Zomato acquired a 16.66% stake in Mukunda Foods for $5 million; Granting $150 million loan to Blinkit
Zomato acquired a 16.66% stake in Mukunda Foods; Granting $150 million loan to Blinkit
The board of directors of Indian food delivery company Zomato Ltd has approved the acquisition of a 16.66% stake in Mukunda Foods, a food robot company, for $5 million and a loan of 150 million USD for Blinkit, an online shopping platform.
From cooking to making burgers, many food and beverage businesses are beginning to discover the benefits of robots to improve their productivity.
Mukunda is a food robot company that automates food preparation in restaurants by designing and manufacturing smart robotic equipment.
“Our investment will help Mukunda Foods scale faster, help lower restaurant food prices, expand profit margins, and improve customer satisfaction,” said Zomato.
Zomato, in a filing with the National Stock Exchange about its compliance with Securities and Exchange Board of India regulations, said the company’s board at a meeting on May 15 March 2022, approved the acquisition of a 16.66% stake in Mukunda Foods for a total cash purchase of $5 million and a $150 million loan grant to Blinkit, on the terms of the loan will be decided at a future date.
Formerly known as Grofers, Blinkit rebranded itself late last year when its CEO promised to speed up delivery of everything from groceries to electronics in a growing market. dominated by Walmart’s Flipkart and Amazon’s local unit.
