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Zomato has invested $100 million (around Rs 745 crore) for acquiring a minority stake in Grofers
The Competition Commission of India has approved online food delivery platform Zomato’s proposed purchase of 9.3% stake in online grocery shopping player Grofers India.
Zomato, last month, said it has invested $100 million (around Rs 745 crore) for acquiring a minority stake in Grofers as the company looks to have more exposure to the online grocery segment.
Zomato will acquire 9.3% stake in Grofers India Pvt Ltd and Hands on Trades Pvt Ltd (HoT). Grofers International Pte is the holding company of Grofers India and HoT.
In a tweet on Friday, Competition Commission of India (CCI) said it has cleared the “proposed acquisition by Zomato of approximately 9.3% stake in Grofers India and Hands-on Trades”.
Under the transaction, Zomato would snap up around 9.3% stake in “each of Grofers India and HoT along with certain rights in each of the targets,” as per a notice filed with the regulator.