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<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

While <keyword id="6354720" type="General" weightage="20" keywordseo="ola" source="Orion">Ola</keyword> and tech-enabled logistics company <keyword id="67819" type="General" weightage="20" keywordseo="porter" source="Orion">Porter</keyword> scored zero on a scale of 1-10, <keyword id="1042120" type="General" weightage="20" keywordseo="uber" source="Orion">Uber</keyword> and <keyword id="3275685" type="General" weightage="20" keywordseo="dunzo" source="Orion">Dunzo</keyword> received only one point, according to the 'Fairwork India 2023' report, spearheaded by the Centre for IT and Public Policy (CITAPP) at International Institute of Information Technology Bangalore (IIIT-B), in association with Oxford University. The report evaluated 12 platforms offering location-based services in sectors such as domestic and personal care, logistics, food delivery and transportation, in the country. This year, the report was structured around the theme of discrimination and alienation that often come up in experiences shared by platform workers. In a year that has seen the formulation of a significant regulation based on inputs from workers called The Rajasthan Platform Based <keyword id="7771650" type="General" weightage="20" keywordseo="gig-workers" source="Orion">Gig workers</keyword> (Registration and Welfare Act, 2023, "we hope that highlighting the experiences of workers will point to the structural changes that platforms, consumers and the state alike will need to undertake if the platform economy is to offer its workers decent work," said Professors Balaji Parthasarathy and Janaki Srinivasan, principal investigators. Fairwork assessed platforms against five principles: Fair Pay, Fair Conditions, Fair Contracts, Fair Management, and Fair Representation. Each principle was broken down into two points: a first point and a second point that can only be awarded if the first point has been fulfilled. The report looked at 12 platforms, including Amazon Flex, Bigbasket, BluSmart, Dunzo, Flipkart, Ola, Porter, Swiggy, Uber, Urban Company, Zepto and Zomato. No platform scored more than six out of the maximum of 10 points, and none scored all the first points across the five principles. In its first year of participation, ride-hailing platform aggregator BluSmart scored higher than more established platforms in its sector, with 5 points out of 10. "There is room for cautious optimism that BluSmart's operational model might represent a step towards better conditions for drivers in the platform economy," the report mentioned. Bigbasket, Flipkart and Urban Company were the only platforms with a minimum wage policy to ensure that all their workers earn at least the hourly local minimum wage after factoring in work-related costs. "No platform made the second point of the Fair Pay principle, which requires platforms to provide sufficient evidence that workers earn at least the local living wage after work-related costs," the findings showed. Under the 'Fair Conditions' principle of providing adequate safety equipment and periodic safety training to their workers, Bigbasket, Swiggy, Urban Company, Zepto and Zomato were awarded the second point. Bigbasket, BluSmart, Urban Company, Zepto, and Zomato met the requirements for the second point under 'Fair Contracts' by adopting a change notification clause in their contracts, reducing asymmetries in liability, adopting a code of conduct for their subcontractors, and making the variables of pricing transparent where dynamic pricing was used. Under the 'Fair Management' principle, there was sufficient evidence only from BluSmart and Swiggy to meet the second point. "No platform could be awarded a point for 'Fair Representation' principle this year," said the report.

Ola, Porter, Uber & Dunzo worst digital platforms for gig workers: Report

<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?

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

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>

Sequoia Capital offloads 2% of its stake in Zomato

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

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

<ul><li><keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> invested $247 million into its India business, according to data intelligence platform paper.vc. </li><li>In October, Uber CEO <keyword id="1550747" type="PERSON" weightage="20" keywordseo="Dara-Khosrowshahi">Dara Khosrowshahi</keyword> visited India and launched the public transport feature in Delhi. </li><li>The money is reportedly set to boost the <keyword id="2960214" type="PERSON" weightage="20" keywordseo="ubereats">UberEats</keyword> business.</li></ul>Ride hailing giant Uber invested $247 million into its India business, according to data intelligence platform paper.vc. The investment which was approved on October 29, around the time Uber CEO Dara Khosrowshahi visited India. Uber recently moved its Indian ride sharing and UberEats business to an Indian entity – <keyword id="2502101" type="PERSON" weightage="20" keywordseo="Uber-India">Uber India</keyword> System Pvt Ltd. The investment came from the parent company’s Netherlands entity. "This is the single largest foreign direct investment by Uber into its Indian operations and follows the transfer of its India business from a Dutch entity to an Indian entity. We estimate that a large part of this allocation would go to Eats business, therefore posing a direct challenge to other food delivery companies such as Swiggy and Zomato,” said Vivek Durai, co-founder, paper.vc. Uber CEO Dara Khosrowshahi visited India in October to launch its public transport feature in Delhi. With this, India's national capital became the ninth city in the world and the first in Asia, to <a href="https://www.businessinsider.in/business/news/uber-ceo-dara-khosrowshahi-launches-its-public-transport-feature-in-delhi-its-first-for-asia/articleshow/71700978.cms">get the feature</a>. Khosrowshahi launched the feature in partnership with the Delhi Metro Rail Corporation. The feature allows users to check schedules for the Delhi Metro, based on pricing as well as timing. See Also: <a href="https://www.businessinsider.in/business/news/uber-ceo-dara-khosrowshahi-launches-its-public-transport-feature-in-delhi-its-first-for-asia/articleshow/71700978.cms">Uber CEO Dara Khosrowshahi launches its public transport feature in Delhi, its first for Asia</a>

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

IANS

Ola, Porter, Uber & Dunzo worst digital platforms for gig workers: Report

IANS

What went wrong with Uber Eats?

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

PTI

Sequoia Capital offloads 2% of its stake in Zomato

IANS

How to get Zomato Gold for free

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Zomato acquires Uber Eats business in India

PTI

Uber invests $247 million into its India business, after CEO Dara Khosrowshahi’s visit

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