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Home Gadgets Zomato raises $195 million in funding from 6 investors, valuation touches $3.6bn

Zomato raises $195 million in funding from 6 investors, valuation touches $3.6bn


Information Edge on Friday mentioned its investee firm Zomato has raised $195 million (about Rs 1,455.4 crore) in funding from six traders together with Luxor, Kora and Steadview, valuing the web meals ordering platform at $3.6 billion.

“Zomato Pvt Ltd has closed a major fundraise of $195 million from six totally different traders…The transactions valued Zomato at a post-money valuation of $3.6 billion,” Information Edge mentioned in a regulatory submitting.

Upon closing of the fund increase, Information Edge’s shareholding in Zomato shall stand decreased to about 20.8% on absolutely transformed and diluted foundation, it added.

Feedback from Zomato couldn’t be elicited instantly.

Of the $195 million, $60 million was raised from Luxor Capital Group LP, by means of its totally different funding automobiles.

$50 million got here from Kora Administration LP , by means of its funding car Kora Investments I LLC and/or any of its associates, the submitting mentioned.

Mirae Asset , by means of its funding car Mirae Asset – Naver Asia Progress Funding Pte Ltd and/or any of its associates, invested $40 million, it added.

Steadview Capital and Bow Wave Capital Administration LP every invested $20 million, whereas $5 million got here from Baillie Gifford & Co ,by means of its funding car Pacific Horizon Funding Belief Plc and/or any of its associates, the submitting mentioned.

In September, Information Edge had knowledgeable the inventory exchanges about Zomato elevating $160 million (about Rs 1,173 crore) in funding from Tiger World and Temasek Holdings subsidiary MacRitchie Investments, valuing the web meals ordering platform at $3.3 billion.

Submit the September transaction, Information Edge’s shareholding in Zomato was at 22.2 %.

Zomato — which competes aggressively with Prosus-backed Swiggy within the Indian market — plans to go for an initial public offering (IPO) within the first half of 2021, its founder and CEO Deepinder Goyal had instructed its workers at the moment.

The net meals supply section has seen vital development in the previous few years with Zomato and Swiggy competing head-on to seize market share.

Earlier this 12 months, Zomato acquired the Indian enterprise of Uber Eats in an all-stock deal that can give the journey hailing firm 9.99 % stake in Zomato.

Apparently, in Could this 12 months, Amazon India threw its hat within the ring and introduced the launch of its meals supply operations in choose elements of Bengaluru.

Zomato and Swiggy had seen their enterprise being impacted by the COVID-19-induced lockdown. Throughout this time, Zomato and Swiggy ventured into the realm of grocery supply. With the easing of lockdown, the businesses have been seeing demand returning on these platforms.

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