Zomato to provide Rs 1,145 crore loan to Grofers India, acquires 16.66% stake in Mukunda Foods
The online food delivery forum Zomato on Tuesday said its board had approved a loan of up to USD 150 million (approximately Rs 1,145 crore) from a grocery store player, Grofers India Pvt Ltd (GIPL). The board also approved the acquisition of 16.66 per cent of the robotic food and automation company, Mukunda Foods Pvt Ltd, to consider a combined rupee amount of USD 5 million, Zomato said in a legal file.
The company, which last year had invested USD 100 million (Rs 745 crore) to acquire about 9 per cent of Grofers, said its board had delegated its authority to its senior management to set important loan terms and use clear documents. on a future date.
Zomato went on to say that it would receive 16.66 per cent of Mukunda Foods budget in a fully purified manner by registering 13,289 Series B1 shares for compulsory exchanges and ten shares for consideration of a combined rupee amount of USD 5 million.
“Our investment will help Mukunda Foods grow faster, help reduce restaurant food prices, increase margins, and improve customer satisfaction,” he added.
The proposed investment is subject to the fulfillment of certain cultural norms and other terms and conditions agreed upon under the investment agreement used between the parties, Zomato said.
Mukunda is a food robots company that designs and manufactures small robotic machines to make their own food in restaurants, enabling them to grow faster while maintaining consistent quality of food and customer experience in many stores, he added. The company also helps restaurants function more efficiently by reducing staff costs, wasting and increasing kitchen efficiency.
