- Zomato, an India-based food delivery platform company founded by Deepinder Goyal, announced recently it raised $150 million in funding from Ant Financial
Zomato, an India-based food delivery platform company founded by Deepinder Goyal, announced recently it raised $150 million in funding from Ant Financial. Ant Financial is a major financial company that is a spinoff of Alibaba. This round of funding was at a reported $3 billion valuation. This round of funding is part of a $600 million round that Goyal revealed at an event in Delhi back in December.
“This is to inform you that Zomato Media Private Ltd. (‘Zomato’) has signed a definitive agreement to undertake a primary fund raise of up to USD 150 million from Antfin Singapore Holding Pte. Ltd. (‘Antfin’) (which is an existing shareholder of Zomato) and/or any of its affiliates,” said the company in a BSE filing via LiveMint. “The transaction values Zomato at a pre-money valuation of $3 billion”
Some of Zomato’s other investors include Info Edge India, Vy Capital, Sequoia Capital, and Temasek. And the funding round was happening at a time while Zomato was reportedly planning to acquire the India business of UberEats for a price of about $400 million.
Zomato’s last round of funding was at a $2 billion valuation. Around that time, Zomato had sold its UAE division to Delivery Hero for $172 million.
Currently, Zomato is delivering over 1.3 million orders a day from 150,000 restaurants at more than 10 orders per restaurant per day.
Zomato intensely competes against a local rival called Swiggy. Swiggy recently raised $1 billion in funding from Naspers, Tencent, Hillhouse, and Wellington Management.