Home FoodTech Indian food delivery platform Zomato secures US$ 660 million funding

Indian food delivery platform Zomato secures US$ 660 million funding

Indian food delivery platform Zomato secures US$ 660 million funding
Indian food delivery platform Zomato secures US$ 660 million funding

Zomato, a Gurgaon, India based food delivery platform closed the massive US$ 660 million funding round from Marquee investors on 18 December 2020. 

Currently in the process of closing a secondary transaction of US$ 140 million this funding round valued the startup at US$ 3.9 billion post the recent investment. The net worth of the company was market US$ 3.6 billion after the US$ 195 million funding this year in November. 

The round was also joined by 10 other investors Luxor Capital Group, Tiger Global, Fidelity, Kora, Baillie Gifford, D1 Capital, Steadview and Mirae. Zomato initially anticipated to secure around USD 600 million funding by January this year but due to the pandemic situation the fundraising effort got delayed. Also and financial that committed to invest USD 150 million in this investment round delivered only a third of the amount. 

To improve its finances and cope with the coronavirus pandemic the company eliminated hundreds of employees this year which significantly affected the food delivery business in the earlier months. However, the food delivery market of India is rapidly recovering from the covid-19 shadows and December 2020 is expected to give the highest gross merchandise value month in the history. They are not clocking approximately 25% higher gross merchandise value then they were in February this year. The company believes post vaccine the growth of the food delivery sector will accelerate.  

The founder of Zomato, Deepinder Goyal tweeted” I am very grateful for the contribution involved in building Zomato and I am happy that we have created some wealth for these amazing people. A number of Zomato people are working there on startups and would not need to raise any seed funding from the external investors. I am excited for what is lying ahead for us and the impact we will be creating for our customers, restaurant partners and delivery partners.”

Due to the covid-19 pandemic the food delivery startup has seen a huge downfall. Interestingly the platforms like Zomato ventured in delivering groceries. 

The Gurgaon based foodtech startup founded in 2009, offers a searching app that provides detailed information for restaurants and food ordering services for the same. The company connects more than 55 million customers to restaurants in around 24 countries across the globe. With its exceptional services and best in class delivery, offers one of the leading food delivery platforms across India. The company recently acquired the Indian food delivery startup, Uber this year earlier. 

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