Zomato has completed the acquisition of 18.10% stake in Grofer Entities. The company has acquired 9.16% of shareholding on a fully diluted basis in Grofers India (GIPL) for a consideration of Rs 518.21 crore and 8.94% of shareholding on fully diluted basis in Hands on Trades (HOTPL) for a consideration of Rs 222.83 crore, with an aggregate consideration of Rs 741.05 crore.
Earlier, the company had entered into definitive agreement with Grofers India, Hands on Trades and their parent entity Grofers International (together the Grofer Entities) and others, in relation to acquisition of certain minority stake in GIPL and HOTPL, as well as certain rights in each of the Grofer Entities.
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.