Zomato acquires equity stake in meal delivery startup Tinmen
Zomato, the online restaurant finding and food delivery firm, has acquired undisclosed stake in Hyderabad based home-cooked meal delivery app Tinmen. The investment is part of the broader goal of Zomato to develop an ecosystem around the food-delivery space, and compete with cash-rich players in the segment such as UberEATS, Swiggy and Foodpanda. Deepinder Goyal, CEO of Zomato, commented on the deal that “The company has just made an investment into a startup called Tinmen – an efficient and modest little company which provides easy access to home cooked meals at affordable prices, for thousands of people in Hyderabad”. He further added that “In tandem we are also exploring alliances with existing players, big and small, to help surface a larger variety of healthy meal options to our users”.
The Hyderabad-based startup is already delivering over 30,000 orders a month, and is expected to see this number steadily multiplying over the next six to nine months. With the entry of UberEATS, Zomato has been expanding its reach by organic and inorganic ways. It recently raised capital funding after a gap of 1 year when it’s valuation was under question. The firm has improved its financials considerably compared to last year with the cash burn rate at the lowest levels.