Zomato invests $20 m to acquire minority stakes in AdOnMo, UrbanPiper
Financial Express Mumbai|January 29, 2022
FOOD DELIVERY UNICORN Zomato has signed definitive documents to acquire minority stakes in two start-ups - UrbanPiper and AdOnMo – for an aggregate value of $20 million, according to the company's latest filing with the BSE.
FE BUREAU

The restaurant aggregator said it will invest $5 million in UrbanPiper for a 5% stake as part of a larger $24-million round. UrbanPiper operates a B2B software platform that acts as a middle layer between restaurants and food ordering and delivery players. Founded in 2015 by Anirban Majumdar, Devarshi Shah, and Saurabh Gupta, it has raised close to $15 million in funding led by Sequoia Capital India, Tiger Global Management and others.

Zomato also signed documents to invest another $15 million in ad-tech firm AdOnMo for a 19% stake. AdOnMo is an ad-tech company taking targeted digital advertising beyond personal devices to outdoor digital screens. AdOnMo was founded in 2016 by Sandeep Bommireddi and Sravanth Gajula and has previously raised $3 million in funding from Bace Capital, Astrac Ventures, and others.

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