wordpress blog stats
Connect with us

Hi, what are you looking for?

Zomato continues investment spree by picking up stakes in AdOnMo and UrbanPiper, announces plans to float an NBFC subsidiary

The food delivery giant has earmarked $1 billion for investments, a sizeable chunk of which is reserved for quick commerce.

Zomato

Zomato* has picked up a stake of 19.48 percent in Adonmo Pvt Ltd. for Rs. 112.29 crores, according to a disclosure filed with the Bombay Stock Exchange. The food delivery platform also acquired a 5 percent stake in UrbanPiper Technology Private Limited for a total of Rs. 37.39 crores, the filing added. AdOnMo is an ad-tech company that is taking targeted digital advertising beyond personal devices to outdoor digital screens, as per Zomato. “Growth in AdOnMo's platform will help our food ordering and delivery business leverage new digital avenues for customer acquisition,” the company said. Zomato also revealed that Deepinder Goyal, MD & CEO of Zomato, has an investment of $100,000 in Bace Fund LP, which picked up 13 percent in AdOnMo back in December 2019. Zomato clarified that it constitutes an insignificant portion of the fund and that the proposed investment is not a related-party transaction. It described UrbanPiper as a B2B software platform that acts like a "middle layer" between restaurants and food ordering and delivery players. Zomato, which also catalogues restaurants, has been on an acquisition spree recently as it tries to augment its growth in India. The company is one of the few start-ups to boast of a successful listing on the bourses but it has also invited public scrutiny of its financials, raising concerns about growth and profitability. Zomato will be floating an NBFC “This is to further inform the exchange that the Board in its meeting held today also approved incorporation of wholly-owned subsidiary of the Company…

Please subscribe/login to read the full story.
Written By

I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

Free Reads

News

Paytm has tried to distance itself from Paytm Payments Bank due to the regulatory scrutiny.

News

This amendment widens the scope of those allowed to delete records pertaining to the direction of interception from law enforcement bodies to other authorities...

News

Pensioners can now use bank passbooks instead of mobile or Aadhaar for identity verification.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ