Food delivery startup Zomato is buying a stake in digital advertising company, Adonmo and food ordering system, UrbanPiper.
Its board also approved the incorporation of a non-banking finance company (NBFC), which will be a wholly-owned subsidiary. It is in the process of acquiring an NBFC license.
"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" the food delivery platform informed exchanges.
Zomato will purchase a 19.48 per cent in Adonmo for a cash consideration of ₹112 crore. Whereas, it will buy 5 per cent equity for ₹37.38 crore in B2B software platform UrbanPiper.
UrbanPiper is a middle layer between restaurants, food ordering and delivery players. On the other hand, Adonmo, an ad-tech company, targets digital advertising.
However, RBI approval will be required to carry on the NBFC business, it informed the exchanges.
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Published 28 January 2022, 17:54 IST