Ever wondered about the story of India’s biggest food delivery service platform? Zomato is a popular Indian multinational restaurant accumulator and food delivery service company founded in 2008 by Deepinder Goyal and Pankaj Chaddah. The company was previously named “FoodieBay” and worked on a food directory model as a one-stop solution to find menus for different restaurant outlets. The idea was unique and problem solving in its own way, this gave FoodieBay the initial boost it needed. Within 9 months of its establishment, FoodieBay became Delhi’s biggest Food Directory and was already touching heights.
In 2010, FoodieBay rebranded as Zomato which we now know as India’s one of the biggest food delivery service in collaboration with Delhivery. According to Monk, business was doing good for Zomato which allowed its expansion in cities like Delhi NCR, Ahmedabad, Mumbai, Chennai, Bangalore, Hyderabad and Pune. Soon Zomato opened gates for international services in countries like the UAE , Sri Lanka, Qatar, the UK, the Philippines,and South Africa by the end of 2012. It proceeded to expand it’s ventures abroad till 2015.
Zomato established a firm base especially in the United States of America and Canada by acquiring Urbanspoon and NextTable– an American online table reservation platform which was later renamed as Zomato Book.
In around 2018, one of the Co-Founders Pankaj Chaddah, who was an alumnus of the Indian Institute of Technology bid farewell to the company. Interestingly, the step was taken on the same day as Zomato’s announcement of a $150-million fund-raise from a Chinese Ant Financial Services.
The company took its fair share of hit during the novel pandemic which led to a down fall in food delivery services and a rising demand for online grocery ordering services. To keep up with the trend, Zomato introduced Zomato Market in 80+ cities across pan India to serve online groceries and daily necessities.
Today, Zomato serves over 10,000 cities around 24 countries across the globe. With a total valuation of worth $5.4 billion with an initial public offering at a valuation of over $8 billion. In February 2021, Zomato raised over $250 million from five investors incorporating names like Tiger Global Management making it one of the biggest names in the global food-delivery market.
Gautam Adani becomes the 3rd richest man on earth
First time in history world’s 3rd richest man is an Asian.
Last week, Adani Group of Industries founder Gautam Adani became the third richest person in the world. Elon Musk retained the top spot with his net worth of $251.4 billion, followed by Jeff Bezos ($153.4 billion) and Mr. Adani with $137.4 billion. It is the first time an Asian has broken into the top three, with Mr. Adani overtaking France’s Bernard Arnault.
Mr. Adani added $60.9 billion to his fortune in 2022 alone, five times more than anyone else. He first overtook Mukesh Ambani as the richest Asian in February and then last month surpassed Microsoft Corporation’s Bill Gates as the fourth richest person in the world.
Adani’s different business operation
Adani’s conglomerate owns India’s largest private sector, operating a seaport and airport for the past few years. The Adani Group now owns India’s largest private port and airport operator, city gas distributor and coal miner. Recently, Cement has expanded its conglomerate into new directions such as data centers and Cement is now the second largest cement producer in India, power distribution, telecommunications, media and alumina.
Additionally, Mr. Adani pledged in November to invest $70 billion in green energy to become the world’s largest producer of renewable energy, the report said.
Adani is expanding not only in India, but they have a huge presence there, a coal mine in Queensland, Australia. The company has faced harsh criticism for its environmental impact on the Great Barrier Reef, as well as for using billions of liters of water each year.
Here is the latest list of the 10 richest people in the world (August 30, 2022):
Elon Musk: $251 billion
Jeff Bezos: $153 billion
Gautam Adani: $137 billion
Bernard Arnault: $136 billion
Bill Gates: $117 billion
Warren Buffett: $100 billion
Larry Page: $100 billion
Sergey Brin: $95.8 billion
Steve Ballmer: $93.7 billion
Larry Ellison: $93.3 billion:
The Adani’s are the only among the top billionaires whose wealth has grown during and after Covid, the other top billionaires have seen their wealth fall this year – Recently Adani’s gained projects in Israel to develop the new port which is one of biggest one with 1.3$ Bn. This will not be surprising to get news in the near future that Adani’s are the second one.
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TOP 5 INDIAN BUSINESSMEN OF ALL TIME.
If you’re looking for a list of the top 5 Indian businessmen, look no further. We’ve got you covered. Here are the names of some of the most successful entrepreneurs who have made their mark in India’s business world:
Mukesh Ambani is the chairman and managing director of Reliance Industries, which has a net worth of $50 billion. He is also one of India’s wealthiest businessmen, with an estimated personal worth of $35 billion.
Within the Indian context, Mukesh Ambani is arguably the most successful businessman in history. He was born into a poor family in 1961 in Mumbai; his father died when he was young and his mother raised him along with her four children on her own. After graduating from college with honors at age 16 (the youngest person ever to do so), Mukesh took up an apprenticeship as a laborer before moving on to work as an executive trainee at another company called Associated Cement Company Limited (ACCL). From there he went straight into management roles within ACCL where he rose through the ranks quickly becoming its chief financial officer by age 34!
Shiv Nadar is the founder and chairman of HCL, India’s second-largest IT company. He is also one of the richest people in India and Asia. He is worth over $8 billion dollars and has an estimated net worth of $16 billion dollars according to Forbes Magazine.
Initially, Nadar and his partners began their startup called Microcomp, which focused on teledigital calculators business in the Indian market. HCL was founded in 1976, with an investment as low as Rs. 187,000. Shiv Nadar was later awarded Padma Bhushan for his work in the IT industry.
Azim Premji is an Indian business tycoon, born in 1945, in Mumbai. He is the chairman of Wipro Limited, an Indian conglomerate that he founded with his brother Shashi.
Azim Hashim Premji is a veteran businessman in Indian history who started his journey from Maharashtra by starting Wipro which is an IT Company founded in 1980. He was awarded Padma Bhushan and Padma Vibhushan in 2005 and 2011 respectively becoming the second highest individual awarded by the Government of India.
According to monk, Mr. Premji is one of the top powerful people in India. He has multiple contributions to non-profit organizations and social activities in which he provides a number of donations to educate and fulfill the requirements of needies.
Lakshmi Mittal is the chairman and CEO of the world’s largest steel maker, ArcelorMittal (MT). He was born in Gwalior, India. He is also the richest man in Britain and the fourth richest in the world. He owns a controlling stake in Queens Park Rangers Football Club which plays in England’s Premier League.
Mittal has been an active philanthropist for many years and founded several charitable foundations including “The Lakshmi Mittal Foundation” which supports education initiatives across India as well as abroad; “The ArcelorMittal Foundation” which supports research into sustainable development; “The Kalpavriksh Trust” which works towards improving healthcare standards throughout rural areas; “The Surya Foundation”, which promotes sustainable development through its work supporting social entrepreneurship projects across India
Dilip Shanghvi is the founder and chairman of Sun Pharma. He was born in Kolkata, India in 1954 to a Marwari family that initially engaged in manufacturing textiles. In 1968, he started his business career with the acquisition of a pharmaceutical unit from Burroughs Wellcome Company for Rs 5 crores ($80 million). The company now has over 17000 employees across 70 countries around the world; its one-time net profit stood at $2.3 billion as of September 30th, 2018 (FY18).
Shanghvi is also known as ‘The Warren Buffet’ due to his immense wealth which makes him one of India’s richest businessmen according to Forbes Magazine’s list which ranks him at #21 globally behind Jeff Bezos who ranks #1 worldwide but ahead of Bill Gates who ranked 22nd globally. He became an industrialist by accident when he decided not to sell any more products after their old ones ran out so instead built up supply through collaborations with other companies like GlaxoSmithKline PLC (GSK) & SanofiGenzyme Corporation Ltd (SGLC), these collaborations helped them become leaders in certain fields such as vaccines.
These four Indians have made their way onto the list of most successful Indian businessmen. The first three are natives of India, while Shanghvi is a Pakistani-born billionaire who has made his fortune in pharmaceuticals, sugar and cement manufacturing.
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RBI defines ways for global trade settlement in rupee
The Reserve Bank of India (RBI) has come out with a set of guidelines for settling global trade transactions in rupees. This move is aimed at promoting the use of the Indian rupee for international trade and reducing the dependency on other currencies.
Under the new guidelines, banks will be allowed to offer rupee-denominated instruments for trade financing and risk management. They will also be able to participate in global rupee settlements. The RBI has said that the move will help reduce the cost of trade for Indian companies and promote the use of the rupee as an international currency. It will also help in managing the country’s balance of payments and exchange rate risks.
The guidelines are a part of the RBI’s efforts to deepen the market for the rupee and make it more accessible to global investors. The central bank has been taking a number of steps to promote the use of the rupee in international trade and finance. The RBI had earlier allowed banks to offer rupee-denominated bonds to overseas investors and had also allowed them to participate in global rupee settlements. The rupee surplus balance held may be used for permissible current account transactions and capital in accordance with mutual agreement as per the RBI Guidelines.
The new guidelines are a further step in this direction and will help make the rupee a more internationally traded currency. Do let us know your thoughts about this new RBI guideline.
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