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Zomato gets nod to grant $150 million loan to Grofers India

16 Mar 2022 Evaluate

Zomato has received approval to grant a loan of up to $150 million to Grofers India (GIPL) in one or more tranches and delegated the authority to the senior management of the company to decide the key terms of the loan and execute the definitive documents at a future date. The interest rate for the loan will be 12% p.a. or higher with a tenor of not more than 1 year. This loan will support the capital requirements of GIPL in the near term and is in line with company’s stated intent of investing up to $400 million cash in quick commerce in India over the next 2 years.

The company’s board has also approved acquisition of 16.66 per cent take in food robotics and automation firm, Mukunda Foods, for an aggregate cash consideration of rupee equivalent of $5 million on a fully diluted basis.

Zomato is an Indian multinational restaurant aggregator and food delivery company founded by Pankaj Chaddah and Deepinder Goyal in 2008. It provides information, menus and user-reviews of restaurants as well as food delivery options from partner restaurants in select cities

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