Unicorn Zomato Gets $250 Million from Tiger Global, Kora & Others

Zomato raises $250 million (over Rs.1,800 crore) in funding from Tiger Global, Kora and others. The funding values the online food ordering platform at $5.4 billion, reports PTI.

“Zomato Pvt Ltd has closed a primary fundraise of $250 million from five different investors. The transactions valued Zomato at a post-money valuation of $5.4 billion (exchange rate of Rs.73.5 per US dollar),” Zomato’s investee company Info Edge said in a regulatory filing.

On a fully converted and diluted basis, Info Edge’s effective stake in Zomato stands at 18.4 per cent, it added.

As per the latest filing by Info Edge, $115 million has been invested by Kora Management LP, $55 million from funds associated with Fidelity, $50 million from Tiger Global Management, LLC, $20 million from Bow Wave Capital Management, LP and $10 million from Dragoneer Investment Group, LLC.

Last September, Info Edge mentioned that Zomato had raised $160 million (above Rs.1,173 crore) in funding from Tiger Global and Temasek Holdings’ subsidiary MacRitchie Investments that valued the online food ordering platform at $3.3 billion.

In January 2020, Zomato had raised $150 million (over Rs.1,065 crore) at a pre-money valuation of $3 billion.

Zomato has plans going IPO in the first half of 2021. Its fiscal year revenue jumped over two-folds to $394 million (around Rs.2960 crore) from the previous fiscal, while its Earnings Before Interest, taxes, depreciation, and amortization (EBITDA) loss was at around Rs.2,200 crore in FY2019-20.