The transaction values the food delivery startup at a post-money valuation of $3.3 billion
The transaction values the food delivery startup at a post-money valuation of $3.3 billion|Twitter
NATIONAL

Food delivery service Zomato raises $160 million funds

The capital raising was done by United States hedge fund giants, Tiger Global Management LLC in collaboration with a unit of Temasek Holdings based in Singapore

Pritisha Borthakur

Indian food delivery startup, Zomato has raised at least $160 million from United States hedge fund giants, Tiger Global Management LLC. The capital raising was done in collaboration with a unit of Temasek Holdings based in Singapore.

The news comes as Zomato sets plans in motion to present an Initial Public Offering (IPO) within the first six months of 2021. Chief Executive Officer of the company, Deepinder Goyal revealed that the decision to present an IPO was the best thing to do to safeguard the future of the company. He added that the management was also looking out other options in the company's best interest.

CEO of Zomato, Deepinder Goyal revealed that the decision to present an IPO was the best thing to do to safeguard the future of the company
CEO of Zomato, Deepinder Goyal revealed that the decision to present an IPO was the best thing to do to safeguard the future of the companyTwitter

Speaking further, Goyal said mergers and acquisitions are other options the company is looking to explore in 2021 if the right offer is presented. In his words, "we have raised a lot of money, and today, our cash in the bank at $250 million is more than ever in our history."

India based company, Info Edge Ltd, one of Zomato's major stakeholders, recently filed a report stating that the financial evaluation after the fundraising places the food delivery startup at a staggering $3.3 billion, based on assets, investments and current market estimation.

Speaking further, Goyal said mergers and acquisitions are other options the company is looking to explore in 2021 if the right offer is presented. In his words, "we have raised a lot of money, and today, our cash in the bank at $250 million is more than ever in our history."

India-based company, Info Edge Ltd, one of Zomato's major stakeholders, recently filed a report stating that the financial evaluation after the fundraising places the food delivery startup at a staggering $3.3 billion, based on assets, investments and current market estimation.

With the economy experiencing one of the worst periods in a long time, the funds Zomato has raised will certainly serve as anti-shock and a pedestal to push the company forward. The goal for them is to rejuvenate several parts of their company that have felt it the worst, in order for them to become a more solid delivery company.

For more such stories, follow us on Facebook, Twitter and Instagram. Activate Website Notifications to stay updated.

EastMojo
www.eastmojo.com