and a couple of investors. If the deal with Zomato is successfully implemented, it will be significant as the first such bet outside of travel services for Ctrip, which has a market capitalization of over $20 billion. “The discussions with Ctrip are in the last leg, with ...

Zomato Acquires a Bengaluru-based Food-Tech Startup

5Sep By Gauri SinghNo Comments

ACQUISITION

Zomato Acquires a Bengaluru-based Food-Tech Startup

Zomato, the online food delivery and restaurant discovery giant has reportedly acquired a Bengaluru-based startup known as TongueStun Food in a cash and stock deal. The startup is basically concerned with aggregating caterers and restaurants for office canteens. Following this acquisition, the valuation of the company will reach $18 million as stated by the people involved in the transaction. Also, Deepinder Goyal, the co-founder & CEO of Zomato has confirmed the news of transaction. He also stated that they saw immense growth opportunity in the food at workplace segment. "We don't see the ceiling to how big this market could become just yet. What we know is that this market is very high frequency, and customers are very sticky as they end up placing more than 20 orders a month on ...

Swiggy Launches ‘Swiggy Packaging Assist’ for Packaging Solutions

4Sep By Gauri SinghNo Comments

BUSINESS

Swiggy Launches ‘Swiggy Packaging Assist’ for Packaging Solutions

The food delivery major Swiggy has announced the launch of a marketplace program called ‘Swiggy Packaging Assist’ for restaurant partners. This marketplace is basically launched for allowing packaging solutions to restaurants on its platform as it looks to diversify its play in the food technology sector. The program will offer restaurants the access to a variety of packing solutions for their menu needs with about 30 products, to begin with. It will also connect restaurants with vendors of these materials. Also, it would offer eco-friendly and food grade certified materials including leakproof, sturdy, stackable, eco-friendly and heat insulant packaging materials. Apart from this, the vendors on Swiggy Packaging Assist will offer discounts of up to 5% to restaurants opting for these...

After Zomato, Swiggy Launches its Subscription Program

31Jul By Gauri SinghNo Comments

BUSINESS

After Zomato, Swiggy Launches its Subscription Program

Soon after the foodtech platform Zomato started its subscription-driven playbook to bolster the food technology market, Swiggy also followed the same path and has now rolled out its first-ever membership program under the name ‘Swiggy Super’. The Bengaluru based food startup has forayed into the paid subscription-based offerings space in which the membership will provide the facility of reduced delivery fees on the platform for customers. Under this subscription, Swiggy Super will offer the customers unlimited free deliveries across all 35,000 restaurants listed on the platform, irrespective of the distance or time of day. Also, the program will ensure no surge fee (applicable during peak hours or rainy days) for the user and a quicker resolution mechanism through a dedicated custome...

Swiggy Pumped up to Expand Delivery Diversification Strategy

30Jul By Gauri SinghNo Comments

BUSINESS

Swiggy Pumped up to Expand Delivery Diversification Strategy

After all the expansion and growth plans of one of the biggest online food delivery platform Swiggy, the company is all geared up to expand its delivery diversification strategy. The firm is now planning to start deliveries for various different categories including medicines and grocery and now the company is all set to acquire a bigger portion of the delivery space by increasing the service across the entire hyperlocal delivery market. “Swiggy is launching a concierge-like service and will enable buying and delivery of products from any store in the city including pharmacies, electronics, groceries and even flower shops, gift shops,” a person familiar to the matter said. “It will also feature a customer-to-customer pick up and drop service. “Swiggy is expecting to grow this busines...

Zomato Appoints MakeMyTrip’s Mohit Gupta As CEO

4Jul By Gauri SinghNo Comments

News

Zomato Appoints MakeMyTrip’s Mohit Gupta As CEO

The popular foodtech company Zomato has reportedly on boarded former MakeMyTrip executive Mohit Gupta. The company has appointed him as the chief executive officer of the food delivery business. The online food delivery company, through this move, aims to expand and accelerate its growth by strengthening its senior management and leadership team. Prior to this, Gupta was the COO of the travel company, MakeMyTrip. He will now be looking after growth and P&L (profit and loss) of Zomato’s food delivery business. He will report to Deepinder Goyal, Zomato’s Founder and CEO. Deepinder Goyal, in this regard, said, "We’re thrilled to have Mohit join our team - he is one of the few internet industry veterans who has helped build a formidable transactions business in India.” Gupta, who has ...

Swiggy Beats Zomato In Terms Of Market Valuation

22Jun By Gauri SinghNo Comments

BUSINESS

Swiggy Beats Zomato In Terms Of Market Valuation

The war between food delivery companies is at the peak from the past few days and is expected to continue for a longer time. The companies are continuing to bag in big capital flows with Swiggy being the recent one to join the league. According to the past news that we all know about Swiggy-Zomato war, with the investment of $210 million in its latest round of funding, Swiggy has reached the market valuation of $1.3 billion and has got the tag of Unicorn. Along with this, the big news is that company has exceeded Zomato in the market valuation of $1.1 billion after a $200 million funding round from Chinese online retailer Alibaba’s payment affiliate Ant Financial. Therefore, Swiggy is now leading the food delivery ecosystem. “With this investment, we will continue to widen Swiggy’s off...

Swiggy turns “Unicorn”, Raises $210 Mn from DST Global

21Jun By Lavina TolaniNo Comments

FUNDING

Swiggy turns “Unicorn”, Raises $210 Mn from DST Global

Food Delivery Platform Swiggy has sealed its much awaited $210 million funding with Russian billionaire Yuri Milner's' DST Global thereby finally making entry into the prestigious "Unicorn" club. The company has informed that the investment round also saw participation from hedge fund Coatue and existing backer Meituan Dianping, with a total capital crossing $466 million including this round. Swiggy will be using the freshly raised capital in revamping its supply chain network and expanding to new markets. With an expected market valuation of $1.2 billion, the food delivery startup is ready to beef a war with Ant Financial-backed Zomato and new rivals like Ubereats and Ola-owned Foodpanda. Sriharsha Majety, CEO of Swiggy, in a statement, said, We’re thrilled to have grown the onl...