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The logo of Indian food delivery company Zomato is seen on its app on a mobile phone displayed in front of its company website in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsMUMBAI, Nov 28 (Reuters) - Chinese payments group Alipay plans to sell its 3.4% stake in Indian food delivery giant Zomato (ZOMT.NS) for nearly $400 million through block deals on Indian stock exchanges, according to three sources and a Reuters review of the deal's term sheet. Alipay, owned by Ant Group, will offload its entire 3.44% stake in the deal, the term sheet seen by Reuters showed. In October, Japan's SoftBank (9984.T) sold a 1.1% stake in Zomato, which is India's biggest food delivery service. In August, China's Antfin sold a 10.3% stake in Indian financial giant Paytm (PAYT.NS).

Persons: Florence Lo, Morgan Stanley, Alipay, Japan's SoftBank, China's Antfin, Sriram, Aditya Kalra, Susan Fenton Organizations: REUTERS, Rights, Ant Group, Reuters, Bank of America, Tech, Thomson Locations: Rights MUMBAI, Zomato

Invesco, a minor shareholder in Swiggy, in May valued the Indian company at around $5.5 billion, it said in a filing. Swiggy had initially considered raising $800 million to $1 billion via the IPO, banking sources who worked on it in early 2022 have said. Swiggy, JP Morgan and Morgan Stanley did not respond to requests for comment, while Bank of America declined to comment. The three sources said Swiggy is aiming to list between July-September 2024 which would be after national elections in India due by May. Swiggy in May said its core food delivery business had turned profitable, nine years after starting operations, even as its newer grocery delivery service, Instamart, continues to make losses.

Persons: Niharika Kulkarni, Swiggy, Morgan Stanley, JP Morgan, Zomato's, Sriram, Aditya Kalra, Jane Merriman Organizations: Bombay Stock Exchange, REUTERS, Bank of America, Thomson Locations: Mumbai, India, MUMBAI, Swiggy

☆ Amazon to collect expiring 2,000-rupee notes from Indian customers
▼ + stars: | 2023-06-21 | by ( Tanvi Mehta | ) www.reuters.com time to read: +1 min

NEW DELHI, June 21 (Reuters) - Amazon (AMZN.O) said on Wednesday it will collect soon-to-be-withdrawn 2,000 rupee ($24) notes from customers in India and credit them to online wallets to help people struggling with the exchange process. Amazon said its customers can hand over up to 50,000 rupees' worth to delivery agents for orders meant for payment via cash. The amount will then be credited to their Amazon Pay wallets. "Don't stress if stores are refusing to accept 2,000 rupee notes for payments," the e-commerce giant said in a statement. "The facility to top up your Amazon Pay balance with cash handed to delivery agents at your doorstep is one of our unique services in India," Vikas Bansal, whole-time director at Amazon Pay India, said in a statement.

Persons: Amazon, Vikas Bansal, Tanvi Mehta, Andrew Heavens, Andrew Cawthorne Organizations: Amazon Pay, Thomson Locations: DELHI, India

☆ Indian food delivery firm Zomato's co-founder Gunjan Patidar resigns
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: 1 min

U.S.-listed Chinese tech companies cancel HK-listing plans -The Information, article with imageTechnology category · December 28, 2022Major U.S.-listed Chinese companies, including Pinduoduo Inc and Full Truck Alliance Co , have put discussions about a potential Hong Kong listing on hold, The Information reported on Wednesday, citing people familiar with the matter.

☆ Indian food delivery firm Zomato's co-founder Patidar resigns
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Jan 2 (Reuters) - Zomato Ltd (ZOMT.NS) said on Monday Gunjan Patidar, the company's co-founder and chief technical officer, had resigned after more than a decade with the Indian food delivery firm. "Patidar was one of the first few employees of Zomato and built the core tech systems for the company," it said in a stock exchange filing. Zomato, which did not say why Patidar was resigning, has posted losses narrowing in its last two quarterly results. Its food delivery business' gross order values - the total value of all food delivery orders placed online on Zomato's platform - jumped 23% from a year earlier in the September quarter. Reporting by Navamya Ganesh Acharya in Bengaluru Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

But many are delaying IPOs amid a stock market rout that has raised concerns over frothy tech valuations. In a statement to Reuters, Snapdeal said it has decided to withdraw the IPO prospectus "considering the prevailing market conditions", without elaborating. It adding that Snapdeal may reconsider an IPO in future depending on its need for capital and market conditions. The change of Snapdeal's plans comes as tech stocks in India that listed in recent years face investors' wrath. In August, TPG and Prosus-funded Indian online pharmcy PharmEasy withdrew papers for its $760 million IPO, while Warburg Pincus-backed seller of wireless earphones, boAT Lifestyle, also withdrew its papers in October.

☆ Alibaba to sell Zomato shares worth $200 mln via block deal - report
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 29 (Reuters) - Alibaba Group Holding Ltd (9988.HK) plans to sell a stake of about 3% in Indian food delivery firm Zomato Ltd (ZOMT.NS) worth $200 million through a block deal, CNBC Awaaz reported on Tuesday, citing sources. The Chinese e-commerce giant, through its finance affiliate Ant Group (688688.SS), currently owns a 13.3% stake in Zomato, according to Refinitiv data. Alibaba and Zomato did not immediately respond to Reuters requests for comment. The block deal on Wednesday will likely be at a 5% to 6% discount to Zomato's Tuesday close of 63.55 rupees, a CNBC Awaaz reporter said in a tweet. loadingThe development comes months after Uber Technologies (UBER.N) sold its 7.8% stake in Zomato for $392 million via a block trade on local exchanges, Reuters reported in August, citing sources.

☆ Indian food delivery firm Zomato's co-founder resigns
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Nov 18 (Reuters) - India's Zomato Ltd (ZOMT.NS) said on Friday its co-founder, Mohit Gupta, had resigned after about five years at the food aggregator. Gupta is credited with building Zomato's food delivery operations from scratch and was the segment's chief executive before being elevated to co-founder in May 2020. His resignation follows that of the company's deputy chief financial officer, Nitin Savara, who stepped down in August. Zomato last week reported a narrow second-quarter loss, as volumes and value of its online orders rose. Reporting by Nandan Mandayam in Bengaluru; Editing by Shinjini Ganguli and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ India's Zomato posts smaller net loss as online orders jump
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Nov 10 (Reuters) - Indian food delivery firm Zomato Ltd (ZOMT.NS) on Thursday reported a narrower loss for the second quarter thanks to a rise in volumes and value of online orders. Adjusted core loss, excluding figures for its recently acquired quick-commerce business Blinkit, narrowed to 600 million Indian rupees ($7.37 million) from 3.1 billion rupees. Gross order value - the total value of all food delivery orders placed online on Zomato's platform - jumped nearly 23% to 66.31 billion rupees, slightly below Morgan Stanley's estimate of 67 billion rupees. Revenue from operations jumped 62% to 16.61 billion rupees, with its food delivery business registering a growth of 33%. Consolidated net loss stood at 2.51 billion rupees for the three months ended Sept. 30, compared with 4.30 billion rupees a year earlier, the Gurugram-based company said in an exchange filing.

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