Zomato gets $250 million more, now valued at $5.4 billion – Times of India

BENGALURU: Online meals supply platform Zomato has raised one other $250 million in main capital from present and new buyers, forward of its potential preliminary public providing (IPO) this yr. Info Edge, one of the early buyers in Zomato, mentioned in a inventory trade submitting that Zomato, submit this funding, is valued at $5.4 billion in comparison with just below $4 billion in December when it closed a $660 million funding.
Existing buyers Kora Management has led the spherical with $115 million capital whereas Fidelity Management & Research Company and Tiger Global have put $55 million and $50 million within the Gurgaon-based firm, respectively. Bow Wave has put $20 million and new investor Dragoneer Investment Group, which lately invested in ed-tech startup Unacademy, has invested $10 million in Zomato, in response to Info Edge filings.
Post this, Info Edge now holds little over 18% stake within the firm, which primarily competes in opposition to Bengaluru-based Swiggy. A Zomato spokesperson declined to remark exterior the regulatory filings.
Zomato additionally counts China‚Äôs Alibaba group affiliate Ant Group as one of its buyers which had plans to take a position $150 million within the firm. It had put just one-third of the quantity in Zomato after which border tensions between India and China led to blocking of Chinese investments in India. TOI on Monday reported saying the federal government, after 9 months, had began clearing sure Chinese FDI offers on a ‘case-by-case’ foundation.
After a troublesome yr for the sector hit by the pandemic, platforms like Zomato have surpassed pre-Covid-19 degree order volumes. Swiggy too is within the center of elevating funds for its battle in opposition to arch rival Zomato.

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