ADVERTISEMENT

Zomato Secures 52M USD from Kora Investments
Z

Zomato, a food tech major, has secured 52 million USD or 380 crore investment from Kora Investments. It is the third infusion in its Series J funding round, began in September with a 62 million USD liquid from Temasek.

With the latest fundings, the Gurugram-based firm, Zomato (1) has scooped 216 million USD in the past two and half months across three infusions. The company has allotted 12,656 Series J5-1 CCPS to secure the consideration from Kora Investments. Post allotment, Kora holds a 1.48% stake in the company.

Reports suggest that Zomato would raise more capital from Tiger Global and others in the current funding round. The ongoing fundraise could be the last private funding for Zomato before its public listing. It has recently claimed that it is planning for an IPO in 2021.

Post money, the valuation of Zomato has reached 3.5 billion USD or 25,675 Crore USD, according to the estimates. Last money, the company received 102 million USD or 760 crore INR from Tiger Global. 

 

Zomato to Double its Growth and Embark Towards Profitability with Latest Tranche

According to the reports, Kora would invest 100 million USD in Zomato, and the New York-based investment company is likely to pour more capital into the company in the upcoming weeks.  

Notably, Zomato had also allowed more than 12,000 shares in employee’s ESOP trust. Consequently, the ESOP scheme would bring 25 million USD or 184.2 Crore INR to the company. The fresh funding came when the food tech major announced that it had reached its pre-COVID peak

As per Deepinder Goyal, the chief executive of Zomato, the company had delivered over 92 million orders since March 23. The online food delivery industry was severely impacted during the two-month lockdown period, and the company had taken several tough decisions. It includes layoff, salary deduction to manage the difficult situation. 

The fresh tranche would help the company to double its growth and embark on its journey towards profitability. Goyal further added that the firm has no plans about utilizing the proceeds. He also indicated that Zomato would secure 600 million USD in the ongoing round for M&A and fight the price war against the competitors.  

+ posts

Rucha Joshi is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student. She's currently working as a content writer and is always interested in a challenge.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Rucha Joshi
Rucha Joshi
Rucha Joshi is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student. She's currently working as a content writer and is always interested in a challenge.

Leave A Reply

Please enter your comment!
Please enter your name here

related stories

While there are several benefits of adapting to the new tech, it may replace traditional delivery executives. Let's read on to know more.

India Aims to Win Contactless Delivery with Drones Amid the Pandemic

0
As the coronavirus pandemic is razing havoc in India, the central government is trying its best and turning to different and innovative means to...
Let's uncover latent secrets from an interesting Asian island of Japan and explore how you can apply them in your venture.

Entrepreneurial Lessons from Japan: 5 Trends You Can Capitalize

0
It is a subsequent article where we discover trends in different parts of the world, how businesses respond to these trends, and offer lessons...

Lessons from Estonia: A Look into Future’s E-Societies

0
Overview Experts widely consider Estonia among the world's most digitally advanced nations. It ranks third behind Denmark and South Korea in the UN's EGDI, E-Government...
The popular mobile game from Tencent, Player Unknown's Battlegrounds, or PUBG for short, may make a comeback in India. Yet, it could all be speculation.

PUBG Mobile Possible Relaunch in India

0
Key Highlights The Indian government had banned a popular battle royale game, PUBG Mobile, in September last year, along with hundreds of other Chinese...
Today, let's talk about SEBI's review of Zomato's DRHP and its concerns and present sentiments of Indian founders towards Chinese investors.

SEBI, Zomato IPO, Chinese Investors, and the Indian Startup Ecosystem

0
Last month, Zomato filed its DRHP, a draft red herring prospectus for its IPO worth over 1.1 billion USD later this year. The food...
The new iPhone update allows users to opt out of having apps tracking their online habits. And it is a huge part of Facebook's business model.

Apple’s App Tracking Transparency and Feud with Facebook

0
Apple users across the world are adapting to the latest iOS update, called iOS 14.5, featuring a new batch of emojis. However, there is...
Several event management businesses have started to work from home. It can also be a great model if you are looking to start an event planning company.

Starting an Event Management Business Through Social Media

0
There is no time like the present to start your event management business. Your passion for event planning may have started in high school when...
After months of preparing, Epic Games finally took Apple in a court trial that could fundamentally change App Store's makeup.

EPIC Vs. Apple: A Step Towards Regulating Tech Monopoly

0
After months of preparing, Epic Games finally took Apple in a court trial that could fundamentally change App Store's makeup. The fight dates back...
ADVERTISEMENT