Latest news with #iFood
Mint
24-05-2025
- Business
- Mint
You've heard of LLMs. Prosus is building its own LCM for commercial smarts.
Dutch technology investment firm Prosus NV is building its own 'large commerce model" to help its portfolio companies do business better, according to a top company executive. 'We're showing our large commerce model how users are traversing our portfolio companies' applications," said Paul van der Boor, vice president of AI at Prosus. He explained it as taking the various touchpoints of a user's journey through an app—from opening the app to raising complaints to getting queries answered—and using all of them to create a model that contains 'commercial intelligence". 'When you have a model like that, that is created on a subset of users' interactions with an app, there are other group companies that can use that model to understand how to better help that customer," said Boor. 'We're trying to learn commercial intelligence based on all the interactions we can piece together. So when a new interaction comes in, we can predict what happens there." Prosus has already begun testing this model with iFood, the Brazilian food delivery startup that was earlier led by Prosus's new chief executive officer Fabricio Bloisi, and OLX, a classified advertising company. Boor expects lessons learnt from implementing the commercial intelligence model in Latin America and Europe will help Prosus' group companies. 'We've already done a couple of tests where we know it expands outside of food. The idea is that, at least today, in iFood, one model exists that can help with a whole range of tasks for their constituents," Boor said. Also read | Prosus to take PE style bets, India one of three focus areas AI in Prosus's portfolio companies Prosus sees the current version of its large commerce model (LCM) as akin to OpenAI's ChatGPT-2, which was released in 2019. 'We know we have a path to get to the GPT-4 level, so we're taking it step by step," Boor said. Going forward, the investment firm expects that both existing and new companies in its portfolio to have an AI-first approach. The shift comes alongside a more focused attitude towards investing as well since Bloisi took charge as CEO of Prosus 10 months ago. Prosus-backed Swiggy Ltd, for example, uses various AI models from the minute a user opens the app as the Bengaluru-headquartered company seeks to make its food-delivery and quick-commerce experience highly personalised—such as preferred foods, restaurants, and delivery time. 'We will encourage those use cases across our whole group of companies. We know it works because of iFood in Brazil, we've seen it in Poland, and we encourage it here in India and the other way around," Boor said. Also read | After lip-smacking Swiggy IPO, Prosus prepares for its next hit Beyond artificial intelligence Alongside its deeper investments in AI, Prosus expects a few other technology aspects to play a big role in its investment decisions. 'Agentic systems that can reason, that can do multiple tasks, and shop with or for you is a big thing. Our thesis is that agents will work for you to help you find what you need," said Boor. 'Second is that we expect all of the user interfaces to change as a result of multi-modality." Multi-modality allows people to use an app through text, voice and even pictures. Prosus expects voice to emerge as a big factor in user experience. Bengaluru-based e-commerce firm Meesho, for example, deploys several AI agents across the customer service workflow, including a voice bot for customer service that currently serves users in Hindi and English. 'We've already seen that in Brazil. It's similar to India because people there are naturally inclined to use AI. It offers a huge opportunity as one of the big factors and how to change the form factor of technology using AI," said Boor. Prosus's notable AI investments this year include participating in a $13.5 million funding round in Luzia, a Spanish AI-based personal assistant app, earlier this month; a $7.25 million seed check to another Latin American personal assistant app called Zapia; and leading a $54 million Series-B funding in Taktile, a decision automation platform. Prosus also closed its $1.7 billion acquisition of Despegar, a Latin American AI-first travel agency, this year. In India, the Dutch firm pumped in nearly $30 million into ride-hailing platform Rapido in February. Last year, Prosus invested $100 million in Mumbai-based Vastu Housing Finance Corp. Ltd and acquired a 10.65% stake for $80 million in supply chain financing startup Mintifi. Also read | Groww to acquire Prosus-backed Fisdom for around $150 million
Daily Mail
19-05-2025
- Business
- Daily Mail
Dutch investor targets £3.4bn Just Eat deal after Deliveroo's sale to US rival
Dutch investment firm Protus has formally launched a $4.3billion (£3.4billion) takeover bid for food delivery giant Just Eat Takeaway. The offer follows the £2.9billion takeover of British rival Delivero by Silicon Valley platform DoorDash agreed earlier in May. Protus, which owns Brazil's biggest online takeaway company, iFood, provisionally agreed to acquire Amsterdam-based Just Eat in late February. It will pay €20.30 per share under the deal, a 63 per cent premium to its closing share price on 21 February, the final trading day before the offer period began. Just Eat shares have plunged by around 80 per cent over the past five years following the disastrous acquisition of US rival Grubhub and a demand slowdown after Covid-related restrictions were loosened. The group has responded to weaker trading by selling its stake in iFood to Prosus for €1.8billion and exiting operations in many countries, including France, Norway, and Portugal. It also delisted from the London Stock Exchange and sold Grubhub to restaurant chain Wonder Group for $650million, a fraction of the $7.3billion it spent buying the Chicago-based delivery service in 2020. In its latest trading update, Just Eat reported the overall value of orders on its platform - known as gross transaction value (GTV) - flatlined at €4.7billion in the three months ending March. Over the preceding 12 months, the company's GTV and revenue both declined by 2 per cent at constant currency rates to €26.3billion and €5.1billion, respectively. Fabricio Bloisi, chief executive of Prosus, said: 'Europe is at a pivotal moment to create a new generation of AI-powered tech champions, and this transaction is a unique opportunity to lead that transformation. 'With Prosus's strong technical and investment capabilities, combined with JET's leading brand position in key European markets, I'm confident this deal will create tremendous value for our customers, drivers, partners, and shareholders.' Prosus will reportedly become the fourth-biggest food delivery business in the world if it completes the takeover. Just Eat's shareholders will vote on the deal at an extraordinary general meeting in the Dutch capital on 8 July. In addition to iFood, it owns stakes in takeaway operators like India's Swiggy, German firms Flink and Delivery Hero, and Middle East-focused Foodics. Aside from takeaway companies, Prosus has holdings in education technology group Udemy, fintech business Remitly, and Chinese multimedia giant Tencent. Just Eat's prospective acquisition comes just as Deliveroo has accepted a £2.9billion offer from Silicon Valley platform DoorDash. Deliveroo's co-founder, Will Shu, is set to earn £172million from selling his stake in the firm, which made its first annual profit for the first time ever last year.
Yahoo
15-05-2025
- Business
- Yahoo
Uber and iFood boost delivery convenience for Brazilian consumers
Uber Technologies has formed a strategic alliance with food delivery service provider iFood to enhance convenience for consumers across Brazil. Users of iFood can schedule Uber rides within the iFood collaboration will integrate the capabilities of both platforms, enabling Uber customers to access iFood's extensive offerings, which include food, grocery, pharmacy and convenience items. The objective of the partnership is to streamline everyday activities, combining transportation and delivery services within two highly used apps. The integration facilitates efficient planning for travel and ordering of necessities without the need to alternate between apps, optimising user experience. Uber CEO Dara Khosrowshahi stated: 'We are thrilled to partner with iFood in Brazil. Today, only around half of iFood and Uber customers in Brazil use both platforms. So this partnership represents a big milestone in our mission to help people go anywhere and get anything at the tap of a button.' Users are able to continue with their preferred service through the app they are accustomed to. For those on Uber, selecting the Delivery tab will redirect them to iFood's offerings. Similarly, iFood app users will find a newly added Mobility tab that provides a straightforward method for booking Uber rides. The existing membership programmes from both companies, Uber One and Clube iFood, remain unaffected by the new partnership. However, both companies are considering potential future collaborative membership benefits. The initial phase of this service integration is set to launch in selected Brazilian cities during the latter half of 2025 and is expected to extend nationwide shortly thereafter. Uber's standalone services for businesses such as Uber Directand Uber Flashwill maintain their current mode of operation through the Uber app with deliveries carried out by Uber's network of drivers and couriers. Similarly, iFood will not alter any logistical services it provides to its partners or its 'Sob Demanda' service that caters to businesses operating outside its platform. iFood CEO Diego Barreto said: 'We believe this partnership will drive more orders for restaurants, grocery stores, pharmacies, and convenience retailers; generate more income for couriers and drivers; and make consumers' everyday lives even easier.' "Uber and iFood boost delivery convenience for Brazilian consumers" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
14-05-2025
- Business
- Reuters
Uber and iFood announce strategic partnership in Brazil
SAO PAULO, May 14 (Reuters) - Uber Technologies Inc and iFood, a Brazilian food delivery app, on Wednesday announced a strategic partnership in Brazil, where delivery and ride-hailing services have grown rapidly in recent years. Under the collaboration, iFood users will be able to book Uber rides directly from the iFood app, while Uber users will gain access to iFood's food, grocery, pharmacy and convenience delivery services within the Uber app. The new tabs are scheduled to launch in the second half of the year, according to the companies. "Today, only around half of iFood and Uber customers in Brazil use both platforms. So this partnership represents another big milestone in our mission to help people go anywhere and get anything at the tap of a button," Dara Khosrowshahi, CEO of Uber, said in a statement. The partnership comes three years after Uber Eats, Uber's food delivery app, left the Brazil market after struggling to pierce iFood's dominance. Uber, which has been in Brazil since 2014, has approximately 30 million active users and a network of more than 1.4 million registered drivers and couriers in the country. Uber, founded in 2010, has completed more than 61 billion trips globally and around 11 billion in Brazil. iFood, which holds a dominant position in Brazil's online food delivery market, has reported 55 million active users and a network of 360,000 couriers. It processes over 120 million orders per month, in approximately 1,500 cities across Brazil. "This partnership represents a major step forward, with both companies innovating together to offer a new way to access everyday services," said Diego Barreto, CEO of iFood, in a statement. The partnership comes just days after Meituan, China's largest food delivery platform, said it would invest 5 billion reais ($890 million) to enter the Brazilian market, according to ApexBrasil, the government's trade and investment agency. The Chinese firm will operate in the local market under its Keeta brand.
Yahoo
14-05-2025
- Business
- Yahoo
Uber and iFood Announce Strategic Partnership in Brazil
The partnership will bring greater convenience to users of two of Brazil's most-loved apps, powering a new ride-hailing tab in iFood and a delivery tab in Uber SAN FRANCISCO & SíO PAULO, May 14, 2025--(BUSINESS WIRE)--Uber Technologies, Inc. (NYSE: UBER) and iFood, one of the world's leading food delivery players, announced today a strategic partnership to offer more convenience for millions of consumers in Brazil. The partnership will allow iFood users to book Uber rides directly from the iFood app, while Uber users will gain access to iFood's food, grocery, pharmacy, and convenience delivery services within the Uber app. This agreement aims to simplify daily life for Brazilians by offering transportation and delivery services through two of the country's most popular apps. Customers can now plan their commute and order meals or groceries without switching between apps, saving time and enhancing their overall experience. "We are thrilled to partner with iFood in Brazil," said Dara Khosrowshahi, CEO of Uber. "Today, only around half of iFood and Uber customers in Brazil use both platforms. So this partnership represents a big milestone in our mission to help people go anywhere and get anything at the tap of a button." "iFood has transformed the way people order food and everyday items in Brazil, just as Uber has revolutionized the way Brazilians move around," said Diego Barreto, CEO of iFood. "Now, this integration represents a major step forward, with both companies innovating to offer a new way to access everyday services. We believe this partnership will drive more orders for restaurants, grocery stores, pharmacies, and convenience retailers; generate more income for couriers and drivers; and make consumers' everyday lives even easier." How will it work? Brazilian consumers can continue to order their services using their preferred app. If using Uber, the Delivery tab will transition to iFood. If using iFood, a new Mobility tab will allow consumers to easily book their rides through Uber. For now, there are no changes to Uber One or 'Clube iFood', the membership programs offered by Uber and iFood, respectively, although the two companies have agreed to explore joint membership initiatives in the near future. The integration of these services will begin rolling out in select cities in Brazil during the second half of 2025, with a nationwide expansion planned shortly after. No changes are planned to Uber's white-label delivery offerings for businesses (Uber Direct) or parcel delivery (Uber Flash), which will continue to be booked via the Uber app and delivered by Uber drivers and couriers. In iFood's case, there will also be no changes to any logistics services provided to partners, nor to the 'Sob Demanda' service, which offers delivery for those operating outside the app. About Uber Uber's mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 61 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up new possibilities. About iFood iFood is a Brazilian technology company and a leading player in online delivery in Latin America. It connects customers, restaurants, supermarkets, and couriers in a simple and efficient way. With world-class technology and artificial intelligence, iFood processes over 120 million orders per month through an ecosystem that includes 360,000 couriers and 400,000 partner establishments, operating in approximately 1,500 cities across Brazil. Beyond food delivery, iFood also operates in the grocery, pharmacy, pet, fintech, and benefits sectors, combining technology and convenience to deliver smart solutions for both partners and customers. View source version on Contacts Uber media contact: press@ iFood media contact: imprensa@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
