Online food ordering company Zomato has decided to buy 8% share(s) in kitchen appliance manufacturer Byondnxt. As per an exchange filing, Zomato informed that its board has sanctioned the subscription of 600 equity shares of Byondnxt Smart Home Pvt Limited at a price of INR 6000.
Zomato buys 600 equity shares of Mukunda Food’s Byondnxt
Byondnxt was founded by Eshwar Vikas, who also started Mukunda Food. “Eshwar has offered Zomato a ~8% equity stake in Byondnxt at face value (and hence the subscription amount paid by Zomato for this investment is a mere INR 6,000 only). Zomato will continue to stay invested in Mukunda and this share subscription does not dilute Zomato’s economic interest or rights in Mukunda. To be abundantly clear, Zomato is not looking to make any further investment in either Mukunda or Byondnxt,” Zomato said in its exchange filing on Tuesday, October 22.
Continue Exploring: Zomato receives board approval to secure INR 8,500 cr via QIP
Meanwhile, in 2022, Mukunda Food secured $5 million from Zomato. Mukunda Food designs and makes smart robotic equipment to automate food preparation for restaurants.
Zomato to secure INR 8,500 cr via QIP
Furthermore, Zomato has secured board approval to raise up to INR 8,500 Cr (approximately $1 billion) through a qualified institutional placement (QIP). The foodtech major revealed its board has created a fundraising committee to decide on the structure, issuance form, price, discounts, and terms of the QIP, in an exchange filing.
Continue Exploring: Zomato allots shares worth INR 53 Cr under ESOPs ahead of Q2 earnings
In Zomato’s Q2 FY25 shareholder letter, founder and CEO Deepinder Goyal stated that the company is raising funds for the first time since going public to boost its cash reserves.
Additionally, the company’s consolidated net profit dropped by 30% to INR 176 Cr in the September quarter of FY25, down from INR 253 Cr in the June quarter, partly due to increased expenses.
