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Rocket Internet’s <keyword id="1666624" type="UNKNOWN" weightage="20" keywordseo="Foodpanda-India">Foodpanda India</keyword> laid off over 300 of its employees, which constitute nearly 15% of the company's overall workforce in the country. 
 
The company, in an official statement, said the decision to cut jobs was taken after it achieved about 98% automation rate in order processing, helped by a combination of stronger processes and controls to make operations more efficient. 
 
"While we continued to invest in processes and technology we also had to take some difficult decisions but we believe them to be necessary steps on our path to become sustainable and profitable within the targeted timeline," Saurabh Kochhar, chief executive of Foodpanda India. 
 
"Re-organization of the business was done across every aspect, from technology to processes to customer service," said Kochhar, adding “At present we do not have any such plans, as we continue to grow at a rapid speed and we believe the year 2016 is going be a great year for our business. We are focused on building scalable revenues and capabilities with a long-term goal.” 
 
(Image: Thinkstock)

Foodpanda India fires 300 employees as automation rate of orders increases

<ul><li><keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> is in talks to raise $400 million from Ant Financial and Temasek, which could give it a <keyword id="51393" type="PERSON" weightage="20" keywordseo="valuation">valuation</keyword> of as much as $2 billion. </li><li>Earlier this week, <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> raised $210 million from Naspers and DST Global, which helped it breach the $1 billion valuation mark. </li><li>Swiggy reportedly leads Zomato in terms of orders, clocking in more than 10 million orders a month compared to Zomato’s 7 million. </li></ul> Zomato, a restaurant discovery and <keyword id="6376068" type="UNKNOWN" weightage="20" keywordseo="food-delivery">food delivery</keyword> app, is reportedly in final negotiations to raise an additional $400 million from its investors Ant Financial, which is owned by Alibaba, and Singapore’s Temasek Holdings. The potential investment, which was reported by Livemint, could value the company at as much as $2 billion. Talks have reportedly been going on since early April. A threat from a rival <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> The report come swiftly after rival food delivery service Swiggy closed a $210 million infusion in a funding round which was led by Naspers, a South African media conglomerate, and DST Global, which is owned by Israeli-Russian billionaire Yuri Milner. The investment has catapulted Swiggy to the unicorn club by giving it a valuation of $1.3 billion. This is a significant achievement for a company that is only four years old. It took Zomato more than twice the time to become a unicorn. The investment puts Swiggy ahead of Zomato, in terms of valuation, until the latter’s funding round is completed. In February, Ant Financial ploughed <a href="https://www.moneycontrol.com/news/business/startup/zomato-raises-200-million-from-ant-small-and-medium-financials-2498127.html">$200 million</a> into Zomato, valuing it at $1.1 billion in the process. Swiggy was valued at around $700 million around the same time. Another battleground As the companies take on each other in terms of valuations, they will also try to muscle each other out in a hotly-contested market. Swiggy currently leads Zomato in terms of orders, clocking in more than 10 million a month as compared to Zomato’s 7 million. Alongside the e-commerce and ride-hailing sectors, the online food delivery space is another battleground for tech companies in India. A number of companies are competing in the space, including ride-hailing apps like Uber, which is ramping up its UberEats services, and Ola, which acquired Foodpanda late last year. As they try and seize each other’s market share and make inroads into new cities, a lot of cash will be spent on supply chain expansion while handouts will be given to entice restaurants and customers to come aboard.

Zomato will likely stay ahead of rival Swiggy in latest round of valuations

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

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> co-founder <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> is pumping $91 million into the ride-hailing <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword>. </li><li><keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword>’s valuation stays at $5.7 billion. </li><li>The cab-hailing app is reportedly looking to venture into the e-pharmacy segment too.</li></ul>Flipkart co-founder Sachin Bansal has reportedly made his first investment post his exit from the e-tail giant, pumping $91 million into Indian cab hailing <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> <a href="https://www.moneycontrol.com/news/business/startup/flipkart-founder-sachin-bansal-takes-a-21-million-ride-in-ola-3387561.html">Ola</a>, which appears to be on a massive expansion spree. Bansal announced his exit from Flipkart after its $16 billion acquisition by Walmart last year. Sachin Bansal, along with former Flipkart Group CEO Binny Bansal, famously grew Flipkart from a two-bedroom apartment business to one of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s biggest e-retail giants. He reportedly sold his 5.5% stake for $1 billion in the sale Bansal had initially pumped in $21million which got him 70,588 series J preferred shares at a price of <a href="https://www.livemint.com/Companies/keHGGkLpfiI2WacfOCysCI/Sachin-Bansal-buys-stake-in-Bhavish-Aggarwals-Ola.html">₹21,250 per share.</a> The investment is said to be a part of Ola’s series J funding round. Ola could be raising <a href="https://yourstory.com/2019/01/ola-set-raise-2b-focus-evs-foodpanda-international-markets/">$2 billion</a> in the round. Ola's current investors include the likes of Tencent, Softbank, Hong Kong-based Sailing Capital among others. It is also reportedly looking at raising money from Singapore-based Temasek. However, with this investment, the valuation of the company stays the same at $5.7 billion. Bansal is reportedly putting in his own money, and not from the new $1 billion VC fund he is said to be raising. It will give Ola a financial heft in fighting its global rival Uber. Not just a cab company Ola, which has thus far focused on cab hailing, has been in a race to become India’s biggest startup and looking at venturing into other businesses. It has experimented with the Electric Vehicle market recently, bringing in <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/indian-ride-hailing-firm-ola-to-launch-10000-electric-vehicles-over-12-months/articleshow/63780448.cms">10,000</a> EV rickshaws on to Indian roads. Earlier in 2015, the company also tried its hand in food delivery with Ola Cafe. However, it had to shut down operations in just a year. Later in 2017, Ola acquired food delivery startup Foodpanda to stay in the game. Talks were also doing the rounds that Ola is also looking at entering the e-pharmacy segment with the acquisition of Bengaluru-based Myra Medicines. See Also: <a href="https://www.businessinsider.in/indias-two-startup-icons-switch-to-the-other-side-as-venture-capitalists/articleshow/67420444.cms">India’s two startup icons switch to the other side — as venture capitalists</a> <a href="https://www.businessinsider.in/indian-unicorn-flipkarts-board-approves-15-billion-deal-with-walmart/articleshow/64027810.cms">Indian unicorn Flipkart's board approves $15 billion deal with Walmart</a> <a href="https://www.businessinsider.in/how-flipkart-went-from-being-an-online-bookseller-to-indias-biggest-e-commerce-story/articleshow/64100266.cms">How Flipkart went from being an online bookseller to India’s biggest e-commerce story</a>

Watch out Uber. Sachin Bansal gets Ola share after selling Flipkart

eCommerce players like online food ordering startup <a href="http://www.businessinsider.in/searchresult.cms?query=Zomato">Zomato</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=TinyOwl+">TinyOwl </a>and <a href="http://www.businessinsider.in/searchresult.cms?query=Swiggy+">Swiggy </a>are in full swing and trying to raise money through various means. Reports suggest that all of these players are in various stages of advanced talks to raise about Rs 1,000 crore ($157 million) for their businesses. 
 According to Economic Times, <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword>, which began its food delivery service in May, has initiated discussions to raise $80-100 million (Rs 510-640 crore) while <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="Swiggy">Swiggy</keyword> has mandated Avendus Capital for a new round of funding in less than two months after it raised Rs 105 crore. <keyword id="3601251" type="UNKNOWN" weightage="20" keywordseo="TinyOwl">TinyOwl</keyword> is also in talks to raise Rs 190-256 crore after it secured Rs 100 crore in February. 
 
If reports are to be believed, the trend of ordering food online has grown in India in the past one year and domestic restaurant aggregators need huge servings of capital to be able to quickly ramp up daily orders if they are to grow as rapidly as their peers in the US and the UK. 
US-based <a href="http://www.businessinsider.in/searchresult.cms?query=GrubHub">GrubHub</a>, a $2.6 billion company have been handling 234, 700 orders a day while India-based Foodpanda handles approx 30,000 orders daily and the number for TinyOwl remained to 8,000. 
 In an email written to ET, Zomato co-founder and CEO <keyword id="476451" type="UNKNOWN" weightage="20" keywordseo="Deepinder-Goyal">Deepinder Goyal</keyword> mentioned, "We have given a bank a mandate to start the fundraising process for us but we haven't reached out to any investor yet. We will start reaching out to investors sometime in September." In April this year, Zomato raised a total of Rs 301 crore from the existing investors including Info Edge and <keyword id="270604" type="ENTERTAINMENT" weightage="20" keywordseo="Sequoia">Sequoia</keyword> Capital at a valuation just under Rs 5,000 crore. 
 
"Zomato has been in talks with investors but isn't able to get the valuation or cash it needs to boost the delivery business," informed an official aware of the development. 
 
The official requesting anonymity further added, "Therefore, internal investors agreed to back the company through the beta launch and testing (of the food ordering service) and when the company is at significant traction, they will explore the opportunity to raise about $100 million, valued at $1 billion." 
 
The Bengaluru-based startup, aunched last year, Swiggy is likely to raise Rs 300 crore but as per the sources, the amount is yet to be finalized. Another Mumbai-based TinyOwl is likely to finalize its fundraising discussions with investors later this month. 
 
Swiggy CEO Sriharsha Majety and TinyOwl CEO Harshvardhan Mandad both confirmed their plans to raise money but declined comment any further on the matter.

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Foodpanda India fires 300 employees as automation rate of orders increases

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

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Zomato, TinyOwl, Swiggy in talks to raise funds worth Rs 1,000 crore

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