India: Zomato raises $195m from 6 investors ahead of IPO launch in 2021

Photo: Zomato

Zomato, leading food delivery startup, raised $195 million from six investors, according to a regulatory filing on Friday. “Zomato Pvt Ltd has closed a primary fundraise of $195 million from six different investors…The transactions valued Zomato at a post-money valuation of $3.6 billion,” Info Edge said in a regulatory filing.

Upon closing of the fund raise, Info Edge’s shareholding in Zomato shall stand reduced to about 20.8% on fully converted and diluted basis, it added. The investment is the latest in a slew of funding for Zomato in recent months, ahead of its planned initial public offering in the first half of 2021.

Of the latest investments, $60 million came from from Luxor Capital Group LP, through its different investment vehicles. The food delivery startup raised $50 million from Kora Management LP , through its investment vehicle Kora Investments I LLC and/or any of its affiliates, the filing said.

In September, the company raised $160 million from US hedge fund Tiger Global Management LLC and a unit of Singapore’s Temasek Holdings.

The online food delivery segment has seen significant growth in the last few years. Earlier this year, Zomato acquired the Indian business of Uber Eats in an all-stock deal that will give the ride hailing company 9.99% stake in Zomato. However, the business was severely affected during coronavirus lockdown. Zomato ventured into the grocery delivery business during nationwide lockdown.

This article was first published on livemint.com.

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.