Active Stocks
Wed Oct 04 2023 15:59:47
  1. Tata Steel share price
  2. 125.3 -2.11%
  1. Axis Bank share price
  2. 994.4 -4.38%
  1. Power Grid Corporation Of India share price
  2. 199 -0.15%
  1. NTPC share price
  2. 235 -2.55%
  1. Tata Motors share price
  2. 613.5 -1.1%
Business News/ Companies / News/  Zomato to invest in 2 tech companies, to buy stakes in Adonmo & UrbanPiper Tech

Zomato to invest in 2 tech companies, to buy stakes in Adonmo & UrbanPiper Tech

Zomato will buy a 19.48% stake in ad-tech company Adonmo and 5% equity in software platform UrbanPiper

Zomato will invest up to  ₹150 crore in the 2 companies (Bloomberg)Premium
Zomato will invest up to 150 crore in the 2 companies (Bloomberg)

Food delivery platform Zomato announced that its board at its meeting held on Thursday has approved the investments in two Indian companies - Adonmo Private Limited and UrbanPiper Technology Private Limited. 

The company will buy a 19.48% stake in ad-tech company Adonmo for an aggregate cash consideration of 112 crore whereas it will purchase 5% equity in B2B software platform UrbanPiper for 37.38 crore.

“Both UrbanPiper and Adonmo investments are synergistic to our core business and will help accelerate growth of these companies which will help in filling important gaps in the food ordering and delivery ecosystem in India," Zomato said in an exchange filing.

UrbanPiper is a B2B software platform that acts as a ‘middle layer’ between restaurants and food ordering and delivery players. With its investment, Zomato said it hopes to fuel UrbanPiper's penetration in the restaurant industry.

Adonmo is an ad-tech company that is taking targeted digital advertising beyond personal devices to outdoor digital screens. Growth in AdOnMo's platform will help our food ordering and delivery business leverage new digital avenues for customer acquisition, Zomato added.

The proposed investments are each subject to fulfilment of certain customary conditions precedent and other terms and conditions agreed under the investment agreements.

Zomato further informed the exchanges that the board in its meeting held also approved incorporation of wholly owned subsidiary of the company as Non- Banking Finance Company (NBFC).

Shares of Zomato were trading over 5% higher in Friday's opening deals at 95 apiece on the BSE.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Updated: 28 Jan 2022, 09:17 AM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App