Zomato, an India-based food delivery app operator that counts corporates Ant Group, Info Edge and Delivery Hero as investors, has secured $250m at a $5.4bn valuation, according to a stock exchange filing.
Investment and financial services group Fidelity Management and Research contributed $55m to the round, which featured $20m from Bow Wave Capital Management, an investment firm that targets companies affiliated with or backed by financial services provider Ant Group and its parent, e-commerce firm Alibaba.
The round was filled out by $115m from Kora Management, $50m from Tiger Global Management and $10m from Dragoneer Investment Group.
Zomato was founded in 2008 as a restaurant review and discovery platform but has since added on-demand food delivery to its services. It is considering an initial public offering in the first half of 2021, according to TechCrunch, which cited an internal email sent in September 2020.
Deepinder Goyal, Zomato’s co-founder and chief executive, said in December 2020 that the company had completed a $660m series J round, valuing it at $3.9bn post-money and lifting its overall funding to roughly $1.2bn at the time.
Fidelity, Kora, Tiger Global, Baillie Gifford, D1 Capital Partners, Luxor Capital, Mirae Asset and Steadview Capital were all identified as participants in the round.
Classified listings operator Info Edge had previously been a majority shareholder of Zomato having taken part in several earlier rounds, the latest being a $50m series F round in 2015 that also featured Vy Capital and Sequoia Capital.
Info Edge now holds a 18.4% stake in Zomato, having sold $50m of shares to Ant in 2018, with the latter injecting an additional $150m through a primary investment.
Image courtesy of Zomato.
