Sunday, November 17

Tag: Zomato

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-...
Read More
Indian Unicorn Startups To Launch Nasscom Like Lobby Group- Indiatech.org
28Sep By RishabhNo Comments
INDIA

Indian Unicorn Startups To Launch Nasscom Like Lobby Group- Indiatech.org

India’s Unicorn Internet startups Flipkart and Ola are grouping together with peers including travel portal MakeMyTrip to launch a Nasscom like industry body that will be representing their interests and aim to deal with deep pocketed rivals, and sustain their existence in one of the world’s most prized markets for digital commerce. The lobby group will be called Indiatech.org — and will be led by Sachin Bansal, as its President and Chairman; appointing a former IAS officer as its CEO, said four people aware of the matter. The former bureaucrat is expected to join in 2-3 weeks. The other founding members include online classifieds company Quikr and messaging platform Hike. “The group wants to become the Nasscom for the startup space,” said two of the people cited above. The formati...
Read More
Food Ordering App Zomato Reports Data Theft of 17 Million Users
18May By Press Trust of IndiaNo Comments
News

Food Ordering App Zomato Reports Data Theft of 17 Million Users

Online restaurant guide and food ordering app Zomato today said about 17 million user records have been stolen from its database. The stolen information contains user email addresses and hashed passwords but no payment information or credit card data has been stolen/leaked, Zomato said in a blogpost on its website. The startups disclosure comes at a time when the world is grappling with the cyber attack by ransomware WannaCry, which has impacted IT networks in over 150 countries. Zomato said the data theft was discovered recently by its security team, without indicating the exact time or if it was related to the WannaCry ransomware attack. "Our team is actively scanning all possible breach vectors and closing any gaps in our environment. So far, it looks like an internal (human...
Read More
Apple Announced D&D Accelerator Center in Bengaluru, Zomato Founder said Excellent Opportunity
18May By AdityaNo Comments
News

Apple Announced D&D Accelerator Center in Bengaluru, Zomato Founder said Excellent Opportunity

Tech giant Apple on Wednesday announced a new initiative to support engineering talent and accelerate growth in India's iOS developer community. Apple CEO Tim Cook, who landed in India late on Tuesday said the company would establish a Design and Development Accelerator in Bengaluru, the home of India's startup scene. Tens of thousands of developers in India make apps for iOS, the world's most powerful mobile operating system and the foundation for iPhone, iPad and iPod touch. This initiative will provide additional, specialised support for them. Apple's team will work to inspire and instruct developers on best practices, help them hone their skills and transform the design, quality and performance of their apps on the iOS platform. "India is home to one of the most vibrant and e...
Read More
A Reply To HSBC & Media From Deepinder Goyal (Founder of Zomato)
9May By No Comments
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 ...
Read More
From Unicorn to Cockroach- Zomato Valuation Goes Half
9May By NitishNo Comments
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...
Read More
Deal: Roadrunnr and TinyOwl in Early Stage of All-Stock Deal
9May By NitishNo Comments
ACQUISITION

Deal: Roadrunnr and TinyOwl in Early Stage of All-Stock Deal

As per the report in ET, Roadrunnr (Logistics player) and Tinyowl(online food ordering platform) are in early stages talks to merge in an all-stock deal. Venture funds including Sequoia Capital and Nexus Venture Partners invested in both the startups. At present, both companies have cash to sustain operations for at least 10 months. The talks under way for a few months now, are still at a preliminary stage the sources said. If talks prove successful, the combined entity could explore several options including launching food ordering and delivery services and may also expand to categories beyond food like the launch of bike taxis, the sources said. If the deal does goes through, the combined entity may look at raising fresh funding of about $40 million, the person said. A successfu...
Read More
Burrp Revenues Will Touch 150 Crores in 2019
10Apr By Press Trust of IndiaNo Comments
News

Burrp Revenues Will Touch 150 Crores in 2019

Food and restaurant recommendation platform Burrp aims to garner revenues of Rs 150 crore by March 2019 as it expands services like events and offers a more personalised search experience to users. The food-tech company, which competes with the likes of Zomato, is also aiming to facilitate transactions worth Rs 1,000 crore through its platform in the same period. "Burrp earlier led the industry but then things didn't go as per plan. One of the errors was to become a listings platform for everything... Cut to 2015, we have revamped our product with enhanced features like dish discovery, an events section and trending restaurants," Burrp co-business head Abhishek Chhajlani told PTI. These additional features will make it easier for users to search for their favourite food or rest...
Read More
First Indian Unicorn Startup is Going to Be Profitable in 2016
8Feb By reutersNo Comments
News

First Indian Unicorn Startup is Going to Be Profitable in 2016

Indian restaurant search and food delivery service Zomato, one of only a handful of Indian start-ups to succeed abroad, said on Monday. It had broken even in key markets including India and is on track to make a profit as early as June next year. The result comes as Zomato seeks $200 million in funding, a source close to the group said, in an increasingly tough environment for start-ups. Zomato, which makes money through advertising and its delivery service, said it had hit operational break-even in India, the UAE, Indonesia and three other markets in the Middle East and Southeast Asia. Together, they account for the three-fourths of the company's revenue, co-founder and chief executive Deepinder Goyal told Reuters. "The fundamental model of our business is that in mature markets we...
Read More