Data Edge on Friday stated its investee firm Zomato has raised USD 195 million (about Rs 1,455.4 crore) in funding from six buyers together with Luxor, Kora and Steadview, valuing the web meals ordering platform at USD 3.6 billion. “Zomato Pvt Ltd has closed a main fundraise of USD 195 million from six totally different buyers…The transactions valued Zomato at a post-money valuation of USD 3.6 billion,” Data Edge stated in a regulatory submitting.
Upon closing of the fund elevate, Data Edge’s shareholding in Zomato shall stand diminished to about 20.8 per cent on absolutely transformed and diluted foundation, it added. Feedback from Zomato couldn’t be elicited instantly.
Of the USD 195 million, USD 60 million was raised from Luxor Capital Group LP, by its totally different funding autos. USD 50 million got here from Kora Administration LP , by its funding automobile Kora Investments I LLC and/or any of its associates, the submitting stated.
Mirae Asset , by its funding automobile Mirae Asset Naver Asia Progress Funding Pte Ltd and/or any of its associates, invested USD 40 million, it added. Steadview Capital and Bow Wave Capital Administration LP every invested USD 20 million, whereas USD 5 million got here from Baillie Gifford & Co ,by its funding automobile Pacific Horizon Funding Belief Plc and/or any of its associates, the submitting stated.
In September, Data Edge had knowledgeable the inventory exchanges about Zomato elevating USD 160 million (about Rs 1,173 crore) in funding from Tiger World and Temasek Holdings subsidiary MacRitchie Investments, valuing the web meals ordering platform at USD 3.3 billion. Publish the September transaction, Data Edge’s shareholding in Zomato was at 22.2 per cent. Zomato — which competes aggressively with Prosus-backed Swiggy within the Indian market — plans to go for an preliminary public providing (IPO) within the first half of 2021, its founder and CEO Deepinder Goyal had advised its workers at the moment.
The net meals supply phase has seen vital progress in the previous couple of years with Zomato and Swiggy competing head-on to seize market share. Earlier this yr, Zomato acquired the Indian enterprise of Uber Eats in an all-stock deal that can give the trip hailing firm 9.99 per cent stake in Zomato. Curiously, in Could this yr, Amazon India threw its hat within the ring and introduced the launch of its meals supply operations in choose components of Bengaluru.
Zomato and Swiggy had seen their enterprise being impacted by the COVID-19-induced lockdown. Throughout this time, Zomato and Swiggy ventured into the world of grocery supply. With the easing of lockdown, the businesses have been seeing demand returning on these platforms.