Zomato selects Invoice Bazaar to provide working capital to restaurants in UAE

Triterras, Inc.

Over AED 10 million in funding distributed during the initial rollout of the partnership; Critical working capital now available for over 12,000 restaurants on Zomato UAE

DUBAI, United Arab Emirates, March 23, 2022 (GLOBE NEWSWIRE) — 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 restaurant aggregators in the UAE, today announced a renewed fintech partnership to bring access to working capital to restaurants listed on Zomato UAE. Invoice Bazaar and Zomato started the partnership last year initially in response to the COVID-19 pandemic.

During the preliminary rollout, Invoice Bazar disbursed over AED 10 million in critical funding. Working capital has helped Zomato’s partner restaurants reorient and grow their businesses by focusing on deliveries, easing the burden of supplier payments and reducing operating costs.

“Invoice Bazaar is the perfect solution for our restaurants. They open the doors to critical working capital financing and have already helped us distribute over MAD 10 million. We look forward to continuing to work together to bring this inclusive financial opportunity to more than 12,000 restaurants listed by Zomato across the UAE,” said Neha Sood, Vice President of Zomato.

Restaurants are a major business segment in the UAE, but these businesses have limited access to traditional bank financing. Invoice Bazaar helps address this cash crunch by providing critical, real-time working capital to interested restaurants based on their receivables and historical performance, among other factors. With its data-driven financial technology and inclusive network of bank and non-bank lenders, Invoice Bazaar is able to unlock value and provide financial flexibility to the restaurant industry in the UAE. Reimbursement and working capital service seamlessly integrate with Zomato’s existing payment experience.

“The restaurant ecosystem on Zomato now benefits from the cornerstone of running a restaurant: access to working capital. In turn, Invoice Bazaar provides financial inclusion to small businesses in line with our global mission. We 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 restaurant transaction platform providing detailed information on over 1.5 million restaurants in 24 countries. Invoice Bazaar partnerships are specifically designed to enable e-commerce seller financing and have helped small businesses collect over US$140 million in receivables. To learn more about working capital partnerships with Invoice Bazaar, visit www.invoicebazaar.com.

About Zomato
Founded in 2008, Zomato serves over 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 Bazaar
Invoice Bazaar, based in Dubai and operating since 2016, is an SME financial inclusion startup that has helped small businesses with limited or no access to bank financing with working capital lines in the form of receivables financing. Founded by bankers and technologists with experience working at global banks like Citi, Invoice Bazaar is proud to have served underbanked and unbanked SMBs, including women-led businesses, that have created thousands jobs and contributed to GDP. The company was awarded the 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: http://www.invoicebazaar.com.

About Triterras
Triterras 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 write to us at [email protected].

Triterras Investor Relations Contacts:
Jim Groh, Triterras Inc.
Mobile: +1 (678) 237-7101
Email: [email protected]

Investor Relations Gateway
Matt Glover and Jeff Grampp, CFA
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Triterras media contact:
Gregory Papajohn, Office of Corporate Communications, Triterras, Inc.
Mobile: +1 (917) 287-3626
Email: [email protected]

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