The Indian restaurant aggregator and food delivery start-up “Zomato” is raising $195 million in financing from six investors, with a value of $3.6 Billion. On Friday, Info Edge (India) Limited Internet Company said its investee firm Zomato is funding from 6 investors including Kora, Luxor, and Steadview, assessing the online food ordering manifesto at 3.6 billion dollars.
In a statement, Info Edge said “Zomato Pvt Ltd concluded a US$195 million primary fundraiser with six different investors and the transactions esteemed Zomato at a post-money valuation of $3.6 Billion. The statement extended to by saying, upon closing of the fundraise, Info Edge’s shareholding in Zomato shall stand diminished to about 20.8 per cent on a fully converted and diluted basis.
Moreover, in a regulatory filing, Info Edge said $50 million came from Kora Management LP, through its investments ILLC and of the 195 million dollars; 60 million was increased from Luxor Capital Group LP, across its different investment automobiles.
Meanwhile, the firm Info Edge has notified the stock exchanges about Zomato increasing 160 million dollars (approximately Rs.1,173 crore) in financing from Tiger Global and Temasek Holdings subsidiary MacRitche Investments, assessing the online food ordering manifesto at 3.3 billion.
Prior to this year, Zomato acquired the Indian company Uber Eats in an All-Stock Deal which is going to give the Hailing business 9.99 Percent of the shares in Zomato.
Also, Zomato and Swiggy both found that their business was impacted by the containment imposed by coronavirus (Covid-19) lockdowns and however during this time, Swiggy and Zomato ventured into the area of grocery delivery.
Lastly, with the relaxation of containment measures companies found that there was a recovery in demand on those platforms.