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Uber

Uber Sells 7.8 Percent Stake In Zomato In $373 Million Block Deal: Check Details.

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Uber Technologies Incorporated, an American Mobility service provider, is expected to sell a 7.8 % stake in the food delivery platform, Zomato on 3 August 2022, Wednesday, through a $373 million (approximately Rs. 2900 crores) block deal according to a familiar source and a document seen by the new agency. 

Zomato purchased Uber Eats’ India operation in a non-cash deal in January 2020. As a result, Uber received approximately a ten percent stake in the restaurant discovery platform. 

The proposal size of $373 million (approximately Rs 2,900 Crores) was on the basis of the lower end of a Rs 48- Rs 54 price range determined for the block deal with a discount of 2.8-13.6 percent to the closing price on the National Stock Exchange of Rs 55.55 on Tuesday, the document stated. 

The sole lead coordinator in the issuance of this block deal is BofA Securities, an American multinational investment banking division under Bank of America. 

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An inner firm memo viewed by the news agency disclosed that the Indian food Delivery Platform with backing from China’s Ant Group is taking reorganizing its management into account so that its discrete businesses would have its chief executive officer whereas the parent corporation would be renamed as “Eternal”. 

Deepinder Goyal, Chief Executive Officer of Zomato, in the memo specified that the corporation was currently not only operating the Zomato food delivery business but also other large businesses. Goyal said the businesses also include Blinkit, a proposed purchase of grocery-delivery startup, food Ingredients and kitchen supply business Hyperpure, and a non-profit organization whose purpose is to decrease hunger in poor Indian communities known as Feeding India. 

“We are transitioning from a company where I was the CEO to a place where we will have multiple CEOs running each of our businesses…all acting as peers to each other”, Goyal stated in the memo.

Source: gadgets360.com

Deepinder Goyal specified in the memo that the proposed name for the parent corporation, “Eternal” would stay as an “Internal name for now”. 

Zomato’s shares hit rock bottom last week as a one-year shares lock-in time duration for employees, advisors and other investors terminated and it posted a smaller quarterly loss, helped by some gain in orders for restaurant meals on its platform on 1 August 2022, Monday. The net loss of the firm was Rs. 1.86 Billion for the three months ended on 30 June, IN comparison with a loss of Rs. 3.56 Billion, which was recorded a year ago, the firm stated in a regulatory filing. On 27 July, Its shares changed by 37 per cent from a low of Rs 40.55 on the Bombay Stock Exchange. 

On Tuesday, Uber Stated in its earnings report that it had experienced an unexpected loss of $245 million in the second quarter and $707 million in the course of the first half of 2022 on its investment in Zomato. These unexpected losses are related to the reappraisal of its stakes in America-based self-driving technical firms Aurora, Indonesian mobility service provider firm, Grab and Zomato. 

“I would say that change is always slow and then it is actually fast. You don’t wake up one day and say now I want to change and then change happens overnight. So, I think over the last year, we have been really prepping and working hard to set up the infrastructure to make this change happen. This quarter is when all of those things actually started to happen,” cofounder and chief executive Deepinder Goyal specified, on whether the corporation had intentionally concentrated on profitability currently.

Source: economictimes.indiatimes.com

The Ceo specified that their Food delivery platform, Zomato, had already invested approx. 150 million USD in BLinkit as a loan before they declared the acquisition in march. 

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Zomato – A Popular Food Delivery Giant In India.

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One of the most popular on-demand meal delivery services, Zomato, enables consumers to find restaurants and have their food delivered right to their door. It is the go-to food delivery platform for the majority of Indians and continues to be the first choice of people when it comes to restaurant searching.

About The Company

Founded in 2008, Zomato is a popular food delivery giant in India. It is a platform that links customers with delivery services and restaurant partners to meet their various demands. Customers use Zomato to find restaurants, order food delivery, reserve a table, and pay for meals when dining out. Headquartered in Gurugram, Haryana, Zomata now has a presence in over 24 countries including the UK, US, and Australia.

zomato
Image source: www.india.com

History

When Zomato was founded it was initially named FoodieBay. However, in 2010 the founders of the company renamed it Zomato in order to avoid any trademark issues with eBay. In 2011, the company expanded its domestic operations across major cities in India like Delhi NCR, Bangalore, Mumbai, Pune, Hyderabad, Chennai, and Ahmedabad. Later in 2012, it also increased its international presence by launching its operations in countries like the UK, South Africa, Qatar, UAE, the Philippines, and Sri Lanka. In the next 1-2 years, it expanded itself globally across many nations including Canada, New Zealand, Portugal, etc. The company entered the USA and Australian markets in 2015, by the acquisition of an American restaurant discovery platform Urbanspoon. Zomato’s entry into the USA put it in direct opposition to other services with similar business models, like Yelp and Foursquare. Later on, in the same month, it bought Mekanist, a restaurant discovery platform in Turkey. In February 2015 as part of an effort to diversify its income beyond restaurant listing, It launched an online payment system called Zomato Cashless in affiliated restaurants in Dubai. However, the company discontinued this payment service after a few months.

In 2015, Zomato began its food delivery services by partnering with Delhivery and Grab. The idea was to provide delivery services to restaurants that lacked their own delivery service. In 2017, it launched Zomato Gold, a paid membership service that allowed users to receive deals and discounts on dining out and food deliveries at Zomato-partnered restaurants. In 2018, Zomato became a ‘unicorn’ by raising 200$ million through Ant Financial which valued the company at 1.1$ billion. In the same year, Zomato bought WOTU( rebranded as Hyper pure), which is a B2B platform, in its effort to supply restaurants with food ingredients like meat, vegetables, and grains from the company’s warehouses.

In 2020, as a result of the Covid pandemic and increase in demand for online groceries, Zomato introduced Zomato Market across 80+ cities in India. However, in June 2020 Company shut down its Zomato Market initiative as the business wasn’t scalable. In 2021, Zomato became India’s first unicorn to go public by offering its IPO( Initial public offering) in the stock market.

Acquisitions

Over the past few years, Zomato has acquired many local and international startups like Menu-Mania, lunchtime.cz, obedovat.sk, Gastronauci, Cibando, Urbanspoon, Mekanist, MapleGraph, NexTable, Sparse Labs, Runnr, TongueStun Food, TechEagle Innovations. In 2018 Zomato bought TechEagle Innovations, which specializes in drones, thus working towards a drone-based food delivery system in India. Other popular acquisitions include UberEats and Grofers. In 2022, It approved the acquisition of Blinkit, a grocery delivery platform, in an all-stock deal worth Rs. 4447 crores.

Founders – Deepinder Goyal and Pankaj Chaddah

Zomato was built by Deepinder Goyal and Pankaj Chaddah in 2008 as a platform called “Foodiebay,” which listed restaurants and food.  Both the founders met while working at a company called Bain Consulting. They both are graduates of IIT-Delhi. By 2011, what had initially been a small concept had become a one-stop destination for anyone searching for restaurant recommendations, reservations, ratings, reviews, and other information.

Jio-Bp

Jio-Bp Partners With Zomato To Make 100% EV Fleet By 2030.

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Jio-Bp, Reliance Industries’ and London-based BP’s fuel and mobility joint venture, established a partnership with Zomato on Wednesday to deliver electric vehicle (EV) mobility services to the food aggregator in support of its aspirations to have a 100 percent EV fleet by 2030. The new statement comes just days after Jio-Bp revealed plans to establish EV charging and battery-swapping facilities in 12 locations throughout North India. The company will establish its shop on the assets of real estate developer Omaxe. They announced an agreement to support the food delivery company in its ‘The Climate Group’s EV100’ effort.

Jio-Bp
Image source: etimg.com

Jio-bp will provide EV mobility services to Zomato, as well as access to ‘Jio-bp pulse’ branded battery switching stations for last-mile deliveries, according to a company release.

“The collaboration is poised to accelerate EV adoption in the rapidly growing Indian delivery and transportation segment,” it added.

Source: businesstoday.in

Zomato last year joined the non-profit The Climate’s worldwide electric mobility program EV100, with the goal of having 100% EVs in their fleet by 2030. EVs are already available on the Gurugram-based company’s platform in cities such as India Delhi, Bengaluru, and Mumbai.

“The current EV fleet is a small fraction of the active fleet of delivery partners, and we understand that getting to 100 percent adoption of EVs will not be easy, but is essential in the long run,” Zomato Founder and CEO Deepinder Goyal said in June last year when the company announced its EV-focused plans.

Source: gadgets360.com

The lack of charging infrastructure and restricted battery range are two major obstacles for Zomato in expanding its EV fleet. This could be rectified as a result of the most recent collaboration. Jio-Bp’s Pulse brand provides consumers with EV charging infrastructure.

Earlier this month, the Indian affiliate of British automaker MG Motor joined together with oil manufacturer Castrol to explore mobility options for EVs in the nation with Jio-Bp. TVS Motor and Mahindra Group are also significant automobile businesses in the joint venture, which will develop solutions for a variety of consumer and commercial EVs. In addition to Jio-Bp, Zomato has local vendors in select locations such as Zypp, Eveez, and Bud-e to facilitate its continuous transition to an EV fleet.

Reliance BP Mobility, which runs under the Jio-Bp brand, collaborated with Zomato’s archival Swiggy last year to create an ecosystem for EV battery-swapping stations across the country. Reliance BP Mobility Limited (RBML) is an Indian fuels and mobility joint venture between Reliance Industries Limited (RIL) and bp that operates under the brand ‘Jio-bp.’ The JV established one of the country’s largest EV charging stations in Delhi in January 2022, as the partners expand their fuel retail network, including several fuel options as well as EV charging infrastructure. The collaboration also aims to assist in the development of greener and more cost-effective delivery fleet options.

Jio-bp built and launched two of India’s largest EV charging stations last year. The Jio-bp pulse brand represents the JV’s electric mobility company, which provides charging infrastructure to Indian consumers. Customers can use the Jio-bp pulse mobile app to identify nearby charging stations and charge their EVs seamlessly.

Jio-bp also announced as part of the arrangement that it will set up EV charging and switching infrastructure at various Omaxe properties across 12 cities. Delhi, Noida, Greater Noida, Faridabad, Ghaziabad, New Chandigarh, Ludhiana, Patiala, Amritsar, Jaipur, Sonipat, and Bahadurgarh are among them. It will do so incrementally.

Zomato

Founder Of Zomato Explains How Instant Food Delivery Works.

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After announcing its 10-minute food delivery service, dubbed Zomato Instant, on Monday evening, popular food delivery app Zomato received a barrage of negative feedback on social media. Zomato, a new fast-food delivery service, claims to be able to deliver your order in as little as 10 minutes, but there’s a catch. Your food orders will not all be delivered in ten minutes. From next month, the Zomato Instant service will be available at four locations in Gurugram.

Deepinder Goyal, the company’s founder, said on Tuesday that the 10-minute delivery service will be limited to items that are “popular, standardised, and can thus be dispatched within 2 minutes.”

In response to a Twitter question, the founder of Zomato highlighted the types of food that can be delivered in 10 minutes. According to him, the Instant service will deliver items such as “bread omelettes, poha, coffee, chai, Biryani, momos, and many more” within 10 minutes. If you order noodles, fried rice, or pizza, in that case, the delivery time will be increased to 30 minutes or more, depending on the distance.

Delivery Partners’ Safety

The food delivery app was trolled and questioned shortly after announcing the Zomato Instant service, for not taking the safety of its delivery partners seriously. Goyal clarified in a recent Twitter post that the company will continue to educate delivery agents on road safety. In one of his tweets, Goyal stated, “We continue to educate our delivery partners on road safety, and we also provide accidental/life insurance.”
He also said that delivery partners would be kept in the dark about the promised delivery date. This, he believes, will relieve the delivery agent of any additional stress. Goyal also stated that there will be no penalties for late deliveries.

Zomato
Image source: i0.wp.com

Delivery Times Of 10 Minutes And 30 Minutes Are Compared.

Goyal shared a chart in a Twitter thread comparing 10-minute and 30-minute deliveries. Three major factors for deliveries are mentioned in the table: kitchen preparation time, the average distance travelled, and average time travelled.

According to the chart, a 10-minute delivery requires at least 2 to 4 minutes of kitchen preparation time, whereas a 30-minute standard delivery requires at least 15-20 minutes. The graph also shows that for a 10-minute delivery service, Zomato is opening stations closer to the customer’s location by 1 to 2 kilometres. In the case of standard 30-minute delivery, the distance from the customer’s address is 5 to 7 kilometres.

As a result, delivery partners will take 3 to 6 minutes to deliver the food at a 20 kilometre per hour average speed, whereas standard delivery can take up to 15 to 20 minutes.

Why Is It That Food Is Delivered In Ten Minutes?

Customers are increasingly demanding faster responses to their needs, according to a statement from the online delivery platform. They don’t want to plan ahead of time, and they certainly don’t want to wait. One of the most popular features of the Zomato app is sorting restaurants by fastest delivery time. Furthermore, after becoming a frequent customer of Blinkit (one of Zomato’s investments in the quick commerce space), the company believes that Zomato’s 30-minute average delivery time is too long, and thus plans to launch its own delivery service.

What Are The Chances Of This Happening?

Based on demand predictability and hyperlocal preferences, each of Zomato’s finishing stations will house bestseller items (20-30 dishes) from various restaurants. “Zomato has certain data about the customers—age, location, restaurants they eat at, favourite dishes, and so on. With the previous data, the company can predict the trends on how many probable orders could come at any given point in the future,” Rajath Ratnakaran, a data analyst, explained.
If Zomato Instant works as planned, it will have a significant impact on affordability (at least a 50% reduction in cost to the end customer), accessibility (delivery time will be reduced from 30 minutes to under 10 minutes on average), and quality (with control over the supply chain, we will be able to ensure highest grade ingredients and hygiene practises across the supply chain), according to the company.

Zomato Successfully Tests Food Delivery Using Drones at 80kmph

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Drones are helping in almost every field, from aerial surveillance to the exploration of oils, gas, etc. And now, you can get your food delivered to your doorstep through a drone. Zomato has successfully tested delivering food using a hybrid drone, with a fusion of rotary wing and fixed wings. The drone covered a distance of 5 km in 10 minutes at a peak speed of 80 km per hour.

zomato
Image Source: techcircle.in

“The drone was tested last week at one of the remote sites approved by the DGCA. Such tests are done at very remote sites which are specially designed to conduct such tests,” said Zomato in a statement.

The company has not revealed the location where the drone-delivered the package, but it carried a payload of five kg.

Since the regulations do not allow such experiments and drones carrying payloads outside the visual line of sight, DGCA has asked the interested organisations, through a notification released on 13 May, to submit an Expression of Interest (EOI) to the DGCA for conducting experimental Beyond Visual Line of Sight operations (BVLOS) of drones. The regulations have said that the rules will be evolved for the companies that will bring new technologies.

Zomato, last year, acquired the drone delivery startup TechEagle Innovations in order to experiment with the food delivery through drones, such that to serve its customers better. The company has revealed that it is forming a consortium to carry out such practices and move forward with its new idea of deliveries through drones.

“While regulatory hurdles are not trivial, and the government’s concerns need to be looked at from various (valid) points of view, the tech is ready to fly and I am confident that drone delivery will be commonplace sooner rather than later,” said Deepinder Goyal, Founder and CEO, Zomato.

The company is stepping towards deliveries through drones, to reduce the congestion on the roads and to provide faster deliveries to the customers. Though the average delivery time, the service takes to deliver food, is 30 minutes and with drones, the company wants to achieve lesser delivery time.