Private Equity Other Private Equity/Strategic Investments
ITC raises stake in vending machine app Azgo to 27%
Source Economic Times (opens in a new tab)BSE Release (opens in a new tab)
Kolkata-based, publicly listed ITC Ltd has raised its holding to 27.34% in Bengaluru-based Delectable Technologies Pvt Ltd, which operates the Azgo app and vending machines selling snacks and other FMCG products. In a third tranche, ITC acquired 1,964 compulsorily convertible preference shares of INR 10 each of Delectable.
Two years ago, ITC Ltd had agreed to acquire a stake of up to 33.42% in Delectable for INR 7.5 crore (USD 1.04 million) across four tranches.