Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Indian restaurant aggregator and food delivery startup <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> recently acquired <keyword id="4427948" type="PERSON" weightage="20" keywordseo="uber-eats">Uber Eats</keyword>. The deal makes Zomato the market leader in the Indian food delivery industry, dethroning Swiggy. In return, Uber gets a 9.9% stake in Zomato. “This acquisition significantly strengthens our position in the category,” said Deepinder Goyal, Founder and CEO, Zomato. <keyword id="8652341" type="UNKNOWN" weightage="20" keywordseo="Free-Zomato-Gold">Free Zomato Gold</keyword> offer eligibility criteria To celebrate the <a href="https://www.businessinsider.in/uber-couldnt-do-what-ola-did-instead-sells-ubereats-to-zomato-to-leave-behind-swiggy/articleshow/73468841.cms?src=hp_toon">acquisition</a> of Uber Eats in India, the company is offering free <keyword id="4299597" type="PERSON" weightage="20" keywordseo="Zomato-Gold">Zomato Gold</keyword> subscriptions to Uber Eats users. If you ordered food using Uber Eats after July 1, 2019, you can avail the free Zomato Gold offer. As part of this, you get three months of Zomato Gold subscription for free and 50% off on your next three orders. It is worth noting that neither Zomato nor Uber Eats have sent out any message or email to Uber Eats users informing them about this offer. How to get Zomato Gold for free <div type="image" title="photo_2020-01-26_12-22-52" msid="73630349" hostid="261"></div>

 All you have to do is follow these simple steps to get your free Zomato Gold subscription: <ul><li>Make sure you have both Zomato and Uber Eats apps installed on your phone. </li><li>Now open the Uber Eats app and login to your account. </li><li>Tap on the ‘Go to Zomato’ button. </li><li>In the Zomato app, login with the same email address and phone number that you’ve used in Uber Eats. </li><li>You will get three months of Zomato Gold added to your account. </li></ul>Note: This offer is only available for Uber Eats users, not existing Zomato users. However, our investigations suggest that this offer is working for existing Zomato users as well. If you are unable to claim the free Zomato Gold offer, try logging out of the Zomato app and going through the above steps once again. It is recommended that you have the latest updates of both the apps installed. See also: <a href="https://www.businessinsider.in/business/startups/news/uber-couldnt-do-what-ola-did-instead-sells-ubereats-to-zomato-to-leave-behind-swiggy/articleshow/73468841.cms">Uber couldn’t do what Ola did – instead joins hands with Zomato to leave behind Swiggy</a> <a href="https://www.businessinsider.in/ola-is-shedding-flab-getting-a-makeover-as-it-rides-to-a-big-bang-ipo-in-2-years/articleshow/72292401.cms">Ola is shedding flab and getting a makeover as it rides to a big-bang IPO in 2 years</a>

How to get Zomato Gold for free

Associated PressUber CEO Dara Khosrowshahi.<ul class="summary-list"><li>Uber Eats will reportedly sell its Indian business to a local rival, Zomato, for $400 million.</li><li>According to TechCrunch, Gurugram-headquartered Zomato could receive between $150 million and $200 million of investment from Uber as part of the deal.</li><li>Zomato, which also aggregates restaurants and operates in many countries around the world, is thought to be close to finalizing a $600 million funding round.</li><li>A spokeswoman for Zomato declined to comment, while Uber did not immediately respond to Business Insider's comment request.</li><li><a href="https://www.businessinsider.com/international?r=US&amp;IR=T">Visit Business Insider's homepage for more stories.</a></li></ul>Uber will reportedly sell its Indian Uber Eats business to local rival Zomato for $400 million.That's <a href="https://techcrunch.com/2019/12/15/ubereats-india-zomato/">according to TechCrunch</a>, which claims negotiations are at "advanced stages." Reports of Zomato's possible acquisition of Uber Eats' Indian business first emerged last month.Uber itself may retain ties with Zomato by investing between $150 to $200 million in Zomato and a "sizable stake" in the firm, the report adds. Business Insider has contacted Zomato and Uber for comment. Uber did not immediately respond, while a Zomato spokeswoman said the firm "doesn't comment on rumors and speculations."Though <a href="https://www.zomato.com/about">Zomato has a global presence and has existed since 2008</a>, it is headquartered in the north Indian city of Gurugram, and thereby represents a domestic competitor to Uber Eats.ZomatoZomato CEO Deepinder Goyal has grown Zomato thanks to an unusually high number of funding rounds.Uber CEO Dara Khosrowshahi said last month that <a href="https://fortune.com/2019/11/04/uber-eats-new-growth-strategy-q3-earnings/">where his company can't reach the number one or number two</a> position in the food delivery market, it will leave.Uber Eats entered India relatively late, in mid-2017, and was never able to seriously challenge Zomato's presence, with <a href="https://techcrunch.com/2019/12/15/ubereats-india-zomato/">a source telling TechCrunch</a> that its daily orders peaked at 600,000 in comparison to Zomato's daily total of more than 1 million. Uber is also facing stiff competition in the Indian ridehailing space against local rival Ola.Zomato is also <a href="https://techcrunch.com/2019/11/22/prosus-ventures-india-food/">reported to be finalizing a fresh fundraise</a>, thought to hover in the region of $550 million. <a href="https://www.crunchbase.com/organization/zomato#section-funding-rounds">According to Crunchbase</a>, the firm - which also publishes customer reviews of restaurants - has already raised over $750 million across 15 funding rounds.The latest, <a href="http://www.kreoscapital.com/delivery-hero-leads-zomatos-new-funding-round/">a Series J fundraise of $62 million in March</a>, continued the firm's unusual approach of staging lots of incrementally larger funding rounds, without ever seeming to contemplate an IPO.<a href="https://www.businessinsider.com/intelligence/future-of-retail?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=uber&amp;itm_campaign=future-of-retail-2"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/tech-that-died-this-decade-aim-vine-moviepass-2019-11">Tech that died this decade</a></h3>

Uber is thought to be selling its Uber Eats business in India for $400 million

New Delhi, Jan 21 () Zomato on Tuesday said it has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the Indian food delivery and restaurant discovery platform.
Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, a statement said.
In a regulatory filing to BSE, Info Edge (India) - a shareholder in Zomato - said its shareholding in Zomato will stand reduced to about 22.71 per cent on fully converted and diluted basis upon closing of the transaction.
The deal comes days after Zomato had raised USD 150 million in funding from existing investor Ant Financial, an Alibaba affiliate, at a USD 3 billion valuation. 
"We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category," Zomato CEO Deepinder Goyal said.
Uber Eats, which entered India in 2017, has about 26,000 restuarants listed on its platform from 41 cities.
Zomato's restaurant discovery and food delivery platform has information for over 1.5 million restaurants across 24 countries and serves more than 70 million users every month.
Discussions between Zomato and Uber have been on for months. Facing stiff competition from Zomato and Swiggy, Uber Eats had been making losses.
Uber had projected an operating loss of Rs 2,197 crore in its food delivery business for the five months through December 2019, according to a valuation report prepared by KPMG affiliate BSR and was part of regulatory filings.
According to sources, Uber Eats India business contributed three per cent of the global gross bookings but accounted for over 25 per cent of adjusted EBIDTA losses for the first three quarters of 2019.
With the sale of the food business in India, Uber can now focus on the rides business and driving it towards profitability, one of the persons said.
"India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader. We have been very impressed by Zomato's ability to grow rapidly in a capital-efficient manner and we wish them continued success," Dara Khosrowshahi, CEO of Uber, said in the statement. SR RUP

Zomato acquires Uber Eats business in India

New Delhi, Jan 21 () Uber Technologies Inc has sold its loss-making online food-ordering business in India, Uber Eats, to Zomato in exchange for a 9.99 per cent stake in the Indian food ordering platform.
 Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, the two companies said in statements.
 Neither company gave financial details.
 Started in 2017, Uber's food-delivery business in India has lagged market leaders Nasper-based Swiggy and Jack Ma's Ant Financial-backed Zomato. Another player Foodpanda, which was acquired in 2017 by ANI Technologies Ltd that also owns ride-hailing app Ola, too struggled to consolidate its user base. 
 "We have acquired Uber Eats India and with this development, we are the undisputed market leaders in the food delivery category in India," Zomato founder Deepinder Goyal wrote in a blog. "Through this deal, Uber Eats India users now become Zomato users."
 Zomato is a restaurant review, restaurant discovery, food delivery and dining out transactions platform that provides information for over 1.5 million restaurants across 24 countries and serves more than 70 million users every month.
 Goyal, who is also the CEO of Zomato, said: "We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category."
 Dara Khosrowshahi, CEO of Uber, said India remains "an exceptionally important market" to Uber and the firm will continue to invest in growing local rides business.
 "We have been very impressed by Zomato's ability to grow rapidly in a capital-efficient manner," he said. "Our Uber Eats team in India has achieved an incredible amount over the last two years."
 Zomato's orders per month may go up by as much as 10 million to 50 million after the deal.
 The deal marks possible consolidation in the highly competitive and price-sensitive online food delivery market where most players are in the red.
 In a regulatory filing to the BSE, Info Edge (India) - a lead shareholder of Zomato and owner of Naukri.com brand - said its shareholding in the food delivery startup will stand reduced to about 22.71 per cent upon closing of the transaction.
 The deal comes days after Zomato had raised USD 150 million in funding from existing investor Ant Financial, an Alibaba affiliate, at a USD 3 billion valuation.
 Post money valuation of Zomato is USD 3.55 billion, sources in the know of the matter told , adding that this transaction will add to a total of over 50 million orders per month on its platform, giving it around 55 per cent market share.
 On accessing the Uber Eats app, users were shown a message saying they can still use Uber Eats if they are traveling outside India.
 Discussions between Zomato and Uber have been on for months. Facing stiff competition from Zomato and Swiggy, Uber Eats had been making losses.
 Uber had projected an operating loss of Rs 2,197 crore in its food delivery business for the five months through December 2019, according to a valuation report prepared by KPMG affiliate BSR and was part of regulatory filings.
 According to sources, Uber Eats India business contributed three per cent of the global gross bookings but accounted for over 25 per cent of adjusted EBIDTA losses for the first three quarters of 2019.
 With the sale of the food business in India, Uber can now focus on the rides business and driving it towards profitability, one of the sources said.
 They also said that 245 full-time employees of Uber Eats will be affected and some of these people could be absorbed in other roles in Uber. SR AKT ANZ MKJ

Uber sells loss-making online food ordering business in India to Zomato

Shares of Info Edge (India), one of the shareholders in Zomato, on Tuesday gained over 3 per cent after the <keyword id="2066292" type="PERSON" weightage="20" keywordseo="online-food-ordering">online food ordering</keyword> platform acquired the India business of <keyword id="4427948" type="PERSON" weightage="20" keywordseo="uber-eats">Uber Eats</keyword> in an all-stock deal. Shares of Info Edge (India) rose 3.47 per cent to trade at Rs 2,676.10 per unit on the BSE. On the NSE, the stock gained as much as 3.2 per cent to Rs 2,675.
 Zomato on Tuesday said it has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the Indian food delivery and restaurant discovery platform.
 Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, as per a company statement.
 In a regulatory filing to BSE, Info Edge (India) - a shareholder in Zomato - said its shareholding in Zomato will stand reduced to about 22.71 per cent on fully converted and diluted basis upon closing of the transaction. RUJ ANS
ANS

Zomato owner Info Edge's stock gains 3% after UberEats buy

<ul><li>Uber Eats in India discontinued its operations on January 21 and was acquired by food giant Zomato.</li><li>We speak to industry experts to find out the reasons why the food delivery platform took a nosedive and if the onus can be put on macro-economic factors or its brand-building strategy.</li><li>Experts opine that working with minimum funding, rivaling against stronger communications from competitors, disadvantages of being a late entrant, not having a separate identity, getting sidelined from the parent company and offering deep discounting were some of the factors that led to its decline.</li></ul> Food aggregator Uber Eats, which started its journey in 2017, was acquired by Zomato on January 21 for ₹2,485 crore. While its entity will cease to exist, Uber Eats’ consumers, restaurants and delivery partners will now be directed to Zomato. However, the buyout has left more than 200 employees on a cliffhanger. The acquirer Zomato started in 2008 and now has over 40 million users. Swiggy, on the other hand, started in 2013 and has gathered 42 million users. Uber Eats, which was established just three years ago, had over 10 million users. And with Uber Eats’ huge consumer base in its kitty, Zomato will now have control over 50-55% of the food delivery market. Experts opine that one of the reasons for Uber Eats downfall was its heavy discounting strategy. The operational losses amounted to ₹2,197 crore, more debts followed and a heavy competitive market did not let it sustain. As Uber Eats hits its brink and merges with Zomato, we speak to experts to find out the reasons, what could the platform have done differently to sustain and explore if upping its marketing game before would have helped in dodging the bullet. Increasing the frequency of communication with audiences Uber Eats had on-boarded Alia Bhatt as its brand ambassador -- the only food aggregator in India to get a celebrity involved in its communication. However, it released its first brand campaign after two years of its existence -- in the month of January 2019 called ‘Everyday moments.’ According to Voodly, it garnered more than 50.3 million views by the end of January and secured the first spot on the list of Top 10 Most Watched Indian Ads on YouTube. 
 
 
 
 
 
 
 
 
 <div type="Youtube" id="fUN47Yeefvo" title="Alia’s Tinda Moment! | Uber Eats" thumbUrl="https://i.ytimg.com/vi/fUN47Yeefvo/mqdefault.jpg"></div>



















 Karthik Srinivisan, Social Media and Brand Expert, says that there isn’t much for food aggregators to talk about so its communication strategy cannot be blamed. The ads can be about ‘variety, prompt delivery, post-delivery customer care, ease of ordering, UI/UX, payment options, loyalty program, promotions, etc.’ Gone are the days when brands would wait for some key occasions for a big media splash. Now it is more about participating in daily conversations, listening to what your consumers say. And being active on social media isn’t very expensive either. Srinivasan thinks Uber Eats could have been more consistent like Zomato and Swiggy here. “To be in the top-of-mind recall in such a category, the brands need to continuously be in the buzz. Zomato and Swiggy have cracked that code to a large extent, always being in the social buzz one way or another. Brands are moving away from one or two big-budget media blitzkrieg every year to announce their brand name to the largest number of people, to having sustained presence throughout the year to the most appropriate target audiences. This ensures that brands do not have only two peaks in a year where people notice their communication, but there's a consistent wave (instead of peaks) all through the year where a large enough number of target audiences notice their brand. Uber Eats perhaps did this less impressively or consistently compared to both Zomato and Swiggy,” adds Srinivasan. However, Srinivasan says the real reason is unplugging Uber Eats’ support system. “Beyond all this is the investors' appetite to continue funding these businesses despite losses. At some point, they may want to pull the plug to cut their losses and that could be the bigger reason for the sale.” N Chandramouli, CEO, TRA Research feels Uber Eats did not offer anything different from its competitors and its USP wasn’t clear in its communication. “Other than the fact that they used a celebrity for endorsements, I think the ads did not communicate much. With more number of restaurants available on the competing apps, the promise of variety or choice, felt lame,” he explains. Chandramouli rates Zomato’s communication strategy the most innovative in the category, followed by Uber Eats and then Swiggy. Late mover disadvantages Almond Branding’s Founder and Director, Shashwat Das, thinks the reasons for Uber Eats’ downfall has more to do with the business model and category dynamics rather than its communication strategy. “The two largest incumbent players in the market, Swiggy and Zomato, were already half-way to the top by 2017 and had by now exclusively tied up with major restaurants. Uber had to hence rely on heavy discounting to acquire and retain users and deep discounting strategy is never sustainable as consumer keeps benefiting but none of the market players win in the battle of dominance. Last-mile delivery is an operations-heavy, low-margin business where most of the startups failed due to lack of knowledge, field experience, and funding,” notes Das. “Uber knows from its cab hailing experience that any app brand that is not number 1 or 2 in the country it operates in, will find it difficult to be a successful and profitable business. In any app-based delivery brand, only ONE brand remains top-of-mind for consumers, with one more kept as backup. There is rarely room for a #3,” seconds Chandramouli. Some of the restaurants in India still offer free home delivery with no price caps and Das thinks the food market isn’t easy to crack. Downloading more apps, building new relationships and settling for lesser pay cuts did not make a stronger pitch for restaurant partners either. “Once an app signs up a merchant, a regular flow of business determines what importance the delivery app holds for the restaurant. Plus, the incumbents had more focus, spend-power and aggression than Uber Eats. With Uber Eats India accumulating more losses than Uber, its cab hailing sister-concern, added to the pressure from international investors after their poor IPO, the only good option for Uber was perhaps to cut losses and focus on their core,” says Chandramouli. Developing a distinct identity While Uber Eat’s core idea was to piggyback on Uber’s image and use its established network, Chandramouli suggests that this wasn’t a smart move as it affected Uber’s disruptor position. “I think they should have launched the food-delivery business under a different brand. Truly speaking, Uber's cab hailing app was always recognized as an innovator and leader, but by launching Uber Eats, it almost seemed like a me-too, copycat brand, losing its innovator positioning. Another risk of extending the Uber brand to this new business was that cab hailing apps business required a more involved and intimate decision of the consumer, which a food-delivery app did not,” he elaborates. Thanks to Swiggy and Zomato’s heavy funding, they had the bandwidth to innovate and offer discounts. However, their core focus is food delivery and Uber’s, on the other hand, is mobility. Das thinks this could be one of the reasons why it was sidelined and cut at the source when it fell loose. “Even though Uber Eats was launched with much fanfare, Uber couldn’t focus on it as much as its competitors. Clearly its core mobility ambitions in India were its top priority. Cab hailing companies like Ola and Uber after having burnt their fingers in this cash-guzzling sector saw more merit in focusing on their core rather than the side businesses,” says Das. Was it a smart move for Zomato? As per media reports, Uber will get a 10% stake in Zomato in a deal that values Uber Eats at $300-350 million. "It was a bad deal for Zomato I think, giving away stock worth 300 million USD, to a company struggling to stay afloat. I think Swiggy will gain from this. And for Uber, of course, this seems to be their long term strategy of buying into local food compaines," says Shubho Sengupta, Brand Consultant. "There is no economic crisis for those who order on Zomato. They are in the top 15% earners of this country," adds Sengupta. All eyes on Swiggy and Zomato While Dunzo and Food Panda also exist in the battleground, the horse race will continue between two stalwarts Zomato and Swiggy. This consolidation, experts opine, will bring some more financial discipline, nudge them to be more creative and source the much needed tech support from their parent companies.

What went wrong with Uber Eats?

New Delhi, Jan 21 () Shares of Info Edge (India), one of the shareholders in Zomato, on Tuesday erased its early gains and settled nearly 2 per cent lower.
 Shares of Info Edge (India) rose 3.47 per cent to touch intra-day high of Rs 2,676.10 per unit on the BSE. However, it ended the day with a loss of 0.23 per cent at Rs 2,583.20.
 On the NSE, the stock gained as much as 3.2 per cent during the day to Rs 2,675. The scrip closed in red at Rs 2,545, down 1.80 per cent over previous close.
 Zomato on Tuesday said it has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the Indian food delivery and restaurant discovery platform.
 Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform effective Tuesday as per a company statement.
 In a regulatory filing to the BSE, Info Edge (India) - a shareholder in Zomato - said its shareholding in Zomato will stand reduced to about 22.71 per cent on fully converted and diluted basis upon closing of the transaction. RUJ SHW
SHW

Info Edge shares shed early gains, settle nearly 2 pc lower

<ul><li><a href="https://markets.businessinsider.com/stocks/uber-stock">Uber</a> announced Monday that it had sold its Indian food-delivery service to competitor Zomato for a 9.99% stake. </li><li>Shares of Uber surged as much as 6% Tuesday. </li><li>Offloading parts of the business that are not profitable brings Uber closer to its goal of being profitable on an Ebitda basis by 2021. </li><li><a href="https://markets.businessinsider.com/stocks/uber-stock">Watch Uber trade live on Markets Insider</a>.</li><li><a href="https://www.businessinsider.com/">Read more on Business Insider</a>.</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/uber-stock">Uber</a> gained as much as 6% Tuesday after the company announced that it sold its food-delivery business in India to Zomato, a startup backed by China's Ant Financial. After the all-stock transaction, which closed Monday, <a href="https://investor.uber.com/news-events/news/press-release-details/2020/Zomato-Acquires-Ubers-Food-Delivery-Business-in-India/default.aspx">Uber will own a 9.99% stake in Zomato</a>, one of the largest food-delivery platforms in India. Zomato is valued at about $3 billion after raising money from Jack Ma's Alibaba affiliate Ant Financial this month, <a href="https://www.businessinsider.com/uber-sells-indian-food-delivery-arm-to-ant-financial-backed-zomato-2020-1">according to Reuters</a>. The sale comes amid increasing pressure for <a href="https://markets.businessinsider.com/news/stocks/uber-lyft-stock-price-record-lows-amid-investor-unicorn-backlash-2019-10-1028571908">Uber to turn a profit</a>. The company has had a dismal stock performance in its first months as a public company, falling as much as 22% from its May 2019 initial public offering through Friday's close. Selling parts of the business that are unprofitable will give the company a boost as it strives to be profitable on an Ebitda basis before 2021. "India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader," Dara Khosrowshahi, Uber CEO, said in a <a href="https://investor.uber.com/news-events/news/press-release-details/2020/Zomato-Acquires-Ubers-Food-Delivery-Business-in-India/default.aspx">press release. </a>In addition, there's been a wave of consolidation in food-delivery markets around the world as different companies battle each other for domination. The sale "is another proof point - following our decision to exit Uber Eats South Korea in October 2019 - of our commitment to take a hard look at Eats markets where we do not have a path to leadership," Nelson Chai, Uber's chief financial officer, said in a <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1543151/000155278120000094/e19525_uber-8k.htm">company filing Tuesday</a>.He continued: "At least some of the investment that we would have otherwise made in India will now be redeployed to other countries we serve where we believe we have a clear path to #1 or #2."Uber expects that it will gain about $143 million from the sale, net of taxes, <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1543151/000155278120000094/e19525_uber-8k.htm">according to the filing</a>.Wall Street analysts are largely bullish on the company and have a consensus price target of $44.46 with 28 "buy" ratings, 12 "hold" ratings, and zero "sell" ratings on the equity, according to Bloomberg data. The ride-hailing company has <a href="https://markets.businessinsider.com/stocks/uber-stock">gained 18% year-to-date through Friday's close</a>.<a href="https://markets.businessinsider.com/stocks/uber-stock"></a><a href="https://www.businessinsider.com/intelligence/future-of-retail?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=uber&amp;itm_campaign=future-of-retail-2"></a>

Uber surges 6% after offloading its Indian food-delivery business

Food delivery platform Zomato on Tuesday refuted reports that the company is in talks with Gurugram-based grocery delivery platform Grofers to acquire it for nearly $750 million. Flush with funds, Zomato has partnered Grofers for the delivery of essential items – along with other FMCG and grocery stores -- to meet the surge in demand amid social distancing and nationwide lockdown that has now been increased till May 3. In a statement shared with IANS, Zomato said that the company has partnered with Grofers, along with other FMCG companies, local groceries stores and modern retail chains, to pilot its grocery delivery service. "We are not aware of any other conversation with Grofers," a Zomato spokesperson added. After initial hiccups, Zomato has started grocery delivery in over 80 Indian cities with supplying essentials like aata, dal, milk, vegetables and items. According to Prabhu Ram, Head-Industry Intelligence Group, CyberMedia Research (CMR), companies are looking at creative pivots to stay relevant by pursuing new growth opportunities on the back of the new coronavirus pandemic. "Expanding into near adjacencies is a given for companies, such as Zomato. From Zomato's perspective, a partnership or acquisition of Grofers would provide it a good leg-up in its competition with Swiggy to win big in the grocery delivery segment," Ram told IANS. Online food and grocery retail is expected to touch $10.5 billion by 2023, according to a recent report by Bengaluru-based market consulting firm Redseer. Zomato CEO Deepinder Goyal who is bullish on online delivery of essential items, has said that their delivery network in the country is only second to India Post. "We we are putting in every effort to make sure that we put it to good use to serve the community. We'd like to thank the government authorities, grocery stores, FMCG companies &amp; other start-ups that have come forward to partner with us and support the community in this endeavor," Goyal said recently. Zomato is currently valued at nearly $3.2 billion while Grofers' valuation is around $650 million. Menlo Park, California-based Sequoia Capital is a common investor in both the delivery platforms. Zomato in January acquired Uber's Food delivery business in India – UberEats -- in an all-stock deal for nearly Rs 2,500 crore. Uber has 9.99 per cent stake in the Goyal-led food delivery platform. Japanese conglomerate SoftBank, the largest investor in Grofers, is also likely to pump in around $100 million in Zomato. Media reports said last week that Zomato has raised $5 million from British investment manager Baillie Gifford's Pacific Horizon Investment Trust. Zomato earlier raised $150 million from existing investor Ant Financial, an affiliate of Alibaba. The company has also launched the ‘Feed the Daily Wager' initiative to support and ensure meals for workers at construction sites, shops, restaurants, delivery staff, and local transport systems who earn on daily basis. As part of this campaign, the food delivery giant is providing ration kits to the daily wager communities that are currently unable to support their family's food requirement.

Zomato denies rumours about Grofers acquisition deal amid surge is grocery orders

<keyword id="1042120" type="General" weightage="20" keywordseo="UBER" source="Orion">Uber</keyword> is likely to sell its 7.8 per cent <keyword id="6375562" type="General" weightage="20" keywordseo="STAKE" source="Orion">stake</keyword> in online <keyword id="6376068" type="General" weightage="20" keywordseo="FOOD-DELIVERY" source="Orion">food delivery</keyword> platform <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> that could be worth around Rs 2,938 crore ($373 million), multiple reports said on Tuesday. The offer is expected to come with a price range of Rs 48-54 per share, equivalent to 612 million or 7.8 per cent of total outstanding shares. <keyword id="51916" type="General" weightage="50" keywordseo="cnbc" source="Orion">CNBC</keyword> TV18 was first to report on the development. Uber received a stake in Zomato after selling off its food delivery business in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> to the food aggregator in a transaction in 2020. Zomato shares closed 19.96 per cent up, at Rs 55.60 on Tuesday. Its stock has lost over 60 per cent of it value this year. Zomato reported Rs 185.7 crore in consolidated loss for the quarter ending June 30, compared to a loss of Rs 359.7 crore in the previous quarter. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-to-open-slightly-higher-following-most-asian-peers/articleshow/93311725.cms">Markets to open slightly higher following most Asian peers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/how-alia-bhatts-ed-a-mamma-is-making-sustainable-fashion-more-affordable/articleshow/93301182.cms">Alia Bhatt-owned Ed-a-Mamma has made sustainable fashion affordable, others can too, says company’s biz head</a>

Uber is likely to sell its 7.8% stake in Zomato for Rs 2,938 crore

Top VC firm <keyword id="136147" type="General" weightage="50" keywordseo="sequoia-capital-india" source="Orion">Sequoia Capital India</keyword> has sold 17.2 crore shares of <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> in two tranches in the open market, lowering down its stake in the online food aggregator to 4.4 per cent from earlier 6.41 per cent. In a fresh filing with the Bombay Stock Exchange (<keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>), Zomato said Sequoia Capital India sold some 6.7 crore shares in the September 6-October 14, 2021 period and 10.5 crore shares between June 27-August 25, 2022. The stock sales were performed by <keyword id="14821825" type="General" weightage="50" keywordseo="sequoia-capital-india-growth-investment-holdings" source="Orion">Sequoia Capital India Growth Investment Holdings</keyword> I and <keyword id="13302083" type="General" weightage="50" keywordseo="sci-growth-investments-ii" source="Orion">SCI Growth Investments II</keyword>, according to Zomato. <keyword id="10639596" type="General" weightage="50" keywordseo="sequoia-capital-india-investments-iv" source="Orion">Sequoia Capital India Investments IV</keyword> also received 45,153,346 incremental equity shares on August 10 owing to the acquisition of quick-commerce delivery platform Blinkit, which further has a lock-in period of one year. Sequoia Capital India joins a list of private market investors like Delivery Hero, Moore Strategic Ventures, and <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, which have sold their shares in Zomato in the past months, either in open market or via block deals, as the online food delivery platform's stock gets hammered. On Friday, Zomato shares closed around Rs 61.85. Earlier this month, ride-hailing platform Uber sold its 7.8 per cent stake worth over $390 million in Zomato. Uber, which suffered around $707 million loss in its Zomato investment in the first half of this year, sold its share in the food delivery aggregator via a block deal on stock exchanges that has been bought by several global and Indian VCs. The Zomato block deal was executed at Rs 50.44 per share equivalent to 612 million or 7.8 per cent of total outstanding shares. In a statement to IANS, Zomato had said that "We are a public company and are not privy to what our shareholders are doing with their shares". According to the company, the losses for Blinkit are coming down every month -- from Rs 2,040 million (about $26 million) in January 2022 to Rs 929 million ($12 million) in July. The 10-minute delivery platform was acquired by Zomato for Rs 4,447 crore (about $568 million). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indices-end-marginally-higher-after-a-volatile-trading-session/articleshow/93802735.cms">Indices end marginally higher after a volatile trading session</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/heres-everything-you-need-to-know-about-uks-new-scale-up-visa/articleshow/93799259.cms">Here’s everything you need to know about UK’s new Scale-up visa</a>

You Searched For "uber zomato" and got 11 results

How to get Zomato Gold for free

Rounak Jain

Uber is thought to be selling its Uber Eats business in India for $400 million

Charlie Wood

Zomato acquires Uber Eats business in India

PTI

Uber sells loss-making online food ordering business in India to Zomato

PTI

Zomato owner Info Edge's stock gains 3% after UberEats buy

PTI

What went wrong with Uber Eats?

Karuna Sharma

Info Edge shares shed early gains, settle nearly 2 pc lower

PTI

Uber surges 6% after offloading its Indian food-delivery business

Carmen Reinicke

Zomato denies rumours about Grofers acquisition deal amid surge is grocery orders

IANS

Uber is likely to sell its 7.8% stake in Zomato for Rs 2,938 crore

IANS

Sequoia Capital offloads 2% of its stake in Zomato

IANS

Popular Keywords

Buying Guides