Connect with us

Business

UAE will be first Middle East country to issue RuPay card

Published

on

Dubai: The UAE will be the first Middle East country to launch the RuPay Card during Prime Minister Narendra Modi’s visit to the Gulf nation on Friday, according to a media report. The RuPay card is a first-of-its-kind Indian domestic Debit and Credit Card payment network, with acceptance at ATMs, POS devices and e-commerce websites. It was launched in 2012.

“A Memorandum of Understanding to establish a technology interface between the payment platforms in India and UAE, would be exchanged between the National Payments Corporation of India and UAE’s Mercury Payments Services,” Navdeep Singh Suri, the Indian Ambassador to the UAE, told the news agency.

“This will enable the RuPay card to be used at point-of-sale terminals across the UAE,” he said. “The UAE is the largest and most vibrant business hub in the region. It hosts the largest Indian community, receives the largest number of Indian tourists and has the largest trade with India. By becoming the first country in the region to introduce the RuPay card, we expect that each of these elements of tourism, trade and the Indian diaspora will benefit,” Suri said.

India has already launched the RuPay card in Singapore and Bhutan. Prime Minister Modi’s third official visit to the UAE on August 23-24 is another important milestone in the bilateral comprehensive strategic partnership, the Indian envoy said. During the visit, Modi will receive the ‘Order of Zayed’, the highest civil decoration of the country for “giving a big boost to bilateral relations between the two countries.” Modi would also meet the Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al Nahyan to discuss bilateral, regional and international matters of mutual interest. The India-UAE bilateral trade touched almost $60 billion last year with a fairly balanced profile of about $30 billion of exports and $30 billion of imports, the envoy said.

Business

Zomato acquires UberEats India for nearly Rs 2,500 crore

Published

on

By

New Delhi: Zomato on Tuesday announced that it has acquired Uber’s Food Delivery Business in India in an all-stock deal and Uber will have 9.99 per cent stake in the Deepinder Goyal-led food delivery platform.

According to sources close to the deal, it is in the range of over $350 million or nearly Rs 2,500 crore.

Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective from Tuesday.

“We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category,” said Goyal, Founder and CEO, Zomato.

According to company sources, for the first three quarters of 2019, “our Uber Eats business comprised 3 per cent of our global Eats gross bookings, but was more than 25 per cent of our global Eats Segment Adjusted EBITDA losses”.

Uber started its food delivery service in India around mid-2017, but has not been able to scale up in the face of big players like Zomato and Swiggy.

It currently has nearly 26,000 restuarants listed on its platform from over 40 cities.

The market is piping hot as according to a recent study by business consultancy firm Market Research Future, the online food ordering market in India is likely to grow at over 16 per cent annually to touch $17.02 billion by 2023.

Uber CEO Dara Khosrowshahi said that the Uber Eats team in India has achieved an incredible amount over the last two years.

“India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader,” said Khosrowshahi.

“We have been very impressed by Zomato’s ability to grow rapidly in a capital-efficient manner and we wish them continued success,” he added.

On January 10, Zomato had announced that it has secured $150 million in fresh funding from Ant Financial, a subsidiary of China-based giant Alibaba.

The latest round of funding in Zomato, which currently value the company at $3 billion, is part of $600 million funding round announced by Zomato CEO Goyal at a Delhi event last December.

The deal comes in the wake of merger talks between Zomato and Swiggy, whoch both the companies have denied to date.

Continue Reading

Trending