Tag: Zomato

Kroger partners Instacart to launch 30-minute delivery service as Zomato shutters grocery delivery service

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US –  American retail company Kroger is teaming up with Instacart on a new delivery service that can get grocery items to customers in as little as 30 minutes.   Called Kroger Delivery, the service will offer customers up to 25,000 items to choose from and is targeting to reach up to 50 million homes, the company said in a statement.   Kroger which boasts of more than 2,700 stores, will offer the service for its namesake stores as well as Ralphs, Fred Meyer, King Soopers, Fry’s, Mariano’s, and Smith’s locations.  Chairman and CEO Rodney McMullen noted that the fast delivery will help the…

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Zomato continues portfolio cleanup post-IPO, shuts down UK, Singapore businesses

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INDIA – Indian multinational restaurant aggregator and food delivery company Zomato has closed two of its overseas subsidiaries – Zomato UK Limited (ZUK) in the UK and Zomato Media Private Limited (ZMPL) in Singapore – according to a stock exchange filing the company seen by ET retail.  As part of its “cleaning-up” exercise, the food delivery firm has been shutting international subsidiaries that don’t contribute to its business since it was listed on Indian exchanges in July.  The company said in the filing that its UK and Singapore subsidiaries were not material…

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Zomato’s quarterly losses widen despite 22% jump in operational revenue

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INDIA – Indian multination food delivery company Zomato has seen its net losses jump 168% from the previous quarter to Rs 360 crore (US$48m) despite the company recording a 22% rise in revenues.  According to a statement from the company, the triple-digit rise in losses was attributed to non-cash Esop (employee stock ownership plan) expenses, which increased in Q1 of FY22 due to significant Esop grants made.  India, the company’s largest market delivered a significant chunk of the revenues as Rs806 crore (US$108m) while revenue of Rs 31 crore (US$4.17m) was logged from the UAE, and the balance from…

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Zomato becomes first Indian unicorn to go public raising US$1.26B in successful IPO

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INDIA – Food delivery start-up Zomato has become the first Indian unicorn to go public, successfully raising over US$1.26 billion in an IPO that was more than 38 times oversubscribed.  The food delivery startup which also lets users book tables and aggregates reviews for restaurants debuted in India’s National Stock Exchange (NSE) in July at ₹116 (US$1.56), a 53% premium over the IPO price of ₹76 (US$1.02), and closed at ₹125.8 (US$1.69) per share on its first day.  Zomato has said it will utilise the net proceeds from the fresh issue for funding organic and inorganic growth initiatives and general…

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Zomato eyes 10% stake in e-grocery startup Grofers to counter rising competition from rivals Swiggy and BigBasket

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INDIA – India multinational food delivery company Zomato is angling for a 10% stake in Indian e-grocey startup Grofers to stave-off competition from rivals Swiggy and Big Basket. According to a report by ET Retail, the IPO-bound company has already filed a notification with the Competition Commission of India (CCI) to acquire a 9.3% stake in Grofers.  According to the document filed with CCI, Zomato has mentioned that the transaction will not lead to any impact on the competitive landscape.  The development follows an investment round where Grofers closed a US$120 million investment from Zomato and Tiger Global…

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Zomato files for $1.11bn IPO as food delivery surges in pandemic

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INDIA – India food delivery platform Zomato has filed for a US$1.11 billion IPO as food delivery surges in India amid a raging pandemic that has so far infceted more than 18 million people and killed over 200,000 others. Launched in 2008, Zomato is one of India’s most prominent startups, currently present in 24 countries and reported to employ more than 5,000 people, according to its website. The company, along with domestic rival Swiggy, backed by Accel, dominates the Indian food delivery market, which research firm RedSeer estimates is worth…

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Zomato expands meal delivery in India amid surging covid-19 cases, appoints 4 women to board

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INDIA – Food delivery platform, Zomato has expanded the offering of its meal delivery service to include home-style mini-menus to cater for surging demand of food order amid a worsening covid-19 crisis. The new, curated menus in the delivery app’s platform include options such as khichdi, soups, rajma chawal, and other Indian staples and have been launched in partnership with thousands of restaurants in the country. Chief Executive Deepinder Goyal said that expansion of the meals available on the platform was necessitated by surging demands from people with poor health…

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Zomato raises US$250 million in new funding round even as it re-evelutes its office catering business

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INDIA – Indian food delivery startup Zomato has raised US$250 million, two months after closing a US$660 million Series J financing round, reinforcing the strong confidence investors have in Zomato, which struggled to raise money for much of last year. Kora, Fidelity, Tiger Global, Bow Wave, and Dragoneer, pumped the new capital into the 12-year-old Gurgaon-headquartered startup, Info Edge, a publicly listed investor in Zomato, disclosed in a filing to a local stock exchange. Zomato, which acquired the Indian food delivery business of Uber early last year, competes with Prosus…

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Asia’s online food delivery expected to continue upward trajectory as Covid-19 continues to spread

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GLOBAL – Lockdowns and other coronavirus-related restrictions provided a significant boost to online food delivery players in 2020. The surge in food delivery orders saw players hire more independent contractors as delivery couriers in an effort to cover more ground. In addition, cloud kitchens, which deliver straight from the kitchen to homes, also gained traction in Southeast Asia in the last one year. Food delivery platforms in all corners of the word experienced a surge in business, got higher valuations and attracted some of the largest investments in 2020. Although…

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Indian foodtech unicorn Zomato raises US$660m in a primary financing round even as it prepares for 2021 IPO

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INDIA – Zomato, one of India’s most promising unicorns, has raised US$600 million in a primary financing round, giving the company a valuation of US$3.9 billion. The financing and valuation comes at a time when the company is preparing for its IPO which is slated for early next year. According to a report by Deal Street Asa, the fundraiser saw 10 investors join Zomato including Tiger Global, Kora, Luxor, Fidelity (FMR), D1 Capital, Baillie Gifford, Mirae, and Steadview. According to a statement from Deepinder Goyal, Zomato’s Founder and Chief Executive,…

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