Zomato has announced that it has approved the investments in two Indian companies - Adonmo Private Limited and UrbanPiper Technology Private Limited.
The food delivery platform will buy a 19.48 percent stake in ad-tech company Adonmo for an aggregate cash consideration of Rs 112 crore. Besides, it will purchase 5 percent equity in B2B software platform UrbanPiper for Rs 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.
It has also approved the incorporation of a wholly-owned subsidiary of the company as a non-banking finance company, it said in the filing.
