Zomato raises $250 million from 5 different investors

Food delivery platform Zomato has raised $250 million from five different investors as part of a primary fundraising round.

The transactions valued Zomato at a post-money valuation of $5.4 billion, Info Edge, which holds a stake in the company, said in a regulatory filing. Info Edge's stake in the company stands at 18.4 per cent after the fundraising  round.

Zomato raised $115 million from Kora Management LP,  $55 million from funds or accounts advised or sub-advised by Fidelity Management & Research Company LLC and its affiliates,  $50 million  from Tiger Global Management, LLC, $20 million from Bow Wave Capital Management, LP and  $10 million from Dragoneer Investment Group, LLC.

Also read: Ahead of IPO, Zomato set to close $500 million funding

Zomato had raised $160 million from Tiger Global and Temasek Holdings' subsidiary MacRitchie Investments in September last year, valuing the company at USD 3.3 billion. It had also raised $150 million in January 2020.

As per media reports, the company is planning to launch an IPO in the first-half of 2021 by valuing the company at $6-8 billion in the public market. The food delivery startup has appointed Goldman Sachs, Kotak Mahindra Bank, Morgan Stanley and Credit Suisse to run its IPO process.

Zomato's  revenue from operations grew to nearly Rs 2,605 crore in FY20 from Rs 1,312.6 crore in FY19 . However, its losses widened to Rs 2,385.6 crore during the fiscal ended March 31, 2020 from Rs 1,001 crore in FY19.

Source: www.businesstoday.in

 

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