Zomato closes $660 million funding in Series J fundraise round making its valuation hit $3.9 billion

Zomato closes $660 million funding in Series J fundraise round making its valuation hit $3.9 billion

Zomato closes $660 million funding in Series J fundraise round making its valuation hit $3.9 billion

Gurugram-based food tech unicorn Zomato has completed its primary fundraise worth $660 million taking up its valuation to $3.9 billion. The fundraise saw 10 new investors join Zomato including Tiger Global Management, Baillie Gifford, Luxor Capital, Kora Capital, Steadview, D1 Capital and Mirae Asset, Zomato founder and chief executive Deepinder Goyal said on Twitter. Zomato is also raising $140 million as a part of a secondary transaction, Goyal said. As a part of this final fundraise before its IPO, Zomato has provided liquidity worth $30 million to its former employees.

The Gurgaon-headquartered startup, which acquired the Indian food delivery business of Uber called Uber Eats earlier this year, competes with Prosus Ventures-backed Swiggy in India. A third player, Amazon, has also emerged in the market, though it currently offers its food delivery service only in parts of Bangalore.

 

I am grateful for their contribution in building Zomato and am glad that we created some wealth for these super amazing people. A number of these ex-zomans are busy working on their own startups and will not need to raise seed capital from external investors,” said Zomato co-founder and CEO Deepinder Goyal in a series of tweets.

Zomato is an Indian restaurant aggregator and food delivery start-up founded by Deepinder Goyal and Pankaj Chaddah in 2008. Zomato provides information, menus and user-reviews of restaurants as well as food delivery options from partner restaurants in select cities. Zomato also began grocery delivery amid the COVID-19 outbreak. As of 2019, the service is available in 24 countries and in more than 10,000 cities.