The acquisition is being carried out on a slump sale basis by Foodfesta Wellcare, an arm of Big Tree — an associate firm of Reliance Industries, which is also the promoter group company of Network18.
“The acquisition includes transfer of Burrp’s key assets to BookMyShow, including employees and existing restaurant partnerships,” BMS said in a statement.
Big Tree owns and operates BookMyShow platform.
In a regulatory filing, Network18 said: “The consideration for the slump sale is Rs 6.7 lakh and has been determined on the basis of valuation carried out by EY.”
Burrp is India’s oldest food-tech business and currently lists over 56,000 restaurants across 12 cities.
Burrp’s revenue during FY2016-17 was Rs 56.67 lakh accounting for 0.69 per cent of Network18’s turnover. The net worth as on March 31, 2017 stood at a negative Rs 28.89 crore, Network18 said.
It further said considering the “insignificant contribution” of Burrp to revenue and the investments and (Read More)