Zomato inches closer to Swiggy’s valuation at $3.25 Bn
By MYBRANDBOOK
Zomato has crossed the $3.25 billion valuation mark with the fresh fund infusion from Pacific Horizon Investment Trust from Scotland. The new valuation narrows the gap between the two food delivery majors - Swiggy and Zomato. As per the report.
The Naspers-backed firm was valued at $3.6 billion in its $113 million Series I round in February. In terms of valuation, Swiggy is now only $350 million ahead of Zomato.
The fresh funding round for Zomato has come at a time when food delivery companies have been facing a 70% decrease in order volumes, due to the present pandemic crisis.
One of the reasons on how the online sales of groceries have shot up is because of people’s reluctance to go outside with the threat of coronavirus looming over.
Zomato had recently forayed into grocery via Zomato Market to compete holistically with Swiggy at a time when online grocery orders have seen a spike due to the Covid-19-induced lockdown. The company is reportedly in talks to partner with grocery delivery startups Grofers and BigBasket to sell food products and essentials on its platform by facilitating their deliveries. Whereas, Swiggy started offering grocery delivery about 15 months ago through Swiggy Stores.
Zomato also acquired the India business of Uber Eats in an all stock deal for $206 million earlier this year. While the transaction was valued at $171 million, the remaining $35 million was received as a reimbursement of goods and services tax receivable from Zomato.
Lastly, the food delivery business has been hit hard because of a countrywide lockdown alongside the fear of contracting the coronavirus among delivery personnel. Zomato had launched several initiatives such as offering loans to restaurants, provisioning support to the restaurant workers and feeding poor and stranded people.
BREAKING NEWS
TECHNO TRENDS
InterGlobe’s Rahul Bhatia and C.P. Gurnani together announce
In a move that is set to transform the AI landscape, Rahul Bhatia, Group M...
Download masked Aadhaar to improve privacy
Download a masked Aadhaar from UIDAI to improve privacy. Select masking w...
Sterlite Technologies' Rs 145 crore claim against BSNL rejecte
An arbitrator has rejected broadband technology company Sterlite Technolog...
ID-REDACT® ensures full compliance with the DPDP Act for Indi
Data Safeguard India Pvt Ltd, a wholly-owned subsidiary of Data Safeguard ...
E-Magazine
TECHNOTAINMENT
Salman Khan trolled for singing with B Praak at Anant Ambani's
To celebrate Mukesh Ambani's youngest son Anant Ambani’s 29th birthday
Disney+ Hotstar wins the Best OTT Platform of the year
Film Critics Guild and Group M Motion Entertainment, in collaboration with
MOVERS & SHAKERS
SISL elevates Ankita Wadhawan as CEO—End User Computing
The IT service provider, SISL in a LinkedIn post announced the elevation
InfoVision appoints Radhika Venkatraman to its Advisory Board
Global digital services company, InfoVision has announced the appointment
OPEN YOUR EYES
INTERVIEWS
Elastic democratizing search with powerful AI and ML-enabled s
Elastic is always committed to staying ahead of the curve and constantly re
ESDS commits to presenting clients with the latest technology
According to a NASSCOM report, the Indian IT industry experienced its stron
HOT PICK
Canon India Introduces 4K Remote PTZ Camera Controller & 4K In
Canon India, a leading company in digital imaging solutions, further solidi
Dell Technologies launches the new consumer and gaming portfol
Dell Technologies has unveiled its newest line of AI-enabled consumer PCs
MAKE IN INDIA BRANDS
EXIDE INDUSTRIES LTD.
MICROTEK INTERNATIONAL PVT. LTD.
RELIANCE JIO INFOCOMM LTD.
VVDN TECHNOLOGIES
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Ajit Balakrishnan
The Company markets specific channels, community features, local langu...
Technology Icons Of India 2023: Nandan Nilekani
Nandan Nilekani is the Co-Founder and Chairman of the Board, Infosys T...
Technology Icons Of India 2023: B.V.R. Subrahmanyam
B.V.R. Subrahmanyam belongs to Andhra Pradesh. He is a 1987-batch IAS ...
PARTNER SPEAKERS
PSU
BEL leveraging next generation technologies to keep the country ahead in Defence space
Bharat Electronics Limited (BEL) is a Navratna PSU under the Ministry ...
New defence PSUs will help India become self-reliant
MIL, India’s biggest manufacturer and market leader is engaged in Pr...
EESL encouraging e-mobility adoption across India
Energy Efficiency Services Limited (EESL) is a Super Energy Service Co...
VIDEOS
Top 25 Brands
Value-Added Distribution
TEXONIC INSTRUMENTS
Texonic has carved a niche for itself in the Technology Distribution i...
M. TECH SOLUTIONS (I) PVT. LTD.
M.Tech is a leading cyber security and network performance solutions ...
FORTUNE MARKETING PVT. LTD.
Delhi based Fortune Marketing, An ISO 9001:2008 company, distributes ...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
