After Zomato acquired Uber Eats last week, both Zomato and Swiggy would’ve heaved a sigh of relief — instead of three players trying to corner the food ordering market, there were now only two, and the Zomato and Swiggy would’ve only needed to compete with each other for supremacy. But there might be another player waiting in the wings, trying to beat them both. Amazon has begun testing its food delivery service among its employees…

Disruption can take a while to arrive, but when it does, it arrives with a bang. After a surge in its stock price, Tesla is now worth more than Ford and General Motors combined. Tesla’s stock climbed to a record high of $590 on Thursday, which propelled its market cap beyond the $100 billion mark. In comparison, Ford is currently worth $35 billion, while $49 billion. The recent surge is its stock has also made Tesla…

Zomato CEO Deepinder Goyal is upbeat about his company’s recent acquisition of Uber Eats, in which it bought India’s third largest food tech player in exchange for 10 percent equity. “We often make the mistake of looking at the business at an India-level, that’s not how it works,” he said in an interview with ET. “It’s on a city-to-city level. In multiple cities in the south, Uber was the number one or number two player. South has…

UPI services have already taken away significant market share from debit cards and credit cards for online and offline transactions. Now they seem to be eyeing the final bastion where debit cards still rule — cash. PhonePe has announced that it’s launched a service called PhonePe ATM, which will allow neighborhood stores to act as ATMs for customers. Customers in need of cash will be able to withdraw cash from stores, much as how they withdraw cash…

Uber might have bowed out of food delivery in one of its largest markets, but the company’s shareholders seem to have celebrated the move. Uber’s stock rose 7.03 percent the day after it announced that it had sold off its Uber Eats business in India to Zomato. Through the all-stock deal, Zomato had paid nearly Rs. 2500 crore for Uber Eats, and in turn, Uber had received a 10 percent stake in Zomato. After the…

Sachin Bansal had changed India’s e-commerce space with Flipkart. Now he seems to want to change India’s financial services sector — and he’s willing to put his money where his mouth is. Flipkart co-founder Sachin Bansal has said that he will deploy all the proceeds from his Flipkart sale into his financial services Navi Technologies. “I am putting almost all of mine (money) — that is going to happen in the next few days or weeks,…

And then there were two. Zomato has acquired Uber Eats India for $350 million (Rs. 2500 crore) in an all-stock deal. In return, Uber gets a 10 percent stake in Zomato. This means that India’s food delivery marketplace, which until now had been a three-way between Swiggy, Uber Eats, and Zomato, now only has Zomato and Swiggy slugging it out for top spot. “We are proud to have pioneered restaurant discovery and to have created…

Ikea might have only set up one of its signature stores since launching in India in 2018, but it’s reaching out in other cities through a channel that’s common in India — e-commerce. Ikea has set up an online store in Pune, the company announced in a press release. Pune is the third market in India after Mumbai and Hyderabad where Ikea will deliver products through orders made online. Ikea had earlier set up a large…

Oyo’s troubles have extended from its home market of India to its biggest market of China. Oyo has fired 2000 employees from its China operations, a report in Chinese publication Global Times has claimed. “We have cut nearly 2,000 employees in different sectors ranging from accounting to customer service across the country,” an employee said. “It seems to me that most of the cut jobs are in the operations sector.”  At 2000, the number of affected employees…

Ripples from Oyo’s recent layoffs are already making an impact on Oyo’s hotels across the country. Some Oyo partner hotels say that they’re having trouble getting in touch with Oyo representatives. Hoteliers told ET that they were unable to contact representatives who were doing business with them. “For the past two-three days I’m trying to contact the business development people but they are not picking up our phones,” said Mohammad Ansar, an Oyo partner who…