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Reliance Jio announces Diwali offer

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New Delhi: Reliance Jio today announced a special one-time offer called the JioPhone Diwali 2019 Offer. Jio is making the JioPhone available for a special price of only ₹699 as against the current price of Rs. 1500 during the festive season of Dussehra and Diwali.

“This is a clear saving of over Rs. 800 without any special conditions like having to exchange your old phone,” Reliance Jio said in a statement.

The company said it will also offer data benefits valued at Rs 700 to customers who buy the JioPhone during the offer period. “For first 7 recharges that the customer does, Jio will additionally add Rs 99 worth of data,” Jio said.

With the Rs 800 savings on the purchase price and Rs 700 worth of free data, the company pegged the total benefits for JioPhone buyers at Rs 1500.

Mukesh Ambani, chairman and managing director of Reliance Industries, said: “Jio will ensure that no Indian is deprived of affordable Internet and the fruits of the Digital Revolution. By offering the ‘JioPhone Diwali Gift’, we are making an investment of Rs 1,500 towards bringing every new person from the Bottom of the Economic Pyramid into the Internet Economy.”

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Zomato acquires UberEats India for nearly Rs 2,500 crore

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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.

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