Zomato to mortgage $150 million to Grofers India, decide up stake in Mukunda Foods | Companies News

New Delhi: Online meals supply platform Zomato on Tuesday stated its board has authorised granting a mortgage of as much as USD 150 million (round Rs 1,145 crore) to digital grocery purchasing participant, Grofers India Pvt Ltd (GIPL).

The board has additionally authorised acquisition of 16.66 per cent absorb meals robotics and automation agency, Mukunda Foods Pvt Ltd, for an mixture money consideration of rupee equal of USD 5 million, Zomato stated in a regulatory submitting.

The firm, which had final yr invested USD 100 million (Rs 745 crore) for buying round 9 per cent stake in Grofers, stated its board has delegated the authority to its senior administration to resolve the important thing phrases of the mortgage and execute the definitive paperwork at a future date.

“The interest rate for the loan will be 12 per cent per annum or higher with a tenor of not more than 1 year. This loan will support the capital requirements of GIPL in the near term and is in line with our stated intent of investing up to USD 400 million cash in quick commerce in India over the next 2 years,” the submitting stated.

Zomato additional stated it is going to purchase 16.66 per cent of share capital of Mukunda Foods on a completely diluted foundation by means of subscription of 13,289 Series B1 compulsorily convertible desire shares and ten fairness shares for an mixture money consideration of rupee equal of USD 5 million.

“Our investment will help Mukunda Foods scale faster, help reduce restaurant food prices, expand margins, and enhance customer delight,” it added.

The proposed funding is topic to achievement of sure customary situations precedent and different phrases and situations agreed underneath the funding settlement executed between the events, Zomato stated.

Mukunda is a meals robotics firm that designs and manufactures small robotic tools to automate meals preparation for eating places, enabling them to scale up quickly whereas sustaining consistency in meals high quality and buyer expertise throughout a number of retailers, it added. Also Read: IT Dept continues searches at Omaxe for third straight day, Rs 20 crore recovered to date

The firm additionally helps eating places to grow to be extra environment friendly by lowering manpower price, wastage and growing kitchen throughput. Also Read: Russia-Ukraine battle: Petrol costs might come down in Europe amidst indicators of progress in cease-fire talks between Ukraine, Russia

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