Food delivery app Zomato has raised Rs 456 crore (about $62 million) from Singapore’s state-owned investment arm Temasek Holdings, regulatory filings sourced from business intelligence platform Tofler show.
The transaction was made from MacRitchie Investments, a unit of Temasek and an existing investor in Zomato.
The food ordering and restaurant discovery platform is valued at about $3 billion, according to people aware of the matter. The regulatory filings did not indicate a valuation following the transaction.
On Thursday, ET reported that Zomato had roped in two new investors, Tiger Global and Kora Capital, in an ongoing funding round.
The investment in Zomato comes at a time when its largest investor, Ant Group, has pumped in only a third of its promised investment of $150 million due to India’s changed regulatory framework around China-based investors.
Earlier this week, ET reported that Zomato could add $2 billion in market capitalisation to Info Edge over 3-4 years, citing a report by HSBC Global Research. The brokerage firm valued Zomato at $5 billion compared to $3.5 billion earlier.
The bullishness around Zomato is because food delivery order values have touched 80% of pre-Covid-19 numbers.
At the same time, Zomato has been able to cut costs to under $1 million a month, accelerating the company’s path to profitability.
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