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Ola to acquire Foodpanda India; commits investment of $200 million
[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]
Latest business news
Flipkart Big Billion Days sale to begin from October 8; check discounts and offers here
The Flipkart Big Billion Days 2023 sale for this year will begin on October 8 and last until October 15. Members of Flipkart Plus will once again have access to the deal one day early.
Dates for Flipkart’s Big Billion Days sales are officially confirmed. On October 8, the seven-day online sale will start in India. The e-commerce company promises exciting deals and offers on hundreds of products, including mobile phones, laptops, tablets, smartwatches, earbuds, and smart TVs, among others, with new product launches and more.
Flipkart Plus members will receive 24-hour early access to the sale, just like in previous years. In order to provide immediate discounts for purchases made using their cards and EMI transactions during the sale, Flipkart is collaborating with a number of lenders, including ICICI Bank, Axis Bank, and Kotak Bank. Also available to interested purchasers are Paytm-based promotions.
Price reductions are expected for smartphones from companies including Apple, iQoo, OnePlus, Samsung, Realme, and Xiaomi during the sale.
During the sale, the recently introduced Samsung Galaxy S23 FE, Vivo T2 Pro 5G, and Moto Edge 40 Neo will all be made available for the first time in the nation. With a coming soon tag, the website’s page teases the Vivo V29 series. On October 4, the lineup is expected to debut in India.
On Wednesday, the world’s largest online retailer unveiled some smartphone bargains, which you can view here.
The Flipkart Big Billion Days 2023 sale for this year will begin on October 8 and last until October 15. Members of Flipkart Plus will once again have access to the deal one day early.
It is official that the sale event would provide up to 80% off of smartphones, other electronics, accessories, smart TVs, and home appliances. Up to 90% off will be offered on fashion items, while up to 80% off will be offered on sports, cosmetics, and home décor items.
Flipkart will provide customers an instant discount of up to 10% on purchases made using specific ICICI Bank, Axis Bank, and Kotak Bank debit and credit cards.
During the event, Paytm customers can take advantage of guaranteed savings on Paytm, UPI, and wallet transactions. For their purchases, customers can also use the Flipkart Pay Later function. There are also exchange savings and no-cost EMI options.
Latest business news
Reliance Jio Air Fiber to be launched today: Checkout features here
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, during the annual general meeting on August 28,2023 announced the launch of Jio AirFiber on Ganesh Chaturthi. JioFiber features integrated security firewall, support for WiFi 6 and parental controls.
Reliance Jio is set to launch Jio AirFiber, a wireless internet solution today. This service is intended for both offices and homes. It offers speeds upto 1.5Gbps which can be used for activities like lag free video conferencing, online gaming and high definition video streaming.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, during the annual general meeting on August 28, 2023 announced the launch of Jio AirFiber on Ganesh Chaturthi. JioFiber features integrated security firewall, support for WiFi 6 and parental controls.
Jio AirFiber is looking to tap a massive untapped market of over 200 million Indian households. JioAirfiber will be priced competitively at around Rs 6000 as it includes a portable device unit. Jio AirFiber uses 5G technology to provide high speed internet access. It accommodates sets top boxes, smart TVs, tablets, PCs, smartphones and multiple devices while maintaining top notch internet speed.
Jio AirFibre makes a wireless approach establishing digital connections between offices and homes through wireless signals. This eliminates the need for fibre cable and depends on clear line of sight communication with Jio towers. Another major advantage of Jio AirFibre is its extensive coverage potential as it does not depend on physical infrastructure limitations like JioFiber. It is designed to be user friendly plug and play solution.
Jio AirFibre will be available in select cities only. Reliance plans to expand the service more cities in the coming months. Jio AirFibre has large number of features like WiFi 6 support, unlimited data usage and high speed internet connectivity. The WiFi6 support provides faster speeds, better performance and OTT subscription.
The launch of Jio AirFibre will have a major impact on the Indian broadband market. Jio is known for innovative plans and aggressive plans. The rollout of the Jio Air Fibre can lead to other broadband providers to improve their services and reduce their prices.
India News
Uday Kotak steps down as MD and CEO of Kotak Mahindra Bank
Kotak Mahindra Bank’s managing director and chief executive officer, Uday Kotak, resigned with effect from September 1.
Kotak Mahindra Bank’s managing director and chief executive officer, Uday Kotak, resigned with effect from September 1.
The bank has said that as an interim arrangement, Dipak Gupta, the joint managing director will perform the duties of the managing director and CEO until December 31, subject to the approval of the RBI and the members of the bank.
Uday Kotak said he is stepping down to facilitate the succession plan at the bank in a communication on social media on Saturday.
Kotak will continue as a non-executive director of the bank. Uday Kotak’s tenure as the chief executive officer and managing director of the bank ends on December 31, 2023.
Uday Kotak said on X that the chairman of the bank, Joint MD and including himself to step down by year-end. He said the succession at Kotak Mahindra Bank has been foremost on his mind. He is keen to ensure a smooth transition by sequencing these departures. He initiated this process now and stepped down voluntarily as CEO, Kotak said.
Kotak said the bank awaits RBI approval of the proposed successor and as an interim his colleague Dipak Gupta, currently Joint MD, will function as MD & CEO, subject to approvals.
He further said that he is deeply attached to the brand Kotak as he is the founder of the bank and he will continue to serve the institution as a Non-Executive Director and significant shareholder. He said that having an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity, Uday Kotak said.
Uday Kotak stated that JP Morgan and Goldman Sachs dominate the financial world and dreamed of creating such an institution in India. He further said that it is with this dream that he started Kotak Mahindra 38 years ago, with 3 employees in a 300 sqft office in Fort, Mumbai. He had deeply cherished every bit of this memorable journey and lived his dream.
