Morgan Stanley values Indian food delivery company Zomato at US$2.5 billion

INDIA - Wall Street giant Morgan Stanley’s research unit has pegged Zomato’s valuation at $2.5 billion in a report released Thursday. This is almost three times its valuation from its last funding round. The coverage on Zomato by the international brokerage firm was done while taking stock of the startup's publicly traded shareholder InfoEdge, which…

Zimbabwe’s meal delivery company sees aggressive growth

ZIMBABWE - Zimbabwean food delivery startup Munch has seen thousands of downloads of its app as it looks to simplify the process of ordering food from restaurants in Harare. Munch has developed a web-based platform and mobile application that allows people to search for their favourite restaurant, select their food, and pay within the application…

Online grocer BigBasket sales cross US$170m in 2017

INDIA - Innovative Retail, which runs BigBasket, has more than doubled its business to cross the Rs 1,000-crore (US$158 million) sales mark in FY17, indicating the growing preference for online grocery-shopping in India despite sluggish trends in the broader consumer market. Innovative Retail reported revenues of Rs 1,090 crore (US$172 million) in the year to…

Naspers may partner Tencent to deliver $200 million to Swiggy

INDIA - South African Internet group Naspers has emerged as the frontrunner to lead a $150-200 million investment in Swiggy, after SoftBank and Flipkart ended independent funding discussions with the online food-delivery platform, according to three people briefed on the matter. The deal could likely value the three-year-old venture at $600-650 million before the investment,…

Alibaba gets CCI approval to invest in India’s BigBasket

INDIA - Chinese e-commerce major Alibaba has got approval of the Competition Commission of India (CCI) for investing in Indian online grocery platform, BigBasket. The move comes within a month of Alibaba seeking CCI’s nod for the same. According to a CCI notice, Alibaba Singapore – a subsidiary of Alibaba Group Holding – had proposed the acquisition and…

Orkla to acquire of Swedish e-commerce company HNSG for US$42m

NORWAY - Orkla, a leading supplier of branded consumer goods and concept solutions to the grocery, has entered into an agreement to acquire the Swedish company Health and Sports Nutrition Group HSNG AB (HSNG). HSNG runs the e-commerce portals Gymgrossisten and Bodystore, and is the biggest online health and sport nutrition company in the Nordic…