Ola pilots food delivery in 10 minutes, CEO Bhavish Aggarwal says he will focus on future projects

Last month, we reported that Zomato would soon be piloting 10-minute food delivery in Gurugram. The company’s decision was widely criticized, but it hasn’t deterred other companies from exploring “fast food”. Ola for one has already started testing 10-minute delivery in Bangalore.

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Also in this letter:
■ Head of Ola focuses on future projects, CFO drives day-to-day operations
■ Zilingo suspends CEO Ankiti Bose, she calls it a ‘witch hunt’
■ CoinSwitch Kuber Temporarily Halts Rupee Deposits

After Zomato, Ola and Swiggy explore fast food delivery

food delivery

The fast delivery space is seeing increased activity after Zomato announced plans to pilot 10-minute food delivery last month.

What is happening? Ola started offering selected dishes in parts of Bengaluru within 10 minutes through its Ola Dash fast trading arm. Dishes on the menu include khichdi, pizza and rolls, which Ola described as “freshly made”.

Swiggy is also exploring faster food delivery, though it’s unclear if he’s aiming for 10 minutes.

One ring to rule them all: Ola will use the facilities of food robotics startup Mukunda Foods, which recently scooped up $5 million from Zomato for a 16.66% stake.

He will also play a key role in the pilot of Zomato Instant, the company’s 10-minute delivery service.

Swiggy has also been in talks with Mukunda Foods to use its smart robotic equipment to automate food preparation in its cloud kitchens for some of its private brands, its CEO Eshwar Vikas said.

The company makes machines that it says can reduce cooking time by 20-50% for Chinese and Indian dishes.

Critical: When Zomato said last month it would pilot 10-minute food delivery at four Gurugram locations starting in April, many criticized the company, saying the move would put undue pressure on delivery partners and would force them to drive dangerously. But CEO Deepinder Goyal denied that was the case, saying Zomato would use algorithms that predict demand levels and robotics to deliver food in 10 minutes.

Read also : ETtech reviews | Are 10-minute deliveries a passing fad or the next big thing?

Ola chief Bhavish Aggarwal to focus on future projects, CFO to lead day-to-day operations

Bhavish Aggarwal, CEO of Ola

On March 29, Ola CEO Bhavish Aggarwal emailed employees saying he would step back from day-to-day operations in many of the mobility company’s core businesses.

Aggarwal’s note, which we reviewed, came two days after an Ola S1 Pro electric scooter caught fire in Pune.

What is the plan? Aggarwal plans to use his time to focus on engineering, product and team building in Ola’s fledgling businesses such as electric vehicles (EV) and fast trading.

He said Arun GR, Ola Group’s Chief Financial Officer, would lead day-to-day operations across the group. Arun is also Chief Financial Officer at Ola Electric and is acting head of Ola Financial Services, the company’s fintech arm.

Hard road ahead: The rejig comes as Ola faces several challenges. One of its newly launched S1 Pro electric scooters caught fire in Pune on March 27, and many customers complained about the new scooters.

Ola Electric is investigating the issue and has yet to find the root cause of the problem.

Read also : As electric vehicles catch fire, Cos plans to cool batteries

VE under the scanner: The government has ordered an investigation into electric vehicles following a series of fires in recent weeks. On April 9, around 40 Jeetendra EV scooters caught fire in Nashik after being loaded onto a shipping container. Other companies whose scooters spontaneously caught fire include Okinawa and Pure EV.

Read also : There’s no room for shortcuts in electric vehicle testing: Hero Electric MD Naveen Munjal

Zilingo suspends CEO Ankiti Bose, she calls it a ‘witch hunt’

Ankiti Bose

Singaporean business-to-business (B2B) fashion e-commerce company Zilingo has suspended its Indian founder and chief executive Ankiti Bose after alleged discrepancies in the company’s accounting that were discovered during a due diligence process for a new cycle funding within the company, people have been briefed on said the case.

Sources said Bose disputed those allegations and challenged her suspension, calling the company’s actions a “witch hunt” sparked by harassment complaints she filed against an investor in the company.

The alleged accounting irregularities at the Sequoia Capital-backed company were uncovered as it was in advanced talks to raise $150-200 million in a new round at a potential $1.2 billion valuation, opening it up the path to becoming a unicorn.

“They (Zilingo) had the $1.2 billion term sheet and during the due diligence the auditors raised some red flags. Bose denies any such charges and has hired Abraham Vergis of Providence Law Asia to represent her,” said one of the sources mentioned above.

Before launching Zilingo, Bose worked at Sequoia Capital India.

CoinSwitch Kuber Temporarily Disables Rupee Deposits

kuber coin acceptor

Credit: CoinSwitch Kuber website

Crypto trading platform CoinSwitch Kuber temporarily suspended all rupee deposit services on its app on Tuesday amid growing uncertainty around these digital assets in India.

The company’s mobile app stopped INR deposits through the Unified Payments Interface (UPI) and bank transfers (NEFT/RTGS/IMPS).

Encryption issues: US-based Coinbase halted UPI payments in just three days after launching its trading services in India last week. It came under the scanner of the National Payments Corporation of India (NPCI) after saying it would allow users to buy cryptocurrencies using UPI.

Big breakdown: ETtech reported earlier today that trading volumes on crypto exchanges such as WazirX, ZebPay and Giottos hit their lowest level in six months on April 10 due to uncertainty surrounding crypto regulations and new taxes. on crypto assets.

Closed deals ETtech

ETtech deal closed

Wipro acquired Convergence Acceleration Solutions (CAS), a US-based program management and consulting company. The agreement is for the acquisition of 100% of the shares of the company for a cash consideration of $50 million and a contingent consideration of $30 million payable over three years.

LimeChat, which offers an artificial intelligence (AI)-powered chatbot, raised $4.2 million in a funding round led by Stellaris Venture Partners, with participation from Pi Ventures, Titan Capital and angel investors from fame. The startup plans to use the funds to strengthen its product and expand its go-to-market operations.

■ Fintech start-up based in Bangalore iTribe raised $1 million in a funding round from investors including Eximius Ventures, Kunal Shah (Cred), Incisive Ventures and several angel investors. iTribe plans to use the funds to create new technology tools that make frontline adoption more accessible.

■ Deep technology software as a service (SaaS) company Spyne raised $7 million in a funding round led by US venture capital firm Accel, with participation from existing investors including Storm Ventures, Smile Group, Pentathlon Ventures and Core91. He plans to use the funds to acquire more talent, for global expansion, including in the United States, and to set up a computer vision lab for further research and development (R&D).

Today’s ETtech Top 5 newsletter was curated by Arun Padmanabhan in New Delhi and Zaheer Merchant in Mumbai. Graphics and illustrations by Rahul Awasthi.

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