Zomato in talks to raise $400 mn; Bloom wins bid for Delhi hotel

By Keshav Sunkara

  • 22 Jun 2018
Zomato in talks to raise $400 mn; Bloom wins bid for Delhi hotel
Credit: Shah Junaid/VCCircle

Online restaurant discovery and food delivery company Zomato Media Pvt. Ltd is in discussions with investors to raise $400 million, business daily Mint reported citing two people aware of the development.

It is likely that a substantial portion of the funding will be from existing investors Ant Financial, Chinese e-commerce giant Alibaba’s payment affiliate; Singapore state investment firm Temasek; and also the Alibaba Group, the report added.

The new funding round may value Zomato at $1.6-2 billion, according to Mint.


Last month, The Economic Times reported that Japanese internet conglomerate SoftBank was in preliminary negotiations to invest in Zomato.

In its last round of funding, in February this year, Zomato had raised $200 million from Ant Financial at a valuation of more than $1 billion.

On Thursday, Zomato's rival Swiggy said it was raising $210 million (around Rs 1,400 crore) in a Series G investment round led by South African technology conglomerate Naspers and Yuri Milner-led DST Global.


Bloom Hotel wins auction

Bloom Hotel Group, part of Imperativ Hospitality Pvt. Ltd, has emerged as the successful bidder for the defunct Janpath hotel, also known as Hotel Asian International, a three-star property situated in Lutyens’ Delhi, multiple media reports had stated.

The bid was part of an e-auction conducted by the New Delhi Municipal Council (NDMC).


Bloom Hotel Group has been granted the licensing rights of the hotel for 33 years.

According to The Economic Times, the successful bidder will pay 39.50% of the gross turnover or Rs 1.1928 crore per annum for 33 years, whichever is higher.

In April this year, Imperativ Hospitality had raised around Rs 110 crore (around $16 million) in a Series B round of funding from private investment firm Samena Capital.


Imperativ Hospitality was incorporated in 2006. It currently has eight properties across Delhi, Gurugram, Bengaluru and Goa.

PNB, Carlyle to sell stakes in mortgage lender

Public sector lender Punjab National Bank and US-based private equity firm Carlyle Group may sell their stakes in PNB Housing Finance Ltd in the second quarter of the current financial year, The Times of India reported.


Punjab National Bank and the Carlyle Group both hold around 33% stake each in the mortgage lender.

The market capitalisation of PNB Housing Finance is around Rs 18,400 crore.

The Carlyle Group was in informal talks with prospective suitors to sell its stake but had been waiting for a decision from PNB before initiating the sale process, according to the report.

Blackstone, Baring Asia, Kotak Mahindra and HDFC are the likely suitors for PNB Housing Finance, the report added.

Last month, Carlyle sold approximately 4.8% stake in the mortgage lender for around Rs 1,024 crore ($153 million).

Earlier this month, The Economic Times had reported that Carlyle was looking to sell its entire 33% stake in PNB Housing Finance within the next 18 months.

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