India-headquartered, corporate-backed food listings and delivery app developer Zomato has secured $660m in series J funding at a $3.9bn post-money valuation, co-founder and CEO Deepinder Goyal revealed on Friday.
Investment and financial services group Fidelity was named by Goyal as an investor in the round, along with Tiger Global Management, Luxor Capital, Kora Management, D1 Capital Partners, Baillie Gifford, Mirae Asset and Steadview Capital.
The announcement of the funding likely relates to the close of the round, which includes $62m from Temasek vehicle MacRitchie Investments, $102m from Tiger Global and $195m from investors including Luxor Capital, Kora Management and Mirae Asset – Naver Asia Growth Investment last month.
Zomato began life as an online listings and review platform for restaurants but has made its food ordering and delivery service the centre of its business in recent years.
Gopal revealed the company is in the process of organising a $140m secondary investment but did not reveal who is likely to be buying or selling shares in the transaction. It has now raised $1.2bn in funding altogether.
Classified listings operator provided much of Zomato’s earlier funding and held a majority stake following a $50m series F round in 2015 that included fellow existing investors Vy Capital and Sequoia Capital.
Info Edge sold $50m of shares to Ant Group, the financial services affiliate of e-commerce group Alibaba, in early 2018 alongside a $150m primary investment by Ant at a $1.1bn valuation.
Ant invested a further $210m through a round that closed at $315m in March 2019 with $50m from food delivery service Delivery Hero and additional cash from Glade Brook Capital, Shunwei Capital and Saturn Shine.
Ant Group invested an additional $150m in January this year, and Uber took a 9.9% stake in Zomato through the divestment of its local Uber Eats subsidiary to the company the same month.
