Online food delivery firm Zomato : Online food delivery company Zomato has formed a non-banking financial company (NBFC) and as part of its big plan to invest $1 billion in startups, two companies- ad tech firm Addonmo Pvt. Ltd. (Ad tech firm Adonmo Pvt Ltd) and B2B software platform UrbanPiper Technology.
Zomato will be able to give credit to the stakeholders
It is understood that NBFCs will make it possible for Zomato to extend credit to stakeholders such as restaurants, delivery partners as well as customers. The name of the NBFC is yet to be decided. In addition, Zomato has invested $5 million in a $24 million funding round for a 19 percent stake in UrbanPiper and has bought a 5 percent stake in AdOnmo for $15 million.
Zomato founder’s company has also invested
Interestingly, Base Fund LP, an early stage investment company invested by Zomato founder and chief executive Deepinder Goyal, had invested in Addonmo in December 2019. He currently holds a 13 per cent stake in the company.
In a stock exchange filing, Zomato clarified that Goyal’s $1 lakh investment in Base Fund LP is “a small part of the fund.”
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Goyal was also an angel investor in Shiprocket
Similarly, Goyal was also an angel investor in Shiprocket, which Zomato has invested in recently. Goyal later clarified that he had exited the company with “zero profit” before investing in Zomato. Zomato is now a publicly listed company.
Goyal had invested $100,000 in Shiprocket in early 2021, while Zomato bought the stake in November.
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UrbanPiper’s software improves food delivery
According to Zomato, 80 per cent of the restaurants still use manual process for order delivery which leads to delay in order flow and errors in order processing. Founded in 2016, UrbanPiper is a software platform that enables restaurants to integrate with multiple companies through a single digital interface. It offers technology to restaurants to improve food delivery efficiencies. UrbanPiper claims to be processing 12 million orders per month from over 23,000 restaurant locations across the country.
On the other hand, addonmo, launched in 2016, is an ed-tech company that is taking targeted digital advertising beyond personal devices to outdoor digital screens.
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