Zomato raises USD 160 mln from Tiger Global, Temasek

Friday 11 September 2020 11:20 CET | News

India-based food delivery startup Zomato has raised USD 160 million from US hedge fund Tiger Global Management and a unit of Singapore’s Temasek Holdings.

According to TechCrunchInfo Edge, a major investor in Zomato, confirmed the development, and stated that the new round valued Zomato at USD 3.3 billion post-money. 

The investment positions the company alongside its competitors, Prosus Ventures-backed Swiggy and Amazon, which has also emerged in the market, though it is currently servicing food delivery in only select suburbs of Bangalore. Furthermore, the company plans to file for an initial public offering (IPO) in the first half of 2021. 

Overall, although Zomato was losing more than USD 50 million a month to sustain customers by offering heavy discounts until mid-2019, the company showed major economic improvements in its business recently – for instance, the acquisition of the Indian food delivery business of Uber in early 2020. 


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Keywords: Zomato, India, food delivery, funding, Tiger Global Management, Temasek Holdings, Info Edge, Swiggy, Amazon, initial public offering, IPO
Categories: Payments & Commerce
Countries: India
This article is part of category

Payments & Commerce