Zomato closes $250 million funding round at $5.4 billion valuation

Zomato has closed a $250 million major financing round from present traders Tiger Global, Kora, and Fidelity at a post-money valuation of $5.4 billion, a major bounce from the $3.9 billion valuation
when it raised $660 million in December final yr.

Kora has invested $115 million as a part of this round, whereas Fidelity has contributed $55 million, and Tiger Global has pumped in $50 million, the corporate’s largest shareholder Info Edge disclosed in a inventory change submitting. Bow Wave has additionally ploughed $20 million into the round whereas Dragoneer has infused $10 million, it added. With this fundraising, Info Edge now owns an 18.4% stake within the Gurugram-based agency.

Shares of Info Edge surged by as a lot as 5% to Rs 5,250 on Tuesday morning following this announcement.

ET had reported final month that the web meals supply platform is
closing a $500 million fundraise in what’s being extensively considered a pre-IPO funding round. The funding was anticipated to comprise a mixture of major money infusion of $250 million and the same quantity by the use of secondary sale of shares by Chinese traders Ant Group and Sunlight Fund, amid heightened geopolitical rigidity between India and China.

With the contemporary capital, Zomato is predicted to have $1 billion in money because it inches nearer to its public market debut, an individual accustomed to the goings-on within the firm had advised ET at the time.

What has helped Zomato create lots of curiosity amongst traders is the extremely profitable IPO of SoftBank-backed DoorDash in December when the US-based meals supply startup opened buying and selling at $182, which was 78% above its IPO value on the New York Stock Exchange. Having raised roughly $3.4 billion, DoorDash’s valuation was at $34.2 billion, greater than double its $15 billion valuation within the non-public market a yr in the past. The firm’s market cap stands at $56.7 billion at the time of writing this text.

Zomato and rival Swiggy have additionally benefited from the revival within the on-line meals ordering enterprise submit a couple of powerful months when the nationwide lockdown was imposed to examine the unfold of Covid-19 final yr.

Zomato chief govt Deepinder Goyal had stated in a collection of tweets whereas saying the $660 million fundraise that Zomato was on observe to file its best-ever month-to-month gross sales in December 2020. “We are now clocking around 25% higher GMV (gross merchandise value) than our previous peaks in February 2020,” he had tweeted. “The tailwinds for food delivery businesses are clearly visible, and we believe that the growth of the sector will accelerate post-vaccine.”

On Tuesday, ET reported that the agency has additionally
restarted hiring, lower than a yr after it laid off a bit of its workers to avoid wasting on prices in the course of the pandemic-induced lockdown.

Zomato’s rival Swiggy can also be in superior negotiations to shut a $700-800 million funding round led by sovereign wealth funds Qatar Investment Authority with participation from GIC of Singapore in addition to world different asset supervisor Falcon Edge,
ET reported earlier this month.

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