Foodtech major Zomato has announced that it is investing in digital advertising company Adonmo and in food ordering system UrbanPiper. The deals have been approved by the company’s board of directors.
The company’s board has also approved the incorporation of a non-banking finance company (NBFC), which will be a wholly-owned subsidiary of Zomato.
While the name of the subsidiary is still to be decided, Zomato is in process of acquiring the NBFC license. The company will look to provide loans to its restaurant partners, according to an ET report.
Meanwhile, Zomato has invested $5 million in UrbanPiper as part of a larger $24 million round for a 19% stake and $15 million in Adonmo to acquire a 5% stake.
UrbanPiper currently claims to process 12 million orders a month at over 23,000 restaurant locations in the country. Adonmo, which was also launched in 2016, is an ad-tech company that targets digital advertising beyond personal devices to outdoor digital screens.
Last year, Zomato had invested $175 million in Magicpin, Curefit and Shiprocket.