Day: September 25, 2020

Postmates cuts losses in Q2 as it heads towards tie-up with Uber

Popular food delivery service Postmates is in the process of merging with Uber in a blockbuster $2.65 billion deal that would see it join forces with its food delivery competitor, Uber Eats. The deal remains under antitrust scrutiny, and has not yet been approved for closing. The deal is expected to close in the first half of 2021.

However, a new SEC filing posted after hours this Friday gives us a glimpse into how Postmates is faring in the new world of global pandemics and sit-in dining closures across the United States.

Postmates posted a loss of just $32.2 million in Q2, compared to a loss of $73 million in Q1, nearly cutting its cash burning in half. That compares to Uber Eats’ results, which showed a loss of $286 million in the first quarter of 2020 and a loss of $232 million in the second quarter — an improvement of roughly 20%, according to Uber’s most recent financial reports.

Altogether, Postmates lost $105.2 million in the first half of 2020, compared to a loss of $239 million in the same period of 2019.

Uber through its filing today also disclosed the cap table for Postmates in full detail for the first time. On a fully diluted basis, the largest shareholder in Postmates is Tiger Global, which owns 27.2% of the company. Following up is Founders Fund with 11.4%, Spark Capital with 6.9% and GPI Capital with 5.3%. At Uber’s $2.65 billion all-stock deal, that nets Tiger Global roughly $720 million and Founders Fund roughly $302 million, not including some stock preferences and dividends that certain owners of the company hold.

While Postmates and Uber continue to go through the antitrust review process at the federal level, the companies also face legal pressure in their own backyards. Uber noted in its filing today that it and Postmates face headwinds due to California’s AB 5 bill, which is designed to give additional employment protections to freelance workers. However, the company notes that such litigation “may not, in and of itself, give rise to a right of either party to terminate the transaction.”

5 Tips To Build Your Team’s Productivity

When it comes to managing a team, whether in a corporate setting or as part of your business, productivity is one of the most important parameters of success. It’s also something that we all want, although it’s a little tricky to figure out how to get there.

Building your team’s productivity should be a priority for you as a manager, mainly because when productivity goes up, it implies that your business is functioning at optimal efficiency. Here we’re going to talk about a few tips and hacks that you must consider adding to your arsenal for boosting productivity among your employees. Let’s take a look at what these are.

Sense Of Ownership

As a good leader, it is imperative to understand the value of ownership. Ownership is all about allowing your team members to take their decisions and be accountable for the same. This inculcates a sense of responsibility in them towards their job.

It changes their outlook towards the task at hand and ensures that their decisions positively impact the performance of the whole team. You can give ownership in different ways – by asking someone to lead a particular project, handling more responsibilities, etc. It builds their self-esteem as they feel assured that you trust their capabilities.

Open Communication

boosting your teams productivity

Encouraging open avenues of communication between your team members and yourself is something you must ensure from the outset. It makes businesses thrive and fosters healthy dynamics in the workplace. In the absence of communication, there arise unwanted and completely avoidable misunderstandings and trivial errors that waste time, effort, and money.

Instead, if you can take the extra step to articulate and convey your ideas and expectations effectively, it makes matters easier for everyone on board. Sometimes a team member may shy away from clarifying doubts and asking questions during team meetings. As a team leader, you should sense this and try facilitating better communication in other ways, such as through private conversations and one-on-one interactions.

Collaboration

If your team members gel together and get along well with each other, they’re sure to be happier. It goes without saying that their performance will also be better in such cases. Encouraging collaboration among team members can help you maximize your team’s productivity.

No matter how large or small your team is, there is sure to be a fair amount of diversity in terms of the skills that each team member brings to the table. The best way to utilize these varying skills is by making sure the entire team knows about current projects. It will encourage them to volunteer to collaborate if they feel they can add value to a specific task.

Constructive Feedback

An ideal way to help your employees grow personally and professionally is by providing them with feedback about their performance. It should be your aim to guide your team members to figure out what they can do to keep growing in their careers. If there’s room for improvement, share constructive feedback that shows them how to be more successful at what they are doing.

You can hold regular touch-base meetings to monitor progress and advise the team members on their performance. These meetings can also be an opportunity for the team members to voice their professional concerns to you. Giving feedback may make you feel uncomfortable, but it plays an essential part in your team/company’s success.

Healthy Boundaries

boost your teams productivity

The last thing you want to do as a good team leader is to overwork your employees or cause burnout. Use your position to set healthy boundaries that encourage a harmonious work-life balance. Team leaders and managers can set precedents like not checking emails after working hours. It signals to the team the importance of switching off from work and keeps them motivated for the next day.

It might be tricky to manage this in an environment where flexible work hours prevail, and people start early or work late, depending on their preferences. But if you, as a team leader, can encourage them to set healthy work limits, prioritise their sleep, and avoid burnout, it will lead to better productivity and more success in the long run.

Leading a team isn’t the most straightforward job in the world, which is why great leaders are few and so revered. A good leader understands the techniques, as well as the significance of boosting productivity in the workplace. They value skills like time management, collaboration, and organisation. They also display keen insight into delivering what is asked.

These skills trickle down to the respective team members and make them more efficient at their tasks. A well-supported team is always motivated to bring their best to the table every day, making things smoother for everyone involved. Use the tips mentioned above and see your team achieve better levels of productivity than ever before!

The post 5 Tips To Build Your Team’s Productivity appeared first on Dumb Little Man.

Indonesian cloud kitchen startup Yummy gets $12 million Series B led by SoftBank Ventures Asia

Yummy Corporation, which claims to be the largest cloud kitchen management company in Indonesia, has raised $12 million in Series B funding, led by SoftBank Ventures Asia. Co-founder and chief executive officer Mario Suntanu told TechCrunch that the capital will be used to expand into more major cities and on developing its tech platform, including data analytics.

Other participants in the round included returning investors Intudo Ventures and Sovereign’s Capital, and new backers Vectr Ventures, AppWorks, Quest Ventures, Coca Cola Amatil X and Palm Drive Capital. The Series B brings Yummy Corporation’s total raised so far to $19.5 million.

Launched in June 2019, Yummy Corporation’s network of cloud kitchens, called Yummykitchen, now includes more than 70 HACCP-certified facilities in Jakarta, Bandung and Medan. It partners with more than 50 food and beverage (F&B) companies, including major brands like Ismaya Group and Sour Sally Group.

During COVID-19 movement restrictions, Suntanu said Yummykitchen’s business showed “healthy growth” as people, confined mostly to their homes, ordered food for delivery. Funding will be used to get more partners, especially brands that want to digitize their operations and expand deliveries to cope with the continuing impact of COVID-19.

The number of cloud kitchens in Southeast Asia has grown quickly over the past year, driven by demand for food deliveries that began increasing even before the pandemic. But for F&B brands that rely on deliveries for a good part of their revenue, running their own kitchens and staff can be cost-prohibitive. Sharing cloud kitchens with other businesses can help increase their margins.

Other cloud kitchen startups serving Indonesia include Hangry and Everplate, but these companies and Yummy Corporation are all up against two major players: “super apps” Grab and Gojek, which both operate large networks of cloud kitchens that have the advantage of being integrated with their on-demand delivery services.

Suntanu said Yummy’s main edge compared to other cloud kitchens is that it also offers fully-managed location and kitchen operation services, in addition to kitchen facilities. This means Yummy’s partners, including restaurants and and F&B brands, don’t need to hire their own teams. Instead, food preparation and delivery is handled by Yummy’s workers. The company also provides its clients with a data analytics platform to help them with targeted ad campaigns and making their listings more visible on food delivery apps.

In a statement, Harris Yang, Souteast Asia associate at SoftBank Ventures Asia, said the firm invested in Yummy because “given the company’s strong expertise in the F&B industry and unique value proposition to brands, we believe that Yummy will continue to be the leader in this space. We are excited to support the team and help them scale their business in this emerging sector.”

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