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CCI agrees with Zomato’s Rs741-cr investment in Grofers, HOTPL

On August 13, 2021, the Competition Commission of India (CCI) approved an investment proposal by Zomato, a dood distribution platform for Grofers India Private Limited and Handson Trades Private Limited. Zomato said in today’s statement. Grofers International Pte is a holding company for Grofers India and HoT.

With this approval, Zomato said it acquired 9.16% of GIPL’s fully diluted stake for Rs 51.82 billion and 8.94% of HOTPL’s fully diluted stake for Rs 22.28 billion. Total of Rs741 Chlore.

Zomato announced last month that it had invested US $ 100 million to acquire a minority stake in Grofers. This is because the company aims to increase its exposure to the online grocery segment.

Zomato was founded in January 2010 and Grofers India was founded in May 2015. HoT engages in B2B wholesale transactions with third-party merchants, contract manufacturing and offering of food, grocery and other merchandise for wholesale sale. Warehouse services that include food and grocery storage for third-party merchants. It was incorporated in September 2015.

Zomato reported on Tuesday that the adjusted EBITDA loss was Rs 17 billion, while the loss in the first quarter of 2010 was Rs 36 billion. The company recorded a loss of Rs 99.8 in the same period last year.

Zomato’s Initial Public Offering (IPO) began subscription on July 14 in the price range of Rs 72-76 per share. The IPO ended with a 38-subscription bumper. The stock later debuted at Rs 115, reflecting a 51.31 percent increase in the issue price of BSE.

Zomato IPO consisted of an initial public offering worth Rs 9,000 and an initial public offering (OFS) worth Rs 375 by existing investor Info Edge (India), the parent company of Naukri.com.

Meanwhile, Zomato’s share price rose 1.15% at NSE compared to the closing price of 132.50 rupees in the previous session, closing at 134.50 rupees.

Read also: Zomato re-enters e-grocery delivery biz with the acquisition of Grofers
Read also: CCI approves Zomato to buy a 9.3% stake in Grofers India

CCI agrees with Zomato’s Rs741-cr investment in Grofers, HOTPL

Source link CCI agrees with Zomato’s Rs741-cr investment in Grofers, HOTPL

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