- India-based restaurant search and delivery service Zomato recently announced it was raising $660 million at a $3.9 billion valuation. These are the details.
India-based restaurant search and delivery service Zomato recently announced it was raising $660 million. This round of funding is at a $3.9 billion valuation, according to Firstpost. And Zomato co-founder and CEO Deepinder Goyal said that the company is also raising $140 million as a part of a secondary transaction.
Some of the investors in this round include Tiger Global Management, Baillie Gifford, Luxor Capital, Kora Capital, Steadview, D1 Capital, and Mirae Asset. Through the final funding raising, Zomato provided liquidity worth $30 million to former employees. Zomato was originally founded by Deepinder Goyal and Pankaj Chaddah in 2008.
Earlier this year, Zomato bought the Indian operations of Uber Eats from Uber. And when the COVID-19 pandemic began, Zomato started delivering groceries.
I am grateful for their contribution in building @zomato and am glad that we created some wealth for these super amazing people. A number of these ex-zomans are busy working on their own startups and will not need to raise seed capital from external investors 👼
— Deepinder Goyal (@deepigoyal) December 18, 2020
On December 31, Goyal also pointed out that the company’s order velocity was the highest that they have saw with about 2,500 orders per minute happening. And the average order value also skyrocketed:
— Deepinder Goyal (@deepigoyal) December 31, 2020