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Ola to acquire Foodpanda India; commits investment of $200 million

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[vc_row][vc_column][vc_column_text]Ola said Foodpanda’s Indian business will be transferred to Ola – in exchange of the online transportation network company’s stock.

Online cab service provider Ola on Tuesday confirmed that it will be acquiring online food ordering and delivery company, Foodpanda’s India business from Germany-based Delivery Hero Group in exchange for its shares.

Furthermore, the SoftBank-banked company has also committed to invest $200 million in Foodpanda’s Indian business, till now the largest investment made in any Indian mobile food delivery marketplace.

In an official statement released on Tuesday, Ola stated that Foodpanda’s India business will be transferred to Ola in exchange for the online transportation network company’s stock. However, Ola has not yet revealed how many shares will be part of the latest transaction.

Earlier last year, Ola shut down its Ola Café after it faced tough competition from food delivery majors – Swiggy, Tinyowl and Zomato. Ola had forayed into the food delivery business with Ola Café in 2014 and expanded its food delivery service to cities like Delhi, Mumbai and Bengaluru. However, according to industry sources, after Ola’s business rival Uber unveiled UberEATS in India a few months ago, Ola’s plans to enter the food delivery business heated up again – and the acquisition of Foodpanda is a step towards it.

Without revealing much information on the recent deal, Ola said that Foodpanda India will be benefiting from its scale and efficiencies as a platform and will continue collaboration with Delivery Hero to build the online food delivery ecosystem in the country.

“I’m excited about our partnership with Delivery Hero as we team up to take Foodpanda India to the next level. Our commitment to invest USD 200 million in Foodpanda India will help the business be focused on growth…,” said Ola co-founder and CEO Bhavish Aggarwal.

“At the same time, we consider our stake in Ola as a very valuable asset while Ola’s investment commitment in Foodpanda India is a clear and confident signal to the Indian market,” added Niklas Östberg, Chief Executive Officer and co-founder of Delivery Hero AG

Ola’s Founding partner Pranay Jivrajkahas recently been appointed as the interim CEO of Foodpanda India – replacing former CEO Saurabh Kochhar, who decided to move out of the business unit to seek other opportunities.

With a steep rise in revenue – which stood at Rs 62.16 crore in 2016-17 compared to Rs 37.81 crore in the previous fiscal – Foodpanda is associated with over 15,000 restaurants across 100 Indian cities.[/vc_column_text][/vc_column][/vc_row]

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Zomato introduces Food Rescue feature

“We don’t encourage order cancellation at Zomato, because it leads to a tremendous amount of food wastage,” he said.

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Zomato has introduced a new feature called Food Rescue to minimise food wastage, announced the food delivery platform CEO Deepinder Goyal on Sunday.

Announcing the new feature on X, Goyal said the decision, to introduce the new feature, was taken to prevent the tremendous amount of food wastage due to order cancellation on the platform.

Committed to minimising food wastage, the Zomato boss said: “We don’t encourage order cancellation at Zomato, because it leads to a tremendous amount of food wastage.”

Goyal said despite having stringent policies, and a no-refund policy for cancellations, more than 4 lakh perfectly good orders get cancelled, for various reasons by customers.

He said the top concern for the online food delivery platform, the restaurant industry, and even the customers who cancel these orders, is to somehow save the food from going to waste.

With the launch of the new feature, Food Rescue, cancelled orders will now pop up for nearby customers, who can grab them at an unbeatable price, in their original untampered packaging, and receive them in just minutes.

According to Zomato, the cancelled order will pop up on the app for customers within a 3 km radius of the delivery partner carrying the order. To ensure freshness, the option to claim will only be available for a few minutes.

The online food delivery platform will not keep any proceeds except the required government taxes and the amount paid by the new customer will be shared with the original customer (if they made payment online) and with the restaurant partner.

Orders containing items sensitive to distances or temperature such as ice creams, shakes, smoothies, and certain perishable items, will not be eligible for Food Rescue.

Restaurant partners will continue to receive compensation for the original cancelled order, plus a portion of the amount paid by the new customer if the order is claimed, the company said. “Most restaurants have opted in for this feature, and can opt of it easily whenever they want, directly from their control panels,” it added.

The delivery partners will be compensated fully for the entire trip, from the initial pickup to the final drop-off at the new customer’s location, it said.

Food Rescue will show up on the customers’ home page automatically if there’s a cancelled order available for them to grab. The Customers have to refresh the home page to check for any newly available orders which need to be rescued.

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Adani, Torrent compete to purchase Gujarat Titans from CVC Capital

The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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The Adani Group and Torrent Group are currently negotiating a deal with private equity firm CVC Capital Partners to offload a controlling stake in the Indian Premier League franchise Gujarat Titans. According to sources, close to the development, reports say CVC Capital Partners will be looking to sell a majority interest while retaining a minority share in the franchise.

This becomes important because it is aligned with the end of the lock-in period by the Board of Control for Cricket in India (BCCI), which restricts any new teams from selling stakes until February 2025. The three-year-old franchise Gujarat Titans is reportedly worth $1 billion to $1.5 billion. CVC Capital Partners had paid ₹5,625 crore for the franchise in 2021.

A source close to the development pointed out that IPL franchises have attracted many investors’ interest since the league has proved an asset with a good reputation for money-making capabilities and cash flows. This growing interest of investors embodies the financial value and stability that come with the IPL franchises.

Gautam Adani, who owns teams in the Women’s Premier League and UAE-based International League T20, is understood to be one of the serious buyers. In 2023, Adani’s group won the Ahmedabad franchise in the WPL with a bid of Rs1,289 crore, the highest offer. His interests in this potential deal signal his commitment to expanding his footprint in the cricketing world.

Arvinder Singh, COO of Gujarat Titans, exuded confidence in the financial future of the franchise. He said the team was confident of turning profitable in the next media rights cycle, referring to even the original ten IPL franchises that took four to five years to turn profitable. He added confidently that the Gujarat Titans would not only turn profitable but significantly enhance in brand value.
 
This surging interest of investors in it is evidence of the growing financial attractiveness of IPL franchises, driven by healthy revenue streams and an increasing global footprint. The probable sale of the Gujarat Titans, with the lock-in period coming to a close, will therefore be a defining moment in the changing face of IPL investments.

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PayTm share price slips 2 per cent over SEBI warning

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The share price of PayTm fell by nearly 2 per cent on Tuesday following a warning from the the Securities and Exchange Board of India (SEBI).

PayTm’s parent One 97 Communication had got SEBI’s administrative warning letter on some transactions involving the PayTm Payments Bank during fiscal year 2021-2022. The bourses reacted strongly leading to PayTm shares falling by 1.88% to Rs 460.80 per share on the Bombay Stock Exchange.

SEBI said it had noted the violation with concern and said these matters are being viewed very seriously. The regulator warned the company to exercise caution going forward and improve compliance to rules to prevent similar incidents in the future.

The markets regulator added that failure to comply with rules may force it to invoke enforcement actions as per the law.

In its response to SEBI, PayTm said in a media release that it has always followed listing regulations, as well as any change to these rules over time. The company said it would keep up its commitment to maintain and follow high standards of compliance. Paytm said it intends to provide an adequate response to SEBI on this matter.

PayTm said it has always followed Regulation 23 along with Regulation 4(1)(h) of the SEBI Listing Regulations, without including any change made to these rules over time. Paytm added that the letter from  SEBI has no influence on its finances, operations or other activities in any way.

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