India-based online food listings and ordering platform Zomato has added Rs 2.84bn ($39.7m) from growth equity firm Glade Brook Capital to a corporate backed round that totals about $250m, the Economic Times reported today.
Ant Financial, the financial services affiliate of e-commerce group Alibaba, had provided the first $210m in October 2018. Glade Brook’s investment was revealed by a regulatory document stating Zomato had issued 13,000 series I shares to the firm.
Founded in 2008, Zomato runs an online listings platform for restaurants that also allows users to place orders for food from local eateries to be delivered to their homes. It had reached 21 million monthly orders as of October 2018, up from 3.5 million at the start of the year.
The Glade Brook deal comes after reports early last month that Zomato was targeting $500m to $1bn of funding at a $3bn valuation in the round, which would also feature private equity firm Primavera Capital, to help it take on key rival Swiggy, which recently raised $1bn itself.
Ant Financial had previously invested $150m in Zomato in March 2018 while buying another $50m of shares from classified listings platform operator Info Edge, the primary investment taking the company’s overall equity funding to $375m.
Info Edge has been a Zomato investor since 2010 and held a slim majority stake in the company as recently as 2015 when it provided $24.8m of a $50m series F round, the year after it led a $60m series E that included Vy Capital and Sequoia Capital.
Vy Capital and the Singaporean government-owned Temasek subsequently co-led a $60m round for Zomato later in 2015 that reportedly valued it at $900m.
