Info Edge on Monday said its investee company Zomato has raised $250 million in funding from Tiger Global, Kora, and others, valuing the online food ordering platform at $5.4 billion.
“Zomato Pvt Ltd has closed a primary fundraise of $250 million from five different investors. The transactions valued Zomato at a post-money valuation of $5.4 billion,” Info Edge said in a regulatory filing. On a fully converted and diluted basis, Info edge’s effective stake in Zomato stands at 18.4%, it added.
As per the latest filing by Info Edge, $115 million has been invested by Kora Management LP, $55 million from funds associated with Fidelity, $50 million from Tiger Global Management, LLC, $20 million from Bow Wave Capital Management, LP, and $10 million from Dragoneer Investment Group, LLC.
In September last year, Info Edge had said Zomato had raised $160 million in funding from Tiger Global and Temasek Holdings subsidiary MacRitchie Investments that valued the online food ordering platform at $3.3 billion. In January 2020, Zomato had raised $150 million at a pre-money valuation of $3 billion.
Zomato which competes aggressively with Prosus-backed Swiggy in the Indian market has previously stated that it plans to go for an initial public offering (IPO) in the first half of 2021. The online food delivery segment has seen significant growth in the last few years with Zomato and Swiggy competing head-on to grab market share. Zomato’s FY20 revenue had jumped over two-folds to $394 million from the previous fiscal, while its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) loss was at around Rs 2,200 crore in FY2019-20.