Restaurant discovery and ordering platform, Zomato has secured a fresh $40 million as part of their $1 billion round which the firm is raising from their existing and new backers. The current round was led by a new investor, marking entry for Glade Brook Capital Partners, a Greenwich based backer. The current funding details have come out after the latest Registrar of Companies (ROC) filings by Zomato. As per the filings, the round was closed on Tuesday. The firm raised the money at a valuation of $2 billion.
As the firm continues to plan the total of $1 billion fundraiser in this new round, reports suggest that it is in talks with Chinese private equity major Primavera Capital, existing backer Ant Financial and another clutch of investors for that sum.
Prior to this round, Zomato had raised $210 million in October last year from Alibaba's payment arm AliPay. With this round of investment, the total amount raised by Zomato now totals to $693.5 million as per Crunchbase. Notably, Zomato is working on a few different segments as well where it is planning to foray into the event business with the launch of Zomaland. The fresh investment can be used in that regard as well. Temasek Holdings, Info Edge, Vy Capital, Neeraj Arora are the other top names who have infused capital in the company which was launched in 2008 by Deepinder Goyal and Pankaj Chaddah.
As rival Swiggy continues to attract funding and consolidate their position as the market leader in the food tech segment of the country the fresh round of investment might have come at a perfect time for Zomato.
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