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Zomato has acquired “Feeding India (NPO)”

Posted on July 10, 2019 By admin
corporate-world, current-affairs, M&A

Deepinder Goyal, Zomato’s CEO, said Feeding India ( a non profit start-up ) has been operating for the past six months and that its team has been completely integrated into the company.

The startup will continue its operations and will leverage Zomato’s technology and logistics and has already distributed to the underprivileged and hungry jumping from 78,300 in December last year to over 1.1 million meals now.

Feeding India has also increased the number of cities it is operating in from 65 to 82, with the number of volunteers working with it rising from 8,500 to 21,500.

The company will publish Feeding India’s quarterly financials on the startup’s website; it aims to publish the first report by October.All the money with Feeding India will remain with Feeding India and be used for their mission ‘food for everyone’

Feeding India was founded by Ankit Kawatra and Srishti Jain and began operations in 2015. According to its website, the organisation says its service works by potential donors leaving a request on its website or mobile application. The volunteers or staff then go to the location to check and collect the food, which they then distribute.

The startup also serves freshly cooked food or raw grains to shelter homes and beneficiaries it has partnered with.

Zomato operates in over 60 cities in India and also has a presence in 20 other countries.

In February, raised (around Rs 440.86 crore) in a fresh funding, already had 284.42 crore (around $39.7 million) from US-based growth equity firm Glade Brook Capital.

Zomato competes with firms such as the Naspers-backed Swiggy, UberEats and Foodpanda, among others.

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