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Zomato to back start-ups for next two years
November 11, 2021
Indian food delivery firm Zomato, which opened up to the world recently, is making a progression of interests in new companies as it searches for approaches to inorganically grow its business on the planet’s second-biggest web market.
The firm, which has a market cap of more than $14.3 billion, said in a Wednesday filing that it is investing into logistics firm Shiprocket, reserve funds application Magicpin and fitness startup Curefit. TechCrunch detailed with regards to these deals earlier on Wednesday.
Zomato said it is investing $75 million in Delhi-headquartered Shiprocket. The investment is important for a ~$185 million financing round, Zomato said. The investment values Shiprocket at more than $930 million, Zomato disclosed in the filing on a local exchange.
In Magicpin, Zomato is investing $50 million to acquire a 16% stake, it said. The investment is important for a broader $60 million financing round, Magicpin confirmed to TechCrunch.
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