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Grapevine: Zomato to raise funding; ReNew Power sells wind farms to Ayana
Photo Credit: VCCircle

New York-based hedge fund D1 Capital and Fidelity Management & Research are expected to invest $100 million (about Rs 740 crore) in online food delivery firm Zomato, people familiar with the matter told The Economic Times.

Zomato, which plans to go public next year, is continuing to add new investors in its current funding round. The company recently confirmed scooping up $145 million from Ballie Gifford, and new investors Mirae Asset-Naver Asia Growth Fund, US hedge fund Luxor Capital, private equity firm Bow Wave Capital, and Steadview Capital.

One of the persons in the know said that Tiger Global and Kora Management, which came in previously, may also pump in additional funds to the tune of $150 million.

All of this fundraising is part of the $660 million that Zomato had set out to raise last year at a valuation of about $3 billion.

Meanwhile, Goldman Sachs-backed ReNew Power has sold its Karnataka wind farms having capacity of 300 megawatts of energy to UK government-backed Ayana Renewables for Rs 1,600 crore ($216 million), people aware of the matter told The Economic Times.

The deal with Ayana will help ReNew Power reduce debt and generate cash, the people said.

In another development, the Tata group along with new financial investor Gaja Capital and existing investor International Finance Corp. (IFC) are in talks to invest at least $100 million (about Rs 740 crore) in e-pharmacy 1mg, people in the know told Mint.

1mg is in talks for the fundraising with an eye on achieving profitability in about 15 months, and then going for an initial public offering in three to five years, one of the persons said.

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