Ahead of its expected IPO, investors such as Kora, Tiger Global and Fidelity have made fresh investments in the Deepinder Goyal-led foodtech company
Food delivery giant Zomato has raised another $250 million in primary fundraise from existing and new investors, ahead of its expected initial public offering (IPO) this year. Info Edge (IE), which is an existing shareholder in Zomato said in a stock exchange filing that the transaction has taken the post-money valuation of the company to $5.4 billion. This is an increase from its previous valuation of $3.9 billion in December last year when it closed a $660 million primary financing round.
“On a fully converted and diluted basis, Info Edge’s effective stake in Zomato stands at 18.4 per cent,” said Info Edge in the stock exchange filing.
Five investors have backed the Gurugram-based unicorn in the new funding round. Existing investors Kora invested $115 million, Fidelity invested $50 million and Tiger Global injected $50 million. Other investors Bow Wave invested $20 million and Dragoneer put in $10 million in the company.
Covid-19 has now accelerated the business of foodtech companies. After initial hiccups, Deepinder Goyal-led Zomato is rapidly coming out of the pandemic's shadows. With people opting to stay at home due to Covid-19-related restrictions and curfews in several cities, Zomato and its rival Swiggy witnessed orders shooting through the roof on New Year’s Eve as people ordered biryanis, pizzas and cakes. Zomato served 4,254 orders per minute during peak time and Swiggy recorded peak number of orders per minute at 5,500.
December 2020 was also expected to be one of the highest ever GMV (gross merchandise value) month in Zomato’s history. It was clocking about 25 per cent higher GMV than its previous peaks in February 2020.
No comments:
Post a Comment