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…
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