Zomato Sells its UAE Business to Delivery Hero for $172 Mn, Raises Additional $105 Mn
Gurgaon-headquartered Zomato, the web food delivery and eating house discovery platform, has sold-out it’s United Arab Emirates (UAE) delivery business to the Berlin, Germany-based Delivery Hero for $172 million, declared information Edge (India) Ltd, that is second largest shareholder in Zomato.
Zomato raised a further $105 million in its current company funding spherical with new investors as well as Delivery Hero and parcel Brook Capital, information Edge declared.
Zomato has raised a complete of $755.6 million in funding over thirteen rounds as well as this, in keeping with knowledge by Crunchbase.
Post this deal, Info Edge, that owns 99acres.com & Naukri.com, can own a twenty six.38 % stake in Zomato.
Zomato and Delivery Hero can then enter services agreements beneath that Zomato can still run the business on its own platform.
“The acquisition can add one.2 million monthly orders and $2 million monthly revenue to Delivery Hero’s region and geographic area business and can strengthen its leadership position within the UAE. The acquisition is going to be absolutely funded by a purchase facility,” the corporate same during a statement.
Operated by Talabat Middle East, a fully-owned subsidiary of Zomato, ‘Zomato UAE’ can still own and run its allied businesses, that embody Zomato Gold and ad sales, among others.
Naspers, that owns the most important stake in Delivery Hero, has recently LED the large $1 billion funding of Zomato’s rival Swiggy.
In Sep 2017, Nasper had augmented its stake in Delivery Hero from ten.6% to 23.6% by deed twenty-two,359,857 shares that were antecedently commanded by Rocket web for the associated quantity of huge $775 million.
Last month, it had been conjointly reportable that Uber chow, the food delivery business of cab-hailing firm Uber, will build a military science exit from Asian country|Bharat|Asian country|Asian nation} by mercantilism its India business price $330 million to its native rival Swiggy.
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Source – Economic Times, Business normal