Zomato raises $660 Million at post-money valuation of $3.9 Billion
The Foodtech unicorn startup, Zomato has raised $660 million in a funding round to a post-monetary evaluation of $3.9 billion as part of the round of funding started last year. The investors that participated in this J series of funding were: Tiger Global, Kora, Luxor, Fidelity (FMR), D1 Capital, Baillie Gifford, Mirae and Steadview.
Earlier, in April, the company faced an obstacle in fundraising plans as India applied new foreign direct investment rules, limiting the flow of Chinese capital to Indian startups. The FoodTech Unicorn had previously raised $212 million through Series J from Ant Financial, Tiger Global, Baillie Gifford and Temasek.
The Gurgaon-based startup, which acquired Uber's Indian food delivery company at the beginning of this year, is in competition with Prosus Ventures-backed Swiggy in India. Amazon has also emerged in the marketplace, although it currently offers its food delivery service in only certain parts of Bangalore.
Co-founder and CEO Deepinder Goyal, in a series of tweets, talked about funding as well as the company's optimal performance.
Food delivery in India is rapidly coming out of COVID-19 shadows. December 2020 is expected to be the highest ever GMV month in our history. We are now clocking ~25% higher GMV than our previous peaks in February 2020. 1/n
— Deepinder Goyal (@deepigoyal) December 18, 2020
As Deepinder mentioned in one of his tweets: “I am supremely excited about what lies ahead and the impact that we will create for our customers, delivery partners, and restaurant partners.”