Zomato funding: Zomato closes $250 million funding round at $5.4 billion valuation


Zomato has closed a $250 million primary financing round from existing investors Tiger Global, Kora, and Fidelity at a post-money valuation of $5.4 billion, a significant jump from the $3.9 billion valuation
when it raised $660 million in December last year.

Kora has invested $115 million as part of this round, while Fidelity has contributed $55 million, and Tiger Global has pumped in $50 million, the company’s largest shareholder Info Edge disclosed in a stock exchange filing. Bow Wave has also ploughed $20 million into the round while Dragoneer has infused $10 million, it added. With this fundraising, Info Edge now owns an 18.4% stake in the Gurugram-based firm.

Shares of Info Edge surged by as much as 5% to Rs 5,250 on Tuesday morning following this announcement.

ET had reported last month that the online food delivery platform is
closing a $500 million fundraise in what is being widely regarded as a pre-IPO funding round. The funding was expected to comprise a mix of primary cash infusion of $250 million and a similar amount by way of secondary sale of shares by Chinese investors Ant Group and Sunlight Fund, amid heightened geopolitical tension between India and China.

With the fresh capital, Zomato is expected to have $1 billion in cash as it inches closer to its public market debut, a person familiar with the goings-on in the company had told ET at the time.

What has helped Zomato create a lot of interest among investors is the highly successful IPO of SoftBank-backed DoorDash in December when the US-based food delivery startup opened trading at $182, which was 78% above its IPO price on the New York Stock Exchange. Having raised roughly $3.4 billion, DoorDash’s valuation was at $34.2 billion, more than double its $15 billion valuation in the private market a year ago. The company’s market cap stands at $56.7 billion at the time of writing this article.

Zomato and rival Swiggy have also benefited from the revival in the online food ordering business post a few tough months when the nationwide lockdown was imposed to check the spread of Covid-19 last year.

Zomato chief executive Deepinder Goyal had said in a series of tweets while announcing the $660 million fundraise that Zomato was on track to record its best-ever monthly sales in December 2020. “We are now clocking around 25% higher GMV (gross merchandise value) than our previous peaks in February 2020,” he had tweeted. “The tailwinds for food delivery businesses are clearly visible, and we believe that the growth of the sector will accelerate post-vaccine.”

On Tuesday, ET reported that the firm has also
restarted hiring, less than a year after it laid off a chunk of its staff to save on costs during the pandemic-induced lockdown.

Zomato’s rival Swiggy is also in advanced negotiations to close a $700-800 million funding round led by sovereign wealth funds Qatar Investment Authority with participation from GIC of Singapore as well as global alternative asset manager Falcon Edge,
ET reported earlier this month.

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