Connect with us

Business

Whole Foods invests in Instacart at 2014 valuation

Published

on

Whole Foods
Whole Foods

Whole Foods are investing in the grocery delivery company Instacart.

SAN FRANCISCO (Diya TV) — As more Whole Foods customers began to avoid the store and get their deliveries to their front door, the high-end supermarket chain is taking a stake in the four-year-old startup.

The company authorized the sale of new equity earlier this year, letting Whole Foods Market Inc. buy shares in the startup in conjunction with an expanded partnership, said people familiar with the transaction, who asked not to be identified because the details are private. Analysis by private stock market operator Equidate, based on a regulatory filing, pegged the total equity authorization at about $36 million.

The shares added to Instacart’s previous funding round at the same share price from late 2014, which valued the company at about $2 billion, according to the filing.

Before the Whole Foods investment, the San Francisco-based startup had raised more than $270 million. Instacart and its peers have benefited from a shift in an overcrowded food delivery market this year. Grocery delivery startups have received more investor dollars than companies that deliver prepared meals, a reversal from previous years, according to research firm CB Insights.

However, as the fundraising market becomes more competitive overall, startups are making cuts and emphasizing how close they are to supporting themselves with their own earnings. Instacart is no exception: Apoorva Mehta, the startup’s chief executive officer, said on stage this month at a TechCrunch conference that his company will be cash-flow positive in the next 12 months. He also dismissed questions about whether Instacart would sell to Whole Foods. “It just doesn’t make sense for us to even think about selling to a grocery store,” Mehta said.

Whole Foods and Instacart first partnered services on a delivery program in 2014 and has since expanded to more than 25 markets across the U.S. It allows customers to order food and other products directly from the Whole Foods website and have them delivered.

Grocery delivery is a key initiative as Whole Foods tries to claw its way out of its biggest sales slump since 2009. As conventional grocers have expanded their organic offerings and pushed prices down, Whole Foods has suffered under the weight of its reputation for being overpriced. That’s added pressure on the grocer to make its shopping experience more convenient.

“With more outlets for natural and organic foods, they don’t drive as far, and they don’t come as frequently,” John Mackey, the co-CEO and co-founder of Whole Foods, said during a presentation in June. “They just want convenience as the overriding value. I think that Whole Foods wants to compete for those customers to be sure, and we have a lot of things in the works.”

Walter Robb, the other CEO, said on a recent earnings call: “We feel really good about the partnership with Instacart and the results we’re seeing.”

Business

Veteran tech executive Raghu Rau named TiVo interim CEO

Published

on

Veteran tech executive, Raghu Rau named interim CEO of TiVo

SAN JOSE, Calif. – (Diya TV) Raghu Rau, a veteran executive and board member of TiVo is named interim CEO and President of TiVo Corporation. He replaces Enrique Rodriguez, who resigned only 8 months into his stint as TiVo CEO to become Liberty Systems CTO in Europe. Rodriguez took on the helm at TiVo in November of last year, succeeding longtime President & CEO, Thomas Carson. He previously held executive positions at AT&T, Sirius XM, Microsoft’s Xbox and Cisco Systems.

Rau has served on the TiVo Board since 2015 and brings decades of leadership experience from helming video software vendor SeaChange International. Previously, Rau held multiple senior management positions at Motorola Inc. Since August 2017, he also serves as the Chairman of the Board for Quantum, a storage, archive and data protection vendor.

TiVo shares over the past year have dropped nearly 37% as the TV pioneer tries to adjust direction in the evolving video & media landscape.

Rodriguez will remain a part of TiVo’s board during the transition. In a statement Rodriguez said, “My personal decision to pursue another opportunity was not easy. I couldn’t be more excited about what lies ahead for TiVo as I expect our performance through the second quarter of 2018, including our announced profit improvement actions, to be ahead of our internal plan. I am looking forward to continue my relationship with TiVo in my new role as a customer and partner. Until then, I am committed to working with the TiVo team to ensure a seamless transition.”

Chairman of TiVo’s Board of Directors, James Meyer remarked, “On behalf of the Board, I want to thank Enrique for his leadership and we wish him the best in his next chapter. We are fortunate to have a world-class leadership team in place and are pleased to have someone of Raghu’s caliber step in to lead the Company. He has been a member of the TiVo Board of Directors since 2015 and is a proven leader with extensive experience in the video industry and in the management of intellectual property. I am confident that Raghu, alongside the rest of the leadership team, will continue to drive the value that TiVo’s innovative technology portfolio brings to the fast-growing and hyper-competitive entertainment industry.”

Rau is happy to take on the challenge, saying “this is an exciting time for TiVo and I am eager to jump in as interim President and Chief Executive Officer. I look forward to working closely with our outstanding management team as we continue to innovate, profitably grow our customer base in key market segments, and expand our international presence. I also look forward to working with the Special Committee of the Board to bring our strategic alternatives process to a successful, value creating solution for our shareholders.”

Rovi acquired TiVo for $1.1 billion in 2016 and took on the DVR company’s name.

Continue Reading

Business

Ivanka Trump meets Indian Minister Sushma Swaraj during UN general session

Published

on

Ivanka Trump Sushma Saraj
Ivanka Trump Sushma Saraj

President Trump’s daughter and advisor Ivanka Trump met with India’s External Affairs Minister Sushma Swaraj during the annual UN General Assembly session in New York. Photo courtesy of Indian Embassy in Washington, D.C.

NEW YORK (Diya TV) — President Trump’s daughter and advisor Ivanka Trump met with India’s External Affairs Minister Sushma Swaraj during the annual UN General Assembly session in New York.

Ivanka, who is leading the American delegation to the Global Entrepreneurship Summit (GES) in India in November, discussed women’s entrepreneurship and workforce development.

“We had a great discussion on women’s entrepreneurship, the upcoming #GES2017 and workforce development in the U.S. and India,” Ivanka tweeted after the meeting. The summit will be co-hosted by India and the U.S. in Hyderabad Nov. 28 to 30. The annual event is a premier gathering of emerging entrepreneurs, investors and business leaders from around the world.

The 35-year-old Ivanka expressed her respect for Swaraj, whom she described on Twitter as a “charismatic” foreign minister.

“I have long respected India’s accomplished and charismatic Foreign Minister Sushma Swaraj, and it was an honor to meet her today,” Ivanka stated.

Swaraj discussed “Women Empowerment” and Ivanka’s forthcoming visit to India, the Indian Embassy in Washington, D.C. stated.

Leading a high-powered Indian delegation, Swaraj will be hosting several meetings with Global leaders.

Continue Reading

Business

Former MGM executive Roma Khanna named Revolt TV’s next CEO

Former MGM executive Roma Khanna named Revolt TV’s next CEO

Published

on

Roma Khanna
Roma Khanna

Sean Combs Announces Roma Khanna CEO of Revolt TV

LOS ANGELES (Diya TV) — Sean Combs has announced Roma Khanna the CEO of Revolt TV.

“As Revolt continues to grow as a brand and expand globally, I knew we needed a seasoned executive with a proven track record to keep the momentum going and help me lead the network into the future,” said Combs. “Roma is that person. She has the experience and tenacity to build on Revolt’s success and as we continue to influence content and culture around the world.”

“After decades of building large-scale businesses in TV and media, I am excited to have the opportunity to work alongside visionary Sean Combs to get hands-on and redefine content models with a view to building a modern, relevant, global cultural brand,” said Khanna. “Revolt is ready to create and curate content and super-serve its audience on its own TV platform and beyond, living and breathing with its audience wherever they might be.”

Revolt says the company’s mission is to build on its platform to offer long- and short-form content revolving around hip-hop music and culture. According to Revolt’s website, “REVOLT is focused on expertly curating the best of the best in music and engaging youth in social conversation – on-air, on-line, on-demand. The multi-genre, multi-platform network offers breaking music news, videos, artist interviews, exclusive performances, and original programming.”

Revolt claims to have over 50 million young adult consumers through television, digital properties, social and mobile. REVOLT is accessible 24/7 – anytime, anywhere, any screen.

Khanna left MGM, where she served as president, in late 2015. She helped launch FX’s “Fargo” and History’s “Vikings.” She spent three years as president of global networks for NBC Universal’s international networks wing. She also oversaw the development of Hulu hit “Handmaid’s Tale.”

Revolt had been without a CEO for a year, since Keith Clinkscales left the company last August. Revolt launched as a linear channel in the U.S. in October 2013 and has since expanded to Africa and the Caribbean.

Continue Reading

Trending

Diya TV , Inc. © 2017 All Rights Reserved