Loading...
TMT
By
Kora Holdings, Tiger Global double down on Zomato bet in $250 mn round
Photo Credit: VCCircle

Food delivery and restaurant aggregation platform Zomato has raised $250 million (around Rs 1,808 crore according to current exchange rates)  at a valuation of $5.4 billion, according to a filing made by investor, Info Edge with the exchanges. 

The company was valued at $3.9 billion in November 2020 when it had raised $145 million as part of its $660 million ahead of going public in 2021. The current round is in addition to the $660 million fundraise. Including the current fundraise, Zomato has raised close to $1.3 billion since its inception in 2008, according to data sourced from VCCEdge.

The round was led by returning investor Kora Holdings, which invested $115 million in the company, followed by Fidelity Management with $55 million, Tiger Global with $50 million, Bow Wave Capital with $20 million and $10 million from Dragoneer Investment Group.

The current round brings down Info Edge’s stake in the company to 18.4% on a fully converted and diluted basis, down from 20.8% in November 2020

Zomato’s losses widened over 2.5 times for the financial year ending March 2020 to Rs 2,451 crore. While the reports captured only part of the losses due to Covid-19 related national lockdown, Zomato, in its blog post in September 2020, had said that it had seen 85% recovery to pre-Covid GMV levels. 

GMV or Gross Merchandise Value is the total value of products sold over a given period of time and is used by ecommerce entities as a metric to measure sales.

In January, Zomato also acquired sports facilities startup Fitso in a mixed equity and cash deal, stepping outside its mainstay of food and delivery services. 

Leave Your Comment(s)