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Mukesh Ambani tops Forbes’ richest Indian list

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New Delhi: Mukesh Ambani remains the richest Indian for the 12th year in a row. He added $4.1 billion to his net worth as Jio, a three-year old telecom unit of his Reliance Industries, became one of India’s biggest mobile carriers with 340 million subscribers.

Another big gainer was infrastructure tycoon Gautam Adani, who jumped eight spots to No. 2. After a nine-year wait, Adani secured permission in June to start work on an Australian coal mine. A resident of Modi’s home state of Gujarat, Adani has ventured into a slew of new businesses from airports to data centers. A $4 billion boost propelled banker Uday Kotak into the top five for the first time. The lower tax rate is expected to boost earnings of his Kotak Mahindra Bank, which saw its shares rise 39% since we last measured fortunes.

There are six new faces this year, including Byju Raveendran, the 38-year-old founder of fast-rising edtech unicorn Byju’s; Manohar Lal and Madhusudan Agarwal of Delhi-headquartered Haldiram Snacks; and Rajesh Mehra, whose family owns the popular Jaquar brand of bathroom fittings. Samprada Singh, founder of Alkem Laboratories, died in July and his fortune is now listed under his family.

The top 10 richest India includes the names of Hinduja brothers, Pallonji Mistry, Uday Kotak, Shiv Nadar, Radhakishan Damani, Godrej family, Lakshmi Mittal and Kumar Birla respectively.

Forbes compiled the list using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies.

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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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