Zomato's 10-min delivery 💁🏻♂️, CommerceIQ turns unicorn 🦄, PhonePe acquires GigIndia 🤝🏻
Zomato to roll out 10-min food delivery, CommerceIQ turns unicorn after $115 Mn funding, PhonePe acquires GigIndia, Hot Shorts & more.
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Zomato to roll out 10-minute food delivery service💁🏻♂️
"I started feeling that the 30-minute average delivery time by Zomato is too slow, and will soon have to become obsolete. If we don’t make it obsolete, someone else will," Goyal said. "Innovating and leading from the front is the only way to survive (and therefore thrive) in the tech industry. And here we are… with our 10-minute food delivery offering – Zomato Instant," he added.
"Each of our finishing stations will house bestseller items (~20-30 dishes) from various restaurants based on demand predictability and hyperlocal preferences," Zomato said.
The company expects a 50% reduction in cost to end customers. It said the absolute margin or income for restaurant partners and delivery partners will remain the same.
Zomato was among the first generation of internet unicorns to tap India’s capital market after its $1.3 billion initial public offering in July last year.
CommerceIQ turns unicorn in $115 million funding led by SoftBank Vision Fund🦄
CommerceIQ, which offers software to brands that helps them sell better on e-commerce platforms, has raised $115 million in a funding round led by SoftBank Vision Fund, valuing it at over $1 billion. Insight Partners, Trinity Ventures, Shasta Ventures, and Madrona Venture Group also participated in the round.
The latest investment will be used to expand CommerceIQ’s business in India and around the world, add more platforms, and develop more tools and products. The company currently operates in the US, Canada, Europe and India.
CommerceIQ uses machine learning, analytics, and automation to aggregate data across sales, marketing, and supply chain operations, helping brands gain shoppers at the moment of purchase and maintain customer loyalty.
The company claims that Nestle, Kellogg’s, Mondelez International, Colgate, Whirlpool, and more than 2,200 consumer goods leaders use its platform to grow their market share and profitability.
Electric vehicle maker Ola Electric has made a strategic investment in Israeli battery technology company StoreDot.
Bizongo, a business-to-business (B2B) platform for customized goods has acquired Mumbai-based internet-of-things (IoT) startup Clean Slate Technologies for an undisclosed amount.
E-sports firm Mobile Premier League has earmarked Rs 2,000 crore for a two-month-long multi-sport online mobile gaming tournament Great Indian Gaming League, starting from March 24.
PhonePe acquires GigIndia, to strengthen enterprise offerings💪🏻
As part of the acquisition, GigIndia, which has 1.5 million entrepreneurs and over 100 enterprises as customers, will integrate with PhonePe.
PhonePe said it will also leverage GigIndia's network of freelance micro-entrepreneurs to help corporates and enterprises acquire more customers and scale up their distribution channels.
The acquisition will also strengthen PhonePe’s offerings and value proposition to its corporate and enterprise partners. According to some estimates, India’s freelance community space is projected to grow to $20-30 billion by 2025.
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