Online eating place guide and food ordering firm Zomato will sell its UAE food delivery business to Germany-founded Delivery Hero Group for approximately USD 172 million (almost Rs 1,220 crore), one of the organization’s biggest shareholders Info Edge said Monday. The Gurugram-primarily based company has also raised around USD one hundred and five million in the ongoing spherical of investment, Info Edge said in a submitting at the BSE. “As a result, upon ultimate, our shareholding in Zomato might be 26.38 in line with cent on a fully transformed and diluted basis,” it introduced.

 

As a part of the transaction, Zomato Media Pvt Ltd has agreed to sell its UAE meals shipping commercial enterprise to Delivery Hero Group thru its wholly owned subsidiary Talabat Middle East Services Company LLC. The consideration for the transaction is about USD 172 million, it introduced. “Zomato and Delivery Hero will input into offerings agreements (on the) basis (of) which Zomato will continue to run the stated commercial enterprise on its platform,” it delivered. Zomato continues to own and run its different agencies including Ad Sales, Gold, etc., within the country, Info Edge introduced. In a separate declaration, Delivery Hero Group stated it would participate in Zomato’s present-day funding spherical using making an investment USD 50 million into Zomato’s global commercial enterprise to end up a Top 10 shareholder and also enter into a fabric operational partnership agreement. “Zomato has built a hit meals delivery enterprise within the UAE and India on the back of its eating place seek and discovery app and website. The acquisition will permit us also to enhance our provider to customers inside the UAE,” Delivery Hero CEO Niklas Ostberg stated. Zomato CEO Deepinder Goyal said the organization is calling “ahead to mastering from their (Delivery Hero’s) international enjoy to assist us to toughen our speedy growing India meals shipping commercial enterprise.” In the regulatory filing, Info Edge, also, said, “Also, Zomato has concluded its ongoing funding spherical with a further 2d tranche of approximately USD one hundred and five million.” The new buyers in this spherical encompass Delivery Hero and Glade Brook Capital, it brought. “Including the USD 210 million fundraise intimated in October 2018, the overall amount of equity capital raised in this round of financing amounts to approximately USO 315 million,” Info Edge stated.

Leave a comment

Your email address will not be published. Required fields are marked *