Zomato Gets Fresh $52 Million Funding from Kora Investments
Indian Foodtech unicorn, Zomato has bagged $52 million (almost ₹380 crores) funding from Kora Investments, a US-based investment firm. Zomato is reportedly on a pursuit to raise almost $600 million in its current funding round. In January, the company had added a funding of $150 million from
China’s ANT Financial. Info Edge, which holds the largest 22.2 percent share in Zomato, had also recently divulged that the foodtech has completed a funding round of $160 million led by Tiger Global and Temasek Holdings subsidiary MacRitchie Investments.
Following the last round, Deepinder Goyal (Founder & CEO, Zomato) had informed Zomato employees about the company’s plans for initial public offering (IPO) by the first half of 2021. Deepinder said that the company’s finance/legal teams are working on taking it to IPO sometime in the first half of next year.
Zomato, which is currently valued at $3.3 billion while its its biggest rival Swiggy is valued at $3.6 billion, reportedly has now earmarked 12,656 Class J5 preferential dividend shares to Kora Investment, at an issue price of ₹3,00,235, for more than one percent stake in the company, according to regulatory filings (accessed through Tofler).
Founded by Deepinder and Pankaj Chaddah, Zomato came into existence in 2008. Headquartered in Gurugram, it has 5,000+ employees, and offers information, menus and user-reviews of restaurants as well as food delivery options from partner restaurants in select cities. Zomato is said to have eight crore (80 million) monthly active users on its platform.