Gurugram based foodtech unicorn Zomato has raised $52 Mn in its Series J funding round from US based Kora Investments. Zomato is expected to raise more capital in the Series J round from Tiger Global and others. The ongoing round could be the last fundraise for Zomato before its public listing. The company has recently claimed that it is preparing for an IPO in 2021.
In September, Zomato had raised $100 million from Internet Fund VI Pte Holdings, Tiger Global’s Singapore investment arm.
According to its CEO Deepinder Goyal, the company had delivered 92 million orders since March 23 and that is the same date when the whole country went into a lockdown due to the Covid-19 pandemic.
Zomato is also eyeing to go public next year. In an email to its employees, Zomato CEO Deepinder Goyal had said that the unicorn has raised a lot of money, and has $250 million cash in the bank — which is more than ever in Zomato’s history. He also noted that Tiger Global, Temasek, Baillie Gifford, and Ant Financial have already participated in its current round, and more big names will be joining the round, which shoot up Zomato with $600 million in the bank. Recently, Goyal said that the company has no plans on how to spend the raised proceeds. He emphasized that Zomato would raise $600 million in the ongoing round majorly for M&A and fight competition’s price war.
With the fresh proceeds, the Gurugram-based company has mopped up $216 million in the past two and a half months across three tranches.