Board of Zomato approves investment of USD 5 mn in Mukunda Foods

22 Mar 2022 , 01:33 AM

The Board of Zomato at its meeting held on 15 March 2022 has approved the acquisition by way of subscription of 13289 Series B1 compulsorily conve1tible preference shares and 10 Ten equity shares collectively aggregating to 1666Percentage of the share capital of Mukunda Foods Mukunda on a fully diluted basis for an aggregate cash consideration of INR equivalent of USD 5 million Mukunda is a food robotics company that designs and manufactures smart robotic equipment to automate food preparation for restaurants Their products enable restaurants to scale rapidly while maintaining consistency in food quality and customer experience across multiple outlets Mukunda also helps restaurants to become more efficient by reducing manpower cost wastage and increase kitchen throughput The companys investment will help Mukunda Foods scale faster help reduce restaurant food prices expand margins and enhance customer delight