Zomato has raised Rs 456 crore or $62 million from Singapore’s state investment arm Temasek Holdings, regulatory filings sourced from Tofler show. The transaction was made from MacRitchie Investments, a unit of Temasek, and an existing investor in Zomato.
The food ordering and restaurant discovery platform was valued at about $3 billion, according to people aware of the matter. The regulatory filings did not indicate a valuation of the transaction.
On Thursday, ET reported that Zomato has roped in two new investors Tiger Global and Kora Capital in an ongoing funding round.
The investment in Zomato comes in at a time when its largest investor AliPay has only pumped in a third of its promised $150 million investment amount owing to India’s changed regulatory framework around China-based investors.
Earlier this week, ET reported that Zomato could add $2 billion market-cap to Info Edge over 3-4 years, according to a report by HSBC Global Research. The brokerage firm valued Zomato at $5 billion compared to $3.5 billion.
The bullishness around Zomato is led by food delivery order values touching 80% of pre-Covid-19 numbers. At the same time, Zomato as a business has been able to cut costs to under $1 million a month, accelerating the company’s path to profitability.
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