InvestorQ : Why has Zomato raised $660 million and what will the funds be used for?
Rutuja Nigam made post

Why has Zomato raised $660 million and what will the funds be used for?

Answer
image
rhea Babu answered.
6 months ago
Follow

Zomato, one of India’s most valuable food delivery start-ups, has raised $660 million primary financing round. This values the company at close to $3.9 billion. Some of the participants in this round of funding included Tiger Global, Luxor, Fidelity, D1 Capital, Baillie Gifford, Mirae, and Steadview. Most of these are first-time investors in Zomato.

Apparently, December 2020 has turned out to be the highest ever GMV or gross market value month in the history of Zomato. Apart from the constraints forced on people by the lockdown, Zomato has also gained from the growth in the online food delivery market as more young people have started to prefer this route.

The founder of Zomato Deepinder Goyal, specifically mentioned that the tailwinds for food delivery businesses were clearly visible. He also added that the growth of the food delivery business would only accelerate post COVID-19 vaccine. Interestingly, Zomato also plans to tap the IPO market next year with the IPO sentiment sat an all-time high in India.

0 Views