Zomato raises $50 million fund before IPO funding round

Jan 22 2021 11:54 AM
Zomato raises $50 million fund before IPO funding round

New Delhi: Online food delivery company Zomato has collected a fresh fund of $500 million, or Rs 3651 crore, before its IPO. This is being seen as the company's pre-IPO funding. This will now make the company's valuation at $5.5 billion, or more than Rs 40,162 crore.

In this funding round, the company has received $25 million funds from its existing investors. The sale of shares by Chinese company Ant Group and Sunlight Fund will give the company $25 million due to continued tension between India and China. Dragoneer Group, along with the company's current investors Tiger Global, Kora Investments, Steedview, Fidelity, Bow Wave, and Vy Capital, participated in this latest funding round. Sources said the total cash with the company from this fresh cash infusion has now gone up to over $1 billion, i.e., 7300 crores.

Zomato plans to bring IPO in June this year. According to media reports, Jomato has made Goldman Sachs, Morgan Stanley, Credit Suisse, and Kotak Mahindra the lead manager of this IPO. The company ANT Group of The Alibaba Group of China has said that the company would sell some of its shares in Zomato.

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