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Zomato set to raise $146 million in ongoing Series J funding before IPO

India's food-tech unicorn startup Zomato set to raise more than $146 million as a part of ongoing series J funding before preparation for IPO. The ongoing funding round will see Mirae Asset-Naver Asia Growth Fund, Steadview Capital, hedge-fund Luxor Capital Partners, Lugard Road Capital and ASP India LP pump within the fresh capital over the approaching weeks.

Pacific Horizon Investment Trust, that is managed by UK’s Baillie Gifford and Co. Ltd has already invested in Zomato around 38 crores in October as a part of series J funding. In March 2019 it’s already raised nearly $5 million.

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Zomato is planning to file for an IPO (initial public offering) sometime in the first half of 2021. Zomato is looking to problem 34,873 class J7 compulsorily convertible cumulative preference shares (CCPS) to the investors, at an expected price of ₹300,235 per share, garnering close to ₹1,047 crores ($141 million), the filings confirmed.

As Zomato appearance to travel public, losses for the firm haven’t seen any vital improvement. Meanwhile, Zomato has doubled its income in the financial year 2019-20 to $394 million and also losses elevated to $293 million from $277 million in 2018-19.