Zomato Raises $160 Million From Tiger Global, Temasek Unit; Plans IPO In 2021

BENGALURU: Indian meals supply startup Zomato has raised $160 million from U.S. hedge fund Tiger Global Management LLC and a unit of Singapore’s Temasek Holdings, and plans to file for an preliminary public providing within the first half of 2021.

The fund elevating pegs the corporate at a post-money valuation of $3.Three billion, based on a submitting https://www.bseindia.com/xml-data/corpfiling/AttachLive/9729004c-a8a7-490d-bd79-4a1fa96d7742.pdf on Thursday by prime shareholder Info Edge (India) Ltd.

The funding comes as Zomato, one in all India’s most outstanding startups, reinvents elements of its enterprise because it grapples with the financial fallout from the COVID-19 pandemic.

In an electronic mail to staff reviewed by Reuters, Chief Executive Officer Deepinder Goyal mentioned the corporate plans to file for an preliminary public providing within the first half of 2021 and can have a look at mergers and acquisitions.

“We have raised some huge cash, and at the moment, our money within the financial institution (~$250m) is greater than ever in our historical past,” Goyal mentioned within the electronic mail on Thursday.

Some of Zomato’s ex-employees have bought virtually $30 million price of shares to traders at a median premium of about 4 instances to what the shares have been allotted to them, Goyal mentioned within the electronic mail, which was first reported by the Economic Times.

Tiger Global invested $100 million whereas the remaining got here from MacRitchie Investments Pte, a unit of Temasek Holdings.

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