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Uber to buy controlling stake in Turkey's Trendyol GO food delivery business for $700 million
Economic Times
·
3m ago
Medial
Uber plans to acquire an 85% stake in Turkish food and grocery delivery platform, Trendyol Go, for $700 million. This move aims to diversify Uber's growth markets beyond North America, where its core business shows signs of saturation. Trendyol Go, which delivered over 200 million orders in 2024, will remain independent while integrating Uber Eats features. This acquisition demonstrates Uber's strategy to reassure investors and compete with rivals like DoorDash in the food delivery sector.
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Uber to buy Delivery Hero's Foodpanda business in Taiwan for $950 million
Economic Times
·
1y ago
Medial
Uber is set to acquire Foodpanda, the Taiwanese food delivery business owned by Delivery Hero, for $950 million in cash. Additionally, Uber will purchase 8.42 million new shares in Delivery Hero, worth $300 million. The deal is expected to be completed by the first half of 2025, resulting in Foodpanda customers, merchants, and delivery partners transitioning to Uber Eats. This acquisition follows the termination of previous talks surrounding the potential sale of Foodpanda in selected markets in Southeast Asia.
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Baron Capital Marks Up Swiggy’s Valuation To $12.16 Bn
Inc42
·
1y ago
Medial
US-based asset management firm Baron Capital Group has increased the fair value of its stake in food delivery giant Swiggy, resulting in a 13% increase in the startup's valuation to $12.16 billion. The move comes as Swiggy prepares for an upcoming IPO with an expected issue size of $1 billion in 2024. Baron Capital noted that Swiggy holds about 45% market share in India's food delivery industry and is well-positioned to benefit from the country's growing middle class, rising disposable income, and increasing smartphone penetration. Swiggy previously raised $700 million in funding, bringing its total funding to around $3.6 billion.
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Uber unveils maiden $7 billion share buyback after first profitable year
Economic Times
·
1y ago
Medial
Uber Technologies announces its first-ever share repurchase program, planning to buy back up to $7 billion worth of company shares. The decision comes after a strong recovery in ride-share services and robust demand in its food delivery business. Uber's shares have seen significant growth, more than doubling in value last year. The company expects continued growth in gross bookings and adjusted core profits, with a focus on operational discipline. This move reflects Uber's confidence in the demand for its services and its commitment to returning capital to shareholders. Source: The Economic Times.
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Airtel says 'not in any discussion' to buy Vodafone UK's stake in Indus Towers
Money Control
·
1y ago
Medial
Airtel has clarified that it is not in discussions to buy Vodafone UK's stake in Indus Towers. The telecom major stated that it has no desire to raise its stake beyond what is needed for financial consolidation of Indus in the company. Airtel is currently Indus' largest shareholder with a 47.95% stake. Reports had earlier suggested that Airtel was in talks to buy the 21.05% stake, potentially giving it a controlling stake in Indus Towers.
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Sourav Ganguly buys minority stake in food delivery startup JustMyRoots
Economic Times
·
2y ago
Medial
Former Indian cricketer Sourav Ganguly has acquired a minority stake in JustMyRoots, a food delivery startup. The investment will support the growth of the startup and strengthen its position in the food delivery market. Ganguly's involvement in the startup highlights his interest in the food industry and his belief in the potential of innovative food delivery platforms. JustMyRoots, which operates an inter-city food delivery service, is also in talks with venture capital and private equity funds to raise Rs 120-150 crore for its business expansion.
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Uber Eats to roll out AI features, more payment options
Economic Times
·
1y ago
Medial
Uber Technologies is expanding payment options on its food delivery platform, Uber Eats, and introducing an artificial intelligence (AI)-powered assistant to enhance user experience. The platform will feature a dedicated section called "Sales Aisle" for showcasing promotional offers. Uber is also partnering with federal healthcare programs to accept relevant waiver payments and will allow recipients of the Supplemental Nutrition Assistance Program (SNAP) to use their waivers for groceries on Uber Eats, targeting low-income households. The new features and partnerships aim to make the service more convenient and competitive in the food delivery industry.
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Prosus set to win EU nod for $4.74 billion Just Eat deal, sources say - The Economic Times
Economic Times
·
6d ago
Medial
Prosus, majority owned by Naspers, is set to gain EU antitrust approval for its $4.7 billion bid for Just Eat Takeaway, after agreeing to reduce its stake in Delivery Hero and relinquishing its board seat. The acquisition aims to enhance Just Eat Takeaway's capabilities by leveraging Prosus' artificial intelligence assets. The deal, if approved, will establish Prosus as the fourth-largest global food delivery company, trailing Meituan, DoorDash, and Uber.
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How ‘ideas man’ Sriharsha Majety’s hyperlocal focus put Swiggy on the map
Livemint
·
9m ago
Medial
Swiggy, the Indian food delivery and quick commerce platform, is set to go public on Wednesday. The company's co-founder, Sriharsha Majety, initially launched a logistics platform, but after shuttling down that business, he decided to focus on building a tech platform for hyperlocal delivery, which eventually became Swiggy. Despite initial scepticism from investors and competitors, Swiggy's model of owning its own fleet for food delivery helped it become the market leader. The company has since expanded its services to include groceries, quick commerce, and event bookings. Majety's conviction and ability to go against the grain have been key to Swiggy's success.
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BluSmart, PhysicsWallah, SBI Caps, and Cred in news
VCCircle
·
3m ago
Medial
Electric mobility startup BluSmart plans to close its ride-hailing business and transition to becoming a fleet partner for Uber due to financial challenges and difficulties in securing new funding. The company has received shareholder approval to move its fleet of 700–800 cars to Uber as a part of this phased transition.
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Write-offs, Uber onslaught complicate Ola’s profitability
The Arc Web
·
1y ago
Medial
Ola, the ride-hailing company, incurred losses of Rs 1,082 crore in FY23, driven by write-offs in its used cars, food delivery, and grocery businesses, as well as attempts to protect market share from Uber. The food delivery subsidiary experienced a significant drop in revenue, while the cab-leasing and grocery units also suffered losses. In comparison, Uber's losses in India rose by 57% to Rs 311 crore. Ola's ride-hailing sales increased by 63% to Rs 1,987 crore, but Uber is narrowing the sales gap.
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