Zomato, an India-based food delivery service backed by corporates Ant Financial, Delivery Hero, Info Edge and Uber, has raised more than $102m in series J funding from investment firm Tiger Global Management, Entrackr reported yesterday.
The news, based on a regulatory filing seen by Entrackr, follows a report earlier this month confirming a $62m commitment from Singaporean state-owned investment firm Temasek’s MacRitchie Investments unit and suggesting Tiger Global and Kora Capital would each inject $100m.
Zomato is estimated by Entrackr to be targeting a $3.4bn valuation post-money and had initially secured $5m in series J financing from Baillie Gifford’s Pacific Horizon Investment Trust in April this year.
Founded in 2008, Zomato operates an online food ordering platform and has developed payment processing technology for the hospitality industry. It also maintains a restaurant listings and reviews portal.
Ant Group, the financial services provider spun off from e-commerce group Alibaba, committed $150m in early January this year but a change in regulations in India has meant the corporate has so far only been able to invest $50m.
Ride hailing app provider Uber acquired a 10% shareholding in Zomato later the same month when Zomato took over the local operations of food delivery service Uber Eats.
Ant Group and food delivery platform Delivery Hero contributed to a $315m round closed by the company in March 2019, with contributions from Glade Brook Capital, Shunwei Capital and Saturn Shine that increased its total funding to $690m.
Ant had already invested $200m into Zomato in early 2018, concurrently buying shares from classified listings operator Info Edge in a secondary transaction.
Info Edge had been responsible for more than half of Zomato’s earlier equity funding, most recently leading a $50m series F round in 2015. Temasek was also an early Zomato backer, as were Sequoia Capital and Vy Capital.
