Zomato raises ₹353.58 crore in fresh funding from Antfin Singapore, according to the company’s filings reported in the business intelligence platform Tofler.
The funding, part of the Zomato’s Series J financing round, is the first tranche of the $150-million fund raise announced by the company last week. Post this investment, Zomato’s fund tally will stand close to $850 million.
Last week, as per the company’s stock exchange filing, Info Edge, an investor in Zomato, said it had signed a “definitive agreement” to undertake a primary fundraise of up to $150 million from Antfin Singapore that will fetch Zomato a pre-money valuation of $3 billion. Post the funding, Info Edge’s shareholding in Zomato will get reduced to about 25.13%, the firm said. The funding comes amid Zomato’s advanced talks with Uber to acquire its India food business.
As per reports, Uber is in talks to invest a fresh $100-200 million as part of the sale of UberEats. The fund, which is expected to be infused in the combined entity of Zomato and UberEats, will be a critical part of the share-swap deal between the two firms, as per the Economic Times last month report. Also as per the media reports, the share-swap deal is likely to consider the $3-billion valuation.
In December 2019, Zomato’s founder Deepinder Goyal had said the company has plans to raise up to $600 million in its new funding round. The $150-million funding is considered as a part of the larger deal.
Zomato, which delivers in over 500 cities, is facing an intense competition with Swiggy to capture India’s food delivery market. India’s online food delivery market is expected to touch $12.53 billion by 2023.
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