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Amazon Aims to Grab Larger Share of India's $4.3Bn Food Delivery Market

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Amazon Aims to Grab Larger Share of India's $4.3Bn Food Delivery Market 10 Monday, March 29, 2021 Economy & Business Amazon aims to grab larger share of India’s $4.3bn food delivery market The sector, which is currently dominated by Zomato and Swiggy, offers great potential of growth given India’s size OMPETITION in India’s online food delivery sector is heating up, with market leader Zomato planning a public listing this year, while CAmazon makes a push to grow its fledgling restaurant delivery service in the country to grab a larger slice of the pie. The sector is currently dominat- ed by Zomato, Jack Ma’s Ant Group- backed venture, which was launched in Delhi in 2008. Bangalore-based Swiggy, which counts Prosus Ven- tures among its investors, is another major player. “Amazon’s entry can have a mas- sive effect on this industry,” says Ni- tin Shahi, the executive director of Findoc Financial Services. At stake is greater share of a fast- growing food market, driven by ris- ing smartphone ownership, internet use and an expanding middle class. The size of India’s online food delivery market reached $4.35 bil- lion last year. It is projected to wit- ness a compound annual growth rate of 30.11 per cent over the next five years, according to market re- search company Imarc Group. “It’s becoming extremely con- venient for people to order food on- line,” says Siddhant Bhargava, co- founder of Food Darzee, a healthy meal delivery service in India. “It’s a great time to be in this market. India’s extremely large. I think for the next three to four years there’s space for everybody to grow in this industry.” The food delivery sector re- ceived a further boost following the pandemic, which saw India enter- ing into one of the world’s strictest lockdowns. Despite easing of pandemic- related restrictions, people avoid The size of India’s online food delivery market reached $4.35 billion last year. dining out and prefer to order food online, as COVID-19 cases continue currently in losses and with Ama- commerce space in India, where it which gives it the freedom to lose “Competing with Amazon will be “The listing fees or marketplace to rise in the country. zon’s entry, their [plans] to be in is battling Walmart-owned Flipkart money at a service level that it will tough for any competitor and for this commissions currently are extreme- There are plenty of online profits will take a hit,” says Shahi. and Mukesh Ambani’s Reliance In- more than make up from the com- purpose proceeds from the IPO will ly high which need regulation or re- food delivery options for them to “With severe competition, the mar- dustries for dominance. mand on the consumer wallet”. be required,” says Shahi. work,” says Mr Manocha. “The oper- choose from. ket will consolidate more in the “Customers trust Amazon for all To fend off the competition from A spokesperson for Zomato said ator also spends on delivery charges Amazon, which is investing bil- coming years.” their unique shopping needs across Swiggy, and now Amazon, Zomato that the company was “in a silent pe- and visibility on the platform” lions of dollars in its e-commerce The food delivery sector in India categories,” says Sameer Khetarpal, has been building a war chest ahead riod” and declined to comment on As a result, Lite Bite Foods is de- business in India, joined the fray last is at an early stage of growth and director, category management, of its initial public offering, with the potential listing. veloping its own food delivery app, year. It launched its food delivery companies need to burn cash to at- Amazon India. “With the expan- the process for listing on an Indian Restaurants in India that are called “Foogo”, he says. service called Amazon Food in May tract customers and build a loyal sion of Amazon Food in Bengaluru stock exchange expected to kick off signed up on the platforms, howev- “Food delivery is definitely going in parts of Bangalore, the country’s customer base. (Bangalore), we continue as soon as next month. In Decem- er, are happy with more competition to play a massive role in the future tech hub. Although profitability still far off, in our endeavour to ber, Zomato raised $660 million in in the food delivery business, which of restaurants and these are exciting This month, Amazon expanded burning cash right now is worth the offer unmatched a financing round from investors can potentially help them to grow times for those who want to explore its service to 62 pin-codes across risk in a country with such a mas- convenience and including Tiger Global and Fidelity. their revenue. this segment,” says Manocha. the city, with more than 2,500 res- sive population and an enormous value.” Zomato’s fundraising efforts Chai Point, a major chain of ca- In India, the average spend on taurants and cloud kitchens signing room for growth. The potential As Amazon have already been delayed by the fes in India, already has its Banga- delivery is about $4, while in the US, up on its platform. It is gradually in- returns are significant, analysts adds a new pandemic but the start-up neverthe- lore branches on Amazon Food’s it is $33, according to research by creasing its presence and experts say say. business ver- less managed to raise $250m last platform.Amazon’s presence in this RedSeer Consulting. the global tech company is testing “Losing money at a net- tical in India, month. This takes the company’s space “will definitely benefit us”, says Companies are working on ad- waters to see if the food delivery sec- income level is acceptable in the Mr Sinha says valuation up to $5.4bn, according to Amuleek Singh Bijral, chief executive dressing this challenge. tor in India is worth investing into. short term for a start-up as long as that Amazon a stock exchange filing by Info Edge, and co-founder of Chai Point. During the pandemic “both Amazon ended up shutting down its it is gaining in users and traction,” “has unparal- which holds an 18.4 per cent stake in “Online delivery has been espe- Swiggy and Zomato took the oppor- restaurant delivery service in the US says Utkarsh Sinha, managing direc- leled scale at its Zomato. cially important during the pandem- tunity to focus on improving profit- in 2019 after four years of operations tor of Bexley Advisors, a Mumbai- disposal There has already been some ic wherein it became 45 to 50 per ability metrics by charging higher because of limited success. based advisory firm. “Amazon’s consolidation in the industry. Last cent of the overall stores’ revenue.” delivery fees to consumers, cutting Amazon has deep pockets and large [existing] customer year, Zomato acquired Uber Eats Vineet Manocha, senior vice down on discounts and marketing could disrupt the Indian food deliv- base positions it well in India in an all-stock deal, president culinary at Lite Bite Foods, spends and saving on other operat- ery business, analysts say. to have lower cus- which gave Uber 9.9 per cent which has more than 30 restaurant ing expenses”, according to research To get a foothold, the company tomer acquisition ownership of Zomato. brands in its portfolio including by Mumbai-based investment bank- is charging a delivery fee that is half costs ... which The Indian start-up’s Punjab Grill, says “more players will ing firm JM Financial. that of its rivals, while its Prime cus- will [certainly] IPO will be critical given definitely lead to overall growth of Amazon’s plans to take a bite out tomers are not charged for delivery ... trickle down the increasing competi- the market”. of the market, however, could scup- at all. to the net-in- tion. The company may The company has tied up with per these efforts. The move could affect its com- come level.” look to raise $650m and all of India’s major online delivery “While no market leaders will petitors Zomato and Swiggy, which Amazon could complete the firms, including Amazon Food. concede ground to Amazon with- are both burning cash to maintain has already Amazon CEO Jeff Bezos listing by Septem- But, like many other restau- out a fight, it is going to be a serious their market share. shaken ber, according to rants, they are concerned about the contender for a top podium finish,” “Both Swiggy and Zomato are up the e- Bloomberg. charges. says Sinha. Iraq in talks for $7 billion energy deal with Total AGENCIES produce 1GW of solar energy memorandum of understand- imports by 50 percent in 2021 IRAQ is discussing a “giant” in the first stage. A specialized ing with Total CEO Patrick and by 90 percent in 2022. Iraq agreement with French oil team from the oil ministry Pouyanne on capturing natu- will need a very limited volume giant Total SE to build large is leading these discussions ral gas, clean energy and in- of gasoil imports to support infrastructure installations, with Total. frastructure. Talks between power generation, he said. develop oil fields and produce “The agreement is giant, Iraq and Total were first re- Iraq’s current gas output gas, Oil Minister Ihsan Ab- and the volume of the invest- ported in October. stands at 1.5b scf/d and will dul Jabbar told Asharq News ment exceeds $7 billion,” the Iraq this year is also ex- reach 4b scf/d in 2025. The in an interview that aired on minister said. pected to ink a deal to build country in 2010 built gas- Saturday.
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