Swiggy, Zomato among top 10🏅; Oyo’s valuation slashed🏩; Uber pilots in-car tablets🚕
Swiggy, Zomato among top 10 global food delivery firms, SoftBank cuts valuation of Oyo, Uber pilots in-car tablets to boost ad revenue, Funding Deals and more.
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Swiggy, Zomato among top 10 global online food delivery firms: Report🏅
Homegrown online food delivery platforms Zomato and Swiggy have made it to the list of the world's 'Top 10' e-commerce-based food delivery companies, says a new report.
According to the Canada-headquartered global research firm ETC Group, Swiggy was placed in 9th place and Zomato on 10th.
Meanwhile, China's Meituan, the UK's Deliveroo, and the US' Uber Eats, a subsidiary of Uber, captured the top 3 positions, respectively.
"Venture capital and technology investment has fuelled the sector, but companies have yet to deliver profits -- even in the sector-friendly circumstances of the global pandemic when delivery became more necessity than convenience," the report said.
SoftBank cuts valuation of IPO-bound Oyo to $2.7 billion🏩
SoftBank Group has slashed the valuation of Oyo Hotels on its books by more than 20% as the once high-flying Indian startup prepares for an initial public offering (IPO).
The Japanese investor, which is the largest shareholder in the hotel-booking firm, cut its estimated value for Oyo to $2.7 billion in the June quarter from an earlier $3.4 billion after benchmarking it against peers with similar operations. Oyo had hit a valuation of $10 billion in a 2019 funding round.
The company said it was confident that its valuation shouldn’t have been marked down given its recovering business performance, adding that it hadn’t decided on the timing for an IPO.
Farm-to-consumer startup Deep Rooted has raised $12.5 million in funding led by IvyCap Ventures, with participation from existing investors, including Accel, Omnivore, and Mayfield.
FS Life, earlier known as FableStreet has raised Rs 50 crore in a funding round led by Fireside Ventures.
Cryptocurrency taxation and Web3 portfolio tracking startup Binocs has raised $4 million in funding led by Beenext, along with Arkam Ventures, Accel, Saison Capital, Premji Invest, Blume Ventures, and Better Capital.
Uber pilots in-car tablets in Delhi and Mumbai to boost ad revenue🚕
Ride-hailing firm Uber is piloting in-car tablets to show ads to riders in Delhi and Mumbai as part of a global rollout.
These tablets will be fixed behind the front seat facing the rider and is a way of monetising and creating additional revenue streams.
The company can show third-party ads and also cross-sell other services like Uber Eats. “You can sell food coupons for the airport food court if you are on the way to the airport,” said the source.
Tech companies across sectors are increasingly focussing on advertisement revenues to improve unit economics. Ecommerce behemoth Amazon, for example, generated more than $30 billion in 2021 from ads alone.
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