Tiger Global exits Zomato by selling its remaining stake
Internet Fund III Pte Ltd, the venture capital fund managed by US-based investment management company Tiger Global Management, has sold its remaining stake in Zomato Ltd on Monday via bulk deal, as per BSE data.
The US-based venture capital fund offloaded 123,486,408 equity shares or 1.44% at an average price of ₹91.01 per share.
(more to come)
Zomato Launches AI Chatbot To Help Customers In Placing Orders Published 12 minutes ago
Zomato, the popular food delivery platform, has introduced an exciting feature for its customers: the Zomato Al chatbot. This Artificial Intelligence (AI) chatbot acts as a virtual food expert, simplifying meal decisions for customers. With Zomato Al, you can engage in a chat, and express your cravings, and AI will offer recommendations, including details about restaurants that can satisfy your culinary desires. This feature is especially advantageous for newcomers to a city, as it simplifies the process of choosing the perfect and authentic dining spot.
As per their website, “Zomato AI takes the user experience to a whole new level by offering a more natural style of texting, similar to how you text your friends. You can send multiple messages, and Zomato AI will respond back in almost real-time, faster than most of your friends. This unique feature sets Zomato AI apart from all the other AI products you might have used, which allow only one message at a time.”
“The app is designed to be your ultimate foodie companion. It's equipped to answer tough questions like “What should I eat when I'm hungover?” or “Can I eat something that is high protein and low carb?” the company explained. It will ensure that their customers find the perfect dish, as per their preferences. Currently, the company has introduced this feature exclusively for its Zomato Gold Members. They will have early access which will allow them to enjoy an enhanced dining experience.
Zomato announced its plans to adopt AI in June and the company even hired expert engineers specializing in data science, natural language processing (NLP) and machine learning. In addition, they also appointed a Head of AI Product Development to lead the project. The AI tool will not be limited to the food delivery app alone, it will also be developed for Blinkit.
Interestingly, Swiggy is following a similar path, planning to launch its own AI chatbot in September. The company has trained the app on 50 million items, ensuring accurate and real-time responses. Swiggy is also taking it a step further by including the chatbot into their grocery shopping app, Instamart.
Madhusudhan Rao, Chief Technology Officer at Swiggy, revealed that they are partnering with a third party to develop a chatbot powered by GPT-4.
The two companies have joined the lists of businesses that are aiming to improve customer experiences through Artificial Intelligence.
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