Zomato, an online meal delivery platform, announced that its board of directors has approved a loan of up to Rs 1,145 crore (US$ 150 million) to Grofers India Pvt Ltd, a digital grocery shopping company (GIPL). The board has also approved the acquisition of 16.66% of Mukunda Foods Pvt Ltd, a food robotics and automation startup, for an aggregate cash consideration of US$ 5 million. "Our investment will help Mukunda Foods scale faster, help reduce restaurant food prices, expand margins, and enhance customer delight," it added.
For Grofers India Pvt Ltd the filing stated, "The interest rate for the loan will be 12% per annum or higher with a tenor of not more than 1 year. This loan will support the capital requirements of GIPL in the near term and is in line with our stated intent of investing up to US$ 400 million cash in quick commerce in India over the next 2 years."
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