Zomato Limited to invest in Food Robotics Company Mukunda Foods Pvt Ltd

The board of directors of Zomato Limited ("the Board" and "the Company", respectively) at its meeting held today i.e., March 15, 2022 has approved the acquisition by way of subscription of 13,289 (thirteen thousand two hundred eighty nine) Series B1 compulsorily convertible preference shares and 10 (Ten) equity shares collectively aggregating to 16.66% of the share capital of Mukunda Foods Private Limited ("Mukunda") on a fully diluted basis, for an aggregate cash consideration of INR equivalent of US$5 million ("Proposed Investment").

Mukunda is a food robotics company that designs and manufactures smart robotic equipment to automate food preparation for restaurants. Their products enable restaurants to scale rapidly while maintaining consistency in food quality and customer expe1ience across multiple outlets. Mukunda also helps restaurants to become more efficient by reducing manpower cost, wastage and increase kitchen throughput. Our investment will help Mukunda Foods scale faster, help reduce restaurant food prices, expand margins, and enhance customer delight.

The Proposed Investment is subject to fulfilment of certain customary conditions precedent and other te1ms and conditions agreed under the investment agreement executed between the parties.

Shares of Zomato Ltd was last trading in BSE at Rs. 76.60 as compared to the previous close of Rs. 79.30. The total number of shares traded during the day was 2044070 in over 28803 trades.

The stock hit an intraday high of Rs. 79.50 and intraday low of 76.05. The net turnover during the day was Rs. 158582614.00.

Source : Equity Bulls

Keywords

Zomato FoodRoboticsCompany Investment MukundaFoods