Key Points
- Zomato seizes 8% stake in Byondnxt for INR 6,000.
- Net profit plummeted 30% in Q2 FY25 to INR 176 Cr.
- Byondnxt established by Eshwar Vikas of Mukunda Food.
- Zomato’s cash reserves shrank after securing Paytm’s ticketing business.
- Company aims to gather INR 8,500 Cr via QIP.
Looma News
Zomato is seizing an 8% stake in Byondnxt Smart Home Pvt Limited. The purchase price is INR 6,000 for 600 equity shares. Byondnxt creates inventive kitchen appliances and was established by Eshwar Vikas.
In Q2 FY25, Zomato had a net profit of INR 176 Cr. This marks a 30% drop from the previous quarter’s profit of INR 253 Cr. Zomato had earlier poured $5 Mn into Mukunda Food, which Vikas also founded.
Zomato clarified that this stake acquisition does not influence its rights in Mukunda. The company is not plotting further investments in either Mukunda or Byondnxt.
Moreover, Zomato’s cash reserves have dwindled due to acquiring Paytm’s entertainment ticketing business for INR 2,048 Cr. The cash balance at the end of September stood at INR 1,726 Cr.
Zomato’s board endorsed a strategy to gather INR 8,500 Cr through a qualified institutional placement (QIP). This maneuver could elevate domestic shareholding to over 50%.
