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Zomato’s Chief Business Officer Mukund Kulashekharan Calls a Quit

5Jun By Lavina TolaniNo Comments

News

Zomato’s Chief Business Officer Mukund Kulashekharan Calls a Quit

Online Restaurant Search and Food Delivery Platform, Zomato's chief business officer Mukund Kulashekharan has resigned from the post after a three-year stint, a report in a financial daily stated. Kulashekhran is expected to join local marketplace UrbanClap and is currently in talks to head certain verticals at the on-demand services platform, cited ET according to the people familiar with the matter. Mukund had first joined Zomato in 2015 and was promoted to the post of the chief business officer. Before that, he was serving as a global business head in online catering firm. Mukund is an alumnus of the Tuck School of Business at Dartmouth and has done computer science engineering from National Institute of Technology, Tiruchirapalli. Apart from Mukund, Zomato has witnessed man...

Zomato expands in North, Launches Service in Lucknow and Ludhiana

2Jun By Lavina TolaniNo Comments

News

Zomato expands in North, Launches Service in Lucknow and Ludhiana

Zomato, the popular online restaurant search platform is all set to expand its ordering and food delivery services in North as it has decided to kick-start its operations in Lucknow and Ludhiana, as informed by the company on Friday. With the launch of Zomato's services in these two cities, Zomato's online network has now stretched across 17 Indian cities which include Pune, Kochi, Jaipur, Ahmedabad, Chandigarh, Indore, Coimbatore, Vadodara, and Nagpur, Delhi, Mumbai, Bengaluru, Hyderabad, Chennai, Kolkata. The company has tied up with 1000 restaurants across the new cities including legendary, exquisite, favourites, to quick food joints and new cafes. Popular restaurant brands like Moti Mahal, Al-Baik.Com, Marksman will now give service online through Zomato. Mohit Kumar, Zomato,...

SoftBank Is In Talks With Zomato Over A Possible Investment

17May By Lavina TolaniNo Comments

BUSINESS

SoftBank Is In Talks With Zomato Over A Possible Investment

The Japanese Internet Conglomerate, SoftBank Group Corp is reportedly in talks over a possible investment in food delivery and online restaurant company Zomato as told by sources familiar with the matter. The possibility of Softbank's future investment in Zomato has been speculating in the market since six months back when the Japanese giant first held conversations exploring a possible funding of up to $200-250 million in Bengaluru-based Swiggy. "SoftBank which has already backed Flipkart now eyes to make a niche for itself in the food delivery market said one of the sources. The development comes as SoftBank is reportedly yet to decide on selling its more than 20% stake in Flipkart to US retailer Walmart. The Report says that SoftBank is currently discussing business metrics across...

Food Delivery Startup Swiggy Is Eyeing to Raise $250 Mn

15May By Lavina TolaniNo Comments

News

Food Delivery Startup Swiggy Is Eyeing to Raise $250 Mn

Online Food Delivery Startup Swiggy is eyeing to raise $250 million instead of $150-200 Mn as speculated earlier. This development has come into play at a time when the Bengaluru headquartered company is seeing intense investor interest that would help the firm to amp up its valuation and raise more money. Major Technology giants such as Japanese Agglomerate SoftBank, Chinese Firm Tencent, DST Global and Alibaba are currently in talks with Swiggy though, an official confirmation has not emerged until now. Earlier in February this year, the Food Startup had earlier raised a $100 (Rs 640 crore) million in a Series F round, one of its largest round so far led by Naspers. According to some sources reported by Techcircle, a person familiar with the matter said, "The only factor which i...

After FoodPanda, Ola Wants to Acquire More Food Delivery Startups

10Apr By Sheldan RungasamyNo Comments

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 ...

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 ...

Zomato CEO Announces $100 Mn Annual Revenue Run Rate

23Mar By Sheldan RungasamyNo Comments

News

Zomato CEO Announces $100 Mn Annual Revenue Run Rate

Zomato, an online restaurant discovery and food delivery platform is set to review its revenue streams after their FY18 revenue history showed that online food ordering and premium subscription service Zomato Gold were the leading streams of revenues as far as the firm’s growth pace goes. According to the company, their annual revenue run rate reveals that they have hit Rs 650 of revenue run rates and Zomato Gold generated more revenues. “Zomato's hit $100M annual revenue run rate this month. 40% growth in just the last two months. Loving the momentum!,” wrote CEO Deepinder Goyal on the micro-blogging site Twitter. Zomato's hit $100m annual revenue run rate this month. 40% growth in just the last two months. Loving the momentum. cc @mukund1981 @gauravg1181 @deeppurpled @gunjan2307...

Zomato Co-Founder Steps Down after a Decade

3Mar By Sheldan RungasamyNo Comments

News

Zomato Co-Founder Steps Down after a Decade

Zomato’s co-founder Pankaj Chaddah took to twitter to announced his resignation from the company ending a decade of service. Chaddah will now take a little break but aspires to “move on to something new.” In a letter posted on the company’s blog intended to his fellow employees, he stated “I have been thinking of moving on for some time now, but I didn't want to leave when the company really needed me to be around". Admitting that the company was going through a bad phase in the last two years, he added, “now that the company is in good shape, I think it’s a good time.” Indeed, this news comes as a shock for many but his resignation cannot come at a better time. A few days ago, China’s Alibaba Group Holding Ltd invested $150 in the food search and delivery app, valuing the comp...

14Feb By RishabhNo Comments

FUNDING

Food-tech Startup Holachef Raises Rs 2 Crore Funding

Mumbai based diamond manufacturer and distributor Laxmi Diamond Pvt Ltd's Ashok Kumar Gajera has invested Rs 2 crore in food technology startup Holachef a financial daily reported. Holachef is a food delivery service from its "innovative food combos". The funding is raised at the same valuation as its $5 million Series B round which was held in April, last year. The food delivery startup had raised around $5 million from its existing investors- Kalaari Capital, and was participated by SIDBI Venture Capital and India Quotient, as per the filings with the Registrar of Companies and documents. The Series-B round was completed in two rounds- valuing the company at Rs 143 crore. The startup has been working to build up its team and scale its logistics infrastructure to streamline the busi...

Alibaba and Ant Financial Invested Net $500M in Zomato and BigBasket

2Feb By RishabhNo Comments

FUNDING

Alibaba and Ant Financial Invested Net $500M in Zomato and BigBasket

Alibaba's payment affiliate- Ant Financial has invested $200 million in restaurant discovery and food ordering app Zomato, latest stock exchange filings by Zomato's largest stakeholder- InfoEdge revealed. InfoEdge currently holds 45% stake in Zomato, and informed Bombay Stock Exchange on Thursday that the funding round includes a $50 million secondary share sale to Ant Financials, which will dilute its stake in Zomato to about 30.9% post the capital infusion. The primary and secondary shares of Zomato,value it at $880 million pre-money, according to the statement filings. Pixr8 reported in Semptember that Zomato may receive a $200 million funding from China’s payments giant Ant Financial Services Group, valuing it around $1 billion. “The expected date of completion of sale/disp...

After Facing Outrage On Social Media, Zomato Takes Down “Offensive and Sexist” Outdoor Ad Campaign

2Dec By RishabhNo Comments

News

After Facing Outrage On Social Media, Zomato Takes Down “Offensive and Sexist” Outdoor Ad Campaign

Restaurant discovery and food ordering app Zomato found itself surrounded by allegations and outrage on social media when its new controversial outdoor ad campaign began. People called it "vulgar", "sickened", "outrageous" and Zomato's cheap attempt to gain publicity. Shame on you @ZomatoIN ! Absolutely shameful what you’ve attempted to do. Your investors should be sickened by your behaviour! @smritiirani : this is outrageous. @ascionline pic.twitter.com/pSChhHSrxo — SUHEL SETH (@suhelseth) November 30, 2017 The controversial ad written by Akshar Pathak, Zomato’s art director has bold white letters MC. BC. for mac & cheese and butter chicken written in white bold against a red background. The ad highlights these Hindi language expletives to attract attention, which e...

Know Why Zomato Base President Resigned Within 8 Months of Joining

24Oct By RishabhNo Comments

BUSINESS

Know Why Zomato Base President Resigned Within 8 Months of Joining

Within eight months of joining Zomato's cloud based point-of-sale system, Zomato Base, its President Samir Kuckreja has stepped down from his post. The news was first reported by The Economics Times. Samir's exit comes after a month of Deepak Gulati's resignation, who was working as the Chief Operating Office of online restaurant discovering and food ordering app Zomato. Kuckreja joined the firm in February, 2017 to head its PoS Business and was planning to scale up the business in the long term. Kuckreja, while confirming the development said it was a change in Zomato’s plan regarding its long-term strategy for Zomato Base which was one of the key reasons for his exit. “The original idea was that Zomato Base would become one of the key verticals which would drive revenues in 2-...