Indian Foodtech Unicorn Zomato raises another $250M ahead of IPO

Indian Foodtech Unicorn Zomato raises another $250M ahead of IPO

After this round, Indian Foodtech Unicorn Zomato early investor Info Edge’s stake in the startup stands at 18.4%. Info Edge also owns a stake in insurance.

The funds have been raised by Kora Management LP, which led the round, infusing close to $115 million, along with Fidelity Management and Research, which infused $55 million and Tiger Global Management. After this round, Indian Foodtech Unicorn Zomato early investor Info Edge’s stake in the startup stands at 18.4%. Info Edge also owns a stake in insurance aggregator PolicyBazaar.

Which is also finalizing investment bankers to prepare for a potential IPO. Which put in $50 million. New investors Bow Wave Capital and Dragoneer Investment Group also invested close to $20 million and $10 million in the company, respectively.

The latest fund infusion in Indian Foodtech Unicorn Zomato is in addition to the $660 million primary fundraise undertaken by the firm last year from 10 new investors, including Baillie Gifford, Luxor Capital, Steadview, D1 Capital and Mirae Asset.

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In the past year, the startup has been on a fundraising spree to bolster its cash reserves as it looks to build a war chest for acquisitions as well as to fight any possible price wars in the future.

Mint had earlier reported that Indian Foodtech Unicorn Zomato was aiming to make acquisitions in the logistics space. In a recent call to discuss its December quarter results, Info Edge said the board of Zomato will take the final decision on the IPO and, so far, there was nothing to report on that front.

“Food delivery in India is rapidly coming out of covid-19 shadows. December 2020 is expected to be the highest ever GMV (gross merchandise value) month in our history. We are now clocking 25% higher GMV than our previous peaks in February 2020,” Goyal tweeted in December, while announcing the company’s previous fundraise.

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