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September 3, 2020

Zomato to receive funding from Tiger, Kora and Temasek

Tiger Global and Kora Capital are set to invest in Zomato as part of ongoing funding round, which is expected to value the food ordering platform at approximately $3bn.

Tiger Global and Kora Capital are set to invest in Zomato as part of ongoing funding round, which is expected to value the food ordering platform at approximately $3bn.

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Tiger and Kora are investing $100m each, while Singapore’s Temasek Holdings is investing $60m.

Furthermore, Tiger is planning to make an additional $100m investment, following Zomato’s regain of pre-Covid-19 business volumes.

Last year, Kora invested $125m in Indian company Edelweiss.

The financial support from US and Singapore strengthens Zomato amid the uncertainty around the India strategy of its backer China’s Ant Financial, a subsidiary of Alibaba.

In January, Ant committed to investing $150m in Zomato. However, the company has only been able to access $50m to date.

Additionally, in April, India introduced new FDI rules that require regulatory approval for investments from countries that share borders with China.

These uncertainties and new laws come amid the global wave of anti-China sentiments.

Zomato’s diversification of its investor pool signifies its efforts to cut exposure to China.

Data released by Gateway House has revealed that Indian start-ups received an estimated $4bn investments from China.

Earlier this year, Zomato raised $5m from UK-based Baillie Gifford’s Pacific Horizon Investment Trust, while Temasek made a $62m investment. The fundraising came at a time when the Covid-19 outbreak has significantly impacted the food delivery business in India.

Zomato allocated 15,188 shares worth $3,997 to MacRitchie Investments, a unit of Temasek.

Free Report
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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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