Home Business Zomato to sell UAE food delivery business for $172 million
Business - March 6, 2019

Zomato to sell UAE food delivery business for $172 million

Online restaurant manual and food ordering company Zomato will sell its UAE food shipping business to Germany-established Delivery Hero Group for about USD 172 million (almost Rs 1,220 crore), one of the corporation’s largest shareholders Info Edge stated Monday.

The Gurugram-based firm has additionally raised around USD one hundred and five million within the ongoing round of investment, Info Edge said in a filing on the BSE.

“As an end result, upon ultimate, our shareholding in Zomato could be 26.38 percentage on a totally transformed and diluted foundation,” it delivered.

As part of the transaction, Zomato Media Pvt Ltd has entered into an settlement to sell its UAE food delivery business to Delivery Hero Group through its fully owned subsidiary Talabat Middle East Services Company LLC.

The attention for the transaction is set USD 172 million, it delivered.

“Zomato and Delivery Hero will input into offerings agreements (at the) foundation (of) which Zomato will hold to run the said business on its very own platform,” it delivered.

Zomato maintains to personal and runs its different corporations including Ad Sales, Gold, and many others, in the U. S. A., Info Edge brought.

pjimage-74-1024x538.jpg (1024×538)

In a separate announcement, Delivery Hero Group said it might participate in Zomato’s modern-day investment round with the aid of investing USD 50 million into Zomato’s global business to come to be a Top 10 shareholder and also input into a material operational partnership settlement.

“Zomato has built a successful foods transport business in the UAE and India at the back of its restaurant search and discovery app and website. The acquisition will permit us to in addition enhance our provider to clients inside the UAE,” Delivery Hero CEO Niklas stberg stated.

Zomato CEO Deepinder Goyal said the company is asking “forward to studying from their (Delivery Hero’s) global experience to help us give a boost to our fast-developing India food shipping business”.

In the regulatory filing, Info Edge similarly said, “In addition, Zomato has concluded its ongoing investment spherical with a further second tranche of about USD 105 million.”

The new buyers in this round consist of Delivery Hero and Glade Brook Capital, it added.

“Including the USD 210 million fundraise intimated in October 2018, the whole quantity of equity capital raised in this round of financing amounts to about USO 315 million,” Info Edge stated.

Leave a Reply

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

Check Also

5 best apps for reading books on your phone

Besides pleasant the roles of the smartphone, digital camera, track participant, alarm clo…