Zomato Chooses Invoice Bazaar to Bring Working Capital to Restaurants in the UAE
23 March 2022 - 11:52PM
Invoice Bazaar, the Dubai-based inclusive finance platform owned by
fintech holding company Triterras Inc. (OTC Expert Market:
TRIRF)
, and food delivery leader Zomato, one of
the largest aggregators of restaurants in the UAE, today announced
a renewed fintech partnership to bring working capital access to
restaurants listed on Zomato UAE. Invoice Bazaar and Zomato
commenced the partnership last year initially in response to the
COVID-19 pandemic.
During the preliminary roll-out, Invoice Bazar
disbursed more than 10 Million AED in critical financing. The
working capital has helped Zomato-partnered restaurants to reorient
and build business with a new primary focus on deliveries, easing
the burden on supplier payments, and creating operating cost
efficiencies.
"Invoice Bazaar is the perfect fit for our
restaurants. They are opening the doors to critical working capital
finance and have already helped us to distribute more than 10
million dirhams. We look forward to continuing to work together to
bring this inclusive financial opportunity to the more than 12,000
Zomato-listed restaurants across the UAE," said Neha Sood, Vice
President, Zomato.
Restaurants are a major business segment in the
UAE, but these businesses have limited access to traditional bank
financing. Invoice Bazaar helps to solve this liquidity crunch by
providing critical working capital, in real-time, to interested
restaurants based on their receivables and historical performance,
among other factors. Through its data-driven financial technology
and inclusive network of bank and non-bank lenders, Invoice Bazaar
is able to unlock value and offer financial flexibility to the
restaurant industry in UAE. Repayment and servicing of the working
capital seamlessly integrates into Zomato’s existing payment
experience.
“The restaurant ecosystem on Zomato is now
benefiting from the cornerstone of running a restaurant: access to
working capital. In turn, Invoice Bazaar is providing financial
inclusion to small businesses consistent with our global mission.
We are excited to grow our partnership together and bring working
capital to thousands more restaurants across the UAE,” said Anand
Nagaraj, Co-founder and CEO of Invoice Bazaar.
Zomato is a restaurant review, restaurant
discovery, food delivery and dining out transactions platform
providing in-depth information for over 1.5 million restaurants
across 24 countries. Invoice Bazaar partnerships are purpose-built
to enable financing to e-commerce sellers and have helped small
businesses cash receivables of over $140 million USD. To learn more
about working capital partnerships with Invoice Bazaar, visit
www.invoicebazaar.com.
About ZomatoFounded in 2008,
Zomato serves more than 70 million users every month. Zomato UAE
was acquired by Delivery Hero in 2019 and is part of
Talabat/Delivery Hero Group. https://www.zomato.com/
About Invoice BazaarInvoice
Bazaar, based out of Dubai and operating since 2016, is a SME
Financial Inclusion startup that has helped small businesses with
limited or no access to bank finance with working capital lines in
the form of Receivables Finance. Founded by bankers and
technologists with experience of working at global banks like Citi,
Invoice Bazaar is proud to have served underbanked and unbanked
SMEs, including women led enterprises, that have gone on to create
thousands of jobs and helped the GDP. The company was awarded
Middle East and North Africa (MENA) Fintech of the Year 2019 by
Fintech Abu Dhabi hosted by Abu Dhabi Global Markets (ADGM). In May
2021, Invoice Bazaar was acquired by Triterras, a leading Fintech
company in trade and trade finance. For more information:
www.invoicebazaar.com.
About TriterrasTriterras is a
leading fintech company focused on trade and trade finance. It
launched and operates Kratos™—one of the world’s largest trading
and trade finance platforms that connects and enables commodity
traders to trade and source capital from lenders directly online.
For more information, please visit triterras.com or email us at
contact@triterras.com.
Triterras Investor Relations
Contacts:Jim Groh, Triterras Inc.Mobile: +1 (678)
237-7101Email: IR@triterras.com
Gateway Investor RelationsMatt
Glover and Jeff Grampp, CFAOffice: +1 (949) 574-3860Email:
TRIT@gatewayir.com
Triterras Media Contact:Gregory
Papajohn, Office of Corporate Communications, Triterras,
Inc.Mobile: +1 (917) 287-3626Email: press@triterras.com
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