[Funding alert] Zomato raises $250M from Tiger Global, Kora, others

[Funding alert] Zomato raises $250M from Tiger Global, Kora, others


Info Edge on Monday said its investee company Zomato has raised $250 million (over Rs 1,800 crore) in funding from Tiger Global, Kora, and others, valuing the online food ordering platform at $5.4 billion.

“Zomato has closed a primary fundraise of $250 million from five different investors…The transactions valued Zomato at a post-money valuation of $ 5.4 billion (exchange rate of Rs 73.5 per US dollar),” Info Edge said in a regulatory filing.

On a fully converted and diluted basis, Info edge’s effective stake in Zomato stands at 18.4 percent, it added.

Comments from Zomato could not be elicited immediately.

As per the latest filing by Info Edge, $115 million has been invested by Kora Management, $55 million from funds associated with Fidelity, $50 million from Tiger Global Management, $20 million from Bow Wave Capital Management, and $10 million from Dragoneer Investment Group.

In September last year, Info Edge had said Zomato had raised $160 million (about Rs 1,173 crore) in funding from Tiger Global and Temasek Holdings subsidiary MacRitchie Investments that valued the online food ordering platform at $3.3 billion.

yourstory-zomato

In January 2020, Zomato raised $150 million (over Rs 1,065 crore) at a pre-money valuation of $3 billion.

Zomato, which competes aggressively with Prosus-backed Swiggy in the Indian market, has previously stated that it plans to go for an initial public offering (IPO) in the first half of 2021.

The online food delivery segment has seen significant growth in the last few years with Zomato and Swiggy competing head-on to grab market share.

Zomato’s FY20 revenue had jumped over two-fold to $394 million (around Rs 2,960 crore) from the previous fiscal, while its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) loss was at around Rs 2,200 crore in FY2019-20.





Source link

Leave a Reply