Zomato Acquires 8% Stake In Kitchen Appliances Startup Byondnxt
The Zomato board has approved the subscription of up to 600 equity shares of Byondnxt at a price of Rs 10 per share
Zomato, the food and grocery delivery giant, is acquiring an 8 per cent equity stake in kitchen appliances startup Byondnxt Smart Home for Rs 6,000. The company disclosed this move in an exchange filing on October 22, 2024.
The Zomato board has approved the subscription of up to 600 equity shares of Byondnxt for Rs 10 per share.
Byondnxt, founded by Eshwar Vikas, who also established Mukunda Food, is a business-to-consumer firm specialising in designing and manufacturing kitchen appliances. In March 2022, Zomato invested USD 5 million for a 16.66 per cent stake in Mukunda, which provides smart kitchen equipment to business-to-business (B2B) customers.
In its recent financial report, Zomato revealed a remarkable 389 per cent growth in consolidated net profit, reaching Rs 176 crore for the July-September quarter, up from Rs 36 crore a year earlier. The company also experienced a 68 per cent year-on-year increase in revenue, totalling Rs 4,799 crore during the same period.
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