Zomato raises $250mn in funding from Tiger Global, Kora and others
- Country:
- India
Info Edge on Monday said its investee company Zomato has raised USD 250 million (over Rs 1,800 crore) in funding from Tiger Global, Kora and others, valuing the online food ordering platform at USD 5.4 billion.
''Zomato Pvt Ltd has closed a primary fundraise of USD 250 million from five different investors...The transactions valued Zomato at a post-money valuation of USD 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 per cent, it added.
Comments from Zomato could not be elicited immediately.
As per the latest filing by Info Edge, USD 115 million has been invested by Kora Management LP, USD 55 million from funds associated with Fidelity, USD 50 million from Tiger Global Management, LLC, USD 20 million from Bow Wave Capital Management, LP and USD 10 million from Dragoneer Investment Group, LLC.
In September last year, Info Edge had said Zomato had raised USD 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 USD 3.3 billion.
In January 2020, Zomato had raised USD 150 million (over Rs 1,065 crore) at a pre-money valuation of USD 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-folds to USD 394 million (around Rs 2,960 crore) from the previous fiscal, while its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) loss was at around Rs 2,200 crore in FY2019-20.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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