Zomato, the food delivery startup, announced that it has raised $62 million funding from Singapore’s state investment arm Temasek. Temasek financed the capital through its unit MacRitchie Investments, a regulatory filing showed, according to business intelligence firm Tofler.
The food ordering and restaurant discovery platform was valued at about $3 billion, according to a media reports. However, the regulatory filings did not indicate a valuation of the transaction.
As per media reports, Zomato has roped in Tiger Global and Kora Capital in an ongoing funding round. The investment in Zomato comes in at a time when its largest investor AliPay has only pumped in a third of its promised $150 million investment amount owing to India’s changed regulatory framework around China-based investors.
In April, Zomato raised $5 million from Pacific Horizon Investment Trust, a fund managed by British investment manager Baillie Gifford.
In January, Deepinder Goyal, Chief Executive of Zomato, said that the company expects to close a round of up to $600 million by the end of the month. In the same month, Zomato acquired the Indian food delivery business of Uber.
According to a report by HSBC Global Research, Zomato could add $2 billion market-cap to Info Edge over 3-4 years. The brokerage firm valued Zomato at $5 billion compared to $3.5 billion.
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