Zomato, an India-based food ordering app developer backed by corporates Ant Financial, Delivery Hero, Info Edge and Uber, has increased its latest funding round to $262m, the Economic Times reported today.
Singaporean state-owned investment firm Temasek has invested $62m through its MacRitchie Investments subsidiary, ET reported, citing a regulatory filing. The news follows an earlier ET report yesterday stating that Tiger Global Management and Kora Capital were each contributing $100m to the round.
Zomato is raising the money at a $3bn valuation, people familiar with the matter said. Investment manager Baillie Gifford’s Pacific Horizon Investment Trust had provided $5m in series J funding for the company in April this year at a $3.25bn valuation, according to a regulatory filing seen by Entrackr.
Founded in 2008, Zomato runs a online food delivery service and also supplies payment processing technology to restaurants. Its original business was an online restaurant listings and reviews platform that it still runs.
The latest round follows a $150m commitment from Ant Group, the financial services affiliate of e-commerce group Alibaba, in January 2020 that has so far resulted only in a $50m investment due to India since changing regulations regarding Chinese investment.
Ride hailing service Uber took a 10% stake in Zomato later the same month when Zomato absorbed the local operations of its food delivery service, Uber Eats.
Zomato had previously received $690m in equity financing. Food delivery platform Delivery Hero, Ant Financial, Glade Brook Capital, Shunwei Capital and Saturn Shine all contributed to a $315m round that closed in March 2019.
Ant Financial invested $200m in Zomato in early 2018, when it also purchased shares from classified listings operator Info Edge in a secondary deal. The latter had supplied more than half of the company’s earlier financing, most recently leading a $50m series F round in 2015.
Zomato’s earlier investors include Sequoia Capital and Vy Capital, while Temasek was also an existing backer.
Image courtesy of Zomato.
