Zomato Raises $102.5 Mn From Tiger Global
The fresh funding will value the food tech startup at $3.4 billion
Gurugram-based food delivery aggregator Zomato has raised $102.5 million from Tiger Global Management. The recent funding will value the Deepinder Goyal-led Zomato at $3.4 billion according to the regulatory filings.
The said funding is in addition to the $62 million that the company had earlier received this month from sovereign fund Temasek.The food delivery startup has made an allotment of 25,313 Class J preference shares at an issue price of INR 3,09,235 per share to raise the amount.
The said investment will also help Tiger Global to hold a stake of 3.8 per cent in the company. Tiger Global till date has not invested in the food delivery sector.
Founded in 2008, the startup in this year has raised funding worth $167 million. Earlier in March, Zomato had raised $5 million investment from Pacific Horizon Investment Trust.
This fresh capital will come as a respite for the foodtech which was looking to raise $150 million from its existing investor China’s Ant Financial. According to a Economic Times report, the startup only received $50 million and the remaining amount was being evaluated as the new FDI rules were enforced by the government of India. The new FDI rules dictate that investments from foriegn countries will require approval from the government. The move was brought in to prevent hostile takeovers from China. Currently, Ant Financial is the largest investor in the company with a state of 25 per cent.The homegrown company is now operating around 24 countries and is active in over 10000 cities globally.
The company recently earned a lot of praise on social media after it rolled out period leaves. The company said that it will give 10 days of period leave a year to its female employees.