BREAKING NEWS

Advertisement

Business

Updated on: Wednesday, November 10, 2021, 08:53 PM IST

Zomato to sell Fitso to Curefit for $50 mn; to invest $175 mn investment in 3 home-grown startups: Report

Zomato announced $175 million investment across three home grown startups -- Shiprocket, Curefit and Magicpin./ Representational image |

Zomato announced $175 million investment across three home grown startups -- Shiprocket, Curefit and Magicpin./ Representational image |

Advertisement

Food delivery and restaurant aggregation platform Zomato which acquired Jogo Technologies, which operates sports facilities provider Fitso in 2021, is now selling the sports startup to Curefit for $50 million.

In a tweet, the Gurugram headquartered restaurant aggregator said, "We are also investing $50 m cash in Curefit plus the value of the Fitso business (worth $50 m) will give us a cumulative shareholding worth $100 m in Curefit (6.4 percent shareholding in Curefit)."

Online food delivery platform Zomato on November 10 announced $175 million investment across three home grown startups -- Shiprocket, Curefit and Magicpin with an aim to diversify its bets following a blockbuster public listing. It further plans to deploy another $1 billion over the next 1-2 years, with a major focus on the quick commerce space, Moneycontrol said.

According to news reports, Zomato has signed slew of agreements to invest in Shiprocket and Magicpin. Livemint reported that definitive documents were inked for investing $75 million in Shiprocket for a 8 percent stake as part of a larger $185 million round. Besides, Zomato has also signed a pact with Magicpin, $50 million in Samast Technologies Pvt Ltd for a 16 oercebt stake as part of a total round size of $60 million.

Advertisement

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Wednesday, November 10, 2021, 08:53 PM IST
Advertisement