Zomato Secures $52 Million In Ongoing Funding Round From Kora Investments

Zomato Secures $52 Million In Ongoing Funding Round From Kora Investments
  • Food-aggregator platform Zomato has secured $52 million in its ongoing funding round from Kora Investments.
  • Zomato is currently valued at $3.4 billion (or about Rs 24,964 crore).

Gurgaon-based food aggregator platform Zomato has secured $52 million (Rs 381 crore) in its ongoing Series J funding round from New York-based investment firm Kora Investments.

The unicorn Zomato, which is in talks with the investors to raise around $600 million in this ongoing funding round, the current investment is the part of its third tranche of Series J funding round that began in September.

Other investors including US-based Tiger Global Management, UK-based investment firm Baillie Gifford, Singapore-based investment firm MacRitchie Investments also invested in this ongoing funding round.

According to the reports, In April 2020, Baillie Gifford first invested $5 million (or about Rs 36 crore) in this funding round. Following, In September 2020, Tiger Global Management and MacRitchie Investments invested $166 million in the round.

With this deal, Zomato has raised $223 million (or about Rs 1,637 crore) in its ongoing Series J funding round led by Tiger Global Management, Kora Ventures, Baillie Gifford, and MacRitchie Investments.

According to the Mint report, Kora Ventures is in talks to make another big investment in the company in the coming months.

Also Read: AR Startup Avataar.me Raises $7 Million From Sequoia India

With this investment, Zomato has allotted a total of 12,656 Class J5 preferential dividend shares to Kora Investment I LLC, at an issue price of ₹3,00,235, for more than 1% stake in the company.

Earlier in January 2020, The company raised $150 million (or about Rs 1,101 crore) in its corporate funding round from China-based financial firm Ant Group.

Zomato also planning to launch its IPO (Initial Public Offering) by mid-2021. Deepak Goyal, CEO of Zomato, first told about the story in an email to its employees. However, it’s still not profitable.

Zomato has raised over $1.1 billion (or around Rs 7,800 crore) in a total of 17 funding rounds.

Follow IndianStartupNews on FacebookInstagramTwitter for the latest updates from the startup ecosystem.

Leave a reply