Zomato introduces ‘Zomato Wings’ to connect investors with restaurants
By Sanjay Maurya
Deepinder Goyal and Pankaj Chaddah started Zomato, an Indian international restaurant aggregator and meal delivery firm, in 2008. Zomato offers reviews of numerous restaurants, menus, and user ratings, as well as meal delivery from partner restaurants in select states.
According to a corporate blog, Zomato has established a new platform dubbed ‘Zomato Wings,’ which would allow investors to connect with restaurants. According to the post, the platform would allow venture capital companies, angel investors, family offices, and others wishing to make private investments in restaurants and cloud-kitchens to interact directly with restaurants and cloud-kitchens searching for investors.
Zomato
- Founders: Deepinder Goyal; Pankaj Chaddah;
- Owner: Info Edge (18.6%); Alipay Singapore (8.3%); Uber (9.1%); Antfin Singapore (8.2%)
- Headquarters: Gurgaon, Haryana, India
- Founded: July 2008; 13 years ago
- Number of employees: 5,000+
More fledgling restaurants would utilize Zomato Wings for funding as the food-tech platform partnered with more investors by linking them with enterprising restaurants, and the platform’s flywheel would generate a win-win for investors and restaurants as well, and by extension, for Zomato. While some significant chains have attracted investors, Zomato notes that according to Tracxn, only 25 restaurants and cloud kitchens have received Series A or higher equity fundraising rounds in the previous three years.
Thousands of aspiring restaurants may lack the experience or attention needed to obtain funds from the appropriate investors at the right moment, according to Zomato, which is where it wants to assist.
Goyal, on the other hand, stated that Zomato’s participation will be confined to facilitating restaurant funding. It will assist restaurants in properly positioning their storey and analytics, as well as connecting them with the appropriate investors, according to Goyal. In the next three years, we intend to provide wings to at least 100 restaurant businesses – join us in this exciting growth narrative, he said. Zomato’s stock surged 2.45 percent to INR 152.60 per share on the BSE on 30th November, while the benchmark Sensex fell 0.34 percent to 57,064.87 points.
Company officials said that it is in the process of selling Fitso to Curefit (Curefit Healthcare Pvt Ltd) for $50 million, with an additional $50 million in net cash invested in Curefit plus, giving it a 6.4 percent stake in Curefit worth $100 million.
In addition, as part of a bigger $185 million transaction, Zomato has signed definitive contracts for a $75 million investment in Shiprocket for an 8% share. Zomato has invested $275 million in four firms in the last six months, including a $100 million investment in Grofers in August 2021.
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