Zomato raised $100-mn from Tiger Global

Zomato raised $100-mn from Tiger Global

Zomato raised $100-mn from Tiger Global

Food transport agency Zomato Media Pvt Ltd has raised $100 million (Rs 760 crore) from US-based funding association Tiger Global Management LLC as it continues to impenetrable capital to journey out the coronavirus crisis.

The transaction has been sealed at a post-money valuation of $3.3 billion for Zomato, the meals transport company’s shareholder Info Edge (India) Ltd stated in a stock-exchange filing.

Info Edge stated that Zomato has additionally raised $60 million from a unit of Singapore kingdom funding arm Temasek.

Zomato has made an allotment of 25,313 Class J desire shares at an difficulty fee of Rs 3,09,235 per share to elevate the amount, indicates regulatory filings.

Post allotment, Tiger Global would command a 3.01% stake in the company.

Fintrackr’s calculations estimate that Zomato would be valued at $3.4 billion, post-money.

The enterprise used to be valued at $3.25 billion when it raised $5 million from Scotland-based Pacific Horizon Investment Trust in April in the past this year.

So far, Zomato has picked up around $167 million in exterior funding in 2020.

Prior to Temasek’s funding in August, the food-tech association had scored $5 million from Pacific Horizon Investment Trust in March 2020.

The infusions from MacRitchie Investments and Tiger Global additionally demonstrates the sturdy self belief of traders in Zomato’s business.

The sparkling tranches would grant a much-needed runway to Zomato that has been unable to increase dollars from one of its greatest backers Ant Financial due to a ban on overseas direct funding beneath the computerized route from nations that share a border with India.

A current media record additionally recommended that Zomato would elevate round $250 million from Temasek, Tiger Global, and Kora Capital. While Temasek and Tiger Global have made their play, Kora Capital’s probable $100 million might also come soon.

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