Zomato to set up NBFC; buys stake in Adonmo
The New Indian Express Chennai|January 29, 2022
FOOD delivery company Zomato will foray into the financial services business with the launch of a non-banking finance company (NBFC). Zomato’s board has approved the incorporation of an NBFC, which will be a wholly-owned subsidiary of the company.

Also, the company will pick up a 19.48% stake for about ₹112.20 crore in adtech company Adonmo and will buy a 5% stake for ₹37.38 crore in B2B software platform UrbanPiper Technology.

“Both UrbanPiper and Adonmo investments are synergistic to our core business and will help accelerate growth of these companies which will help in filling important gaps in the food ordering and delivery ecosystem in India,” Zomato said in its filings.

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