“Board of directors of Zomato has considered and approved the subscription of up to 600 equity shares of Byondnxt Smart Home Pvt Limited (“Byondnxt”), for a total purchase consideration of Rs 6,000/ at a price of Rs 10 per share.
Byondnxt, a business-to-consumer (B2C) firm which designs and manufactures kitchen appliances was founded by Eshwar Vikas who is also the founder of Mukunda Food Pvt Ltd.
In March 2022, Zomato paid $5 million for a 16.66% stake in Mukunda which offers smart kitchen equipment to B2B customers.
Also Read: Zomato’s going-out business clocks Rs 1,849 crore in gross sales in Q2
“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,” the filing said.
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The company’s board of directors on Tuesday also approved its Rs 8,500 crore fundraise plan via a qualified institutional placement (QIP). This comes ahead of Swiggy’s $1.25 billion IPO in November.
Also Read: Zomato’s QIP salvo before Swiggy IPO will further fuel quick commerce frenzy
The Gurugram-based company reported a 389% growth in its consolidated net profit at Rs 176 crore in the July-September quarter, compared with Rs 36 crore a year ago. It also reported a 68% year-on-year (YoY) jump in July-September revenue at Rs 4,799 crore.