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Zomato Acquires Minority Stakes in UrbanPiper, AdOnMo

Zomato has bought a minority stake in Ad tech firm AdOnMo Pvt Ltd and B2B software platform UrbanPiper Technology as part of its plan to invest $1 billion in startups. It has also set up a non-banking financial company (NBFC) which will allow the Online food delivery firm to expand credit to its stakeholders like restaurants, delivery partners and customers.

“Both UrbanPiper and AdOnMo investments are synergistic to our main business and will help in the growth of these companies and filling necessary gaps in the food ordering and delivery ecosystem in India,” the company said in a statement.

AdOnMo had reported a turnover of Rs 3.27 Crores on 31st March 2021, and UrbanPiper’s turnover stood at 6.34 Crores during the period. Last year Zomato had announced its plans to deploy $1 billion in the next 1 to 2 years in startups, with a significant focus on the quick commerce sector. So far, it has invested $75 million in Shiprocket, $50 million in Magicpin and $50 million in Curefit.

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