Zomato enters unicorn club with $60m funding from Temasek, Vy Capital

Zomato Media Pvt. Ltd, a restaurant search and review website, has raised $60 million in fresh capital, largely from Singapore’s Temasek Holdings Pte and existing investor Vy Capital, the company said on Monday.

The Gurgaon-based company’s largest investor Info Edge (India) Ltd, which owns a 47% stake in Zomato after the latest transaction, did not participate in the current round of fund raising, according to a statement filed by Info Edge to BSE.

Zomato, founded in 2008, will use the money to further grow its new business verticals such as food ordering, the company said in a statement.

The current round takes Zomato’s total funding to about $225 million from Info Edge, Sequoia India, Vy Capital and Temasek.

“We will use this round to make investments in our new businesses such as online ordering, table reservations, point of sales, and our newly launched Whitelabel platform. With this round, and with some of our markets turning profitable recently, Zomato is well-capitalized for at least two years. We are also stoked to have Temasek partner with us, and are looking forward to building one of the largest food-tech companies in the world,” said Deepinder Goyal, founder and chief executive of Zomato.

Earlier this week, Zomato acquired high single-digit stakes in hyperlocal delivery companies Grab and Pickingo in a move to strengthen its food-ordering business.

Related: Zomato buys minority stakes in Grab and Pickingo

Rocket Internet launches aggressive growth strategy for APAC; to roll out a new venture every quarter

Zomato introduced a food-ordering option in India this year after well-funded food-tech start-ups such as Foodpanda, TinyOwl and Swiggy had already grabbed a significant chunk of the market. While Zomato is planning to outsource the function of last-mile delivery, Foodpanda, TinyOwl and Swiggy have decided to build the capability in-house to keep a tighter control over the service.

Zomato’s online ordering services are currently available for around 12,000 restaurant partners, and it expects to take that to more than 20,000 by the end of this year. It currently has 70,000 restaurants listed on its India platform.

Also Read: Foodpanda raises $100m more led by Goldman Sachs, takes total amount raised to over $310m

Foodpanda raises $110m in latest round, Rocket gets controlling stake

 

This article was first published on Livemint.com

Image Credit: Freedigitalpictures.net

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.