Indian restaurant aggregator and food delivery app Zomato has raised approximately $5m in a new funding round amid Covid-19 crisis.

UK-based Pacific Horizon Investment Trust led the round.

According to regulatory filings, Zomato has allotted 1,177 Series J2 compulsorily convertible preference shares at $ 4,245.56 per share to Pacific Horizon to raise the money.

The latest fundraising values Zomato at $3.25bn. It currently stands just a little below its arch-rival in the Indian food delivery market Swiggy, which raised approximately $112m two months ago.

The fundraising comes at a time when the Covid-19 outbreak has significantly impacted food delivery business in India.

Both apps witnessed a 70% drop in food delivery orders in the last ten days as India is currently under a 21-day nationwide lockdown to contain the spread of Covid-19.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

On 6 April, the number of coronavirus cases in India has increased to 4,300, while the death toll stood at 118. Globally, the disease has infected more than 1.2 million people.

Established in 2008, Zomato offers restaurant information and food deliveries from the partner restaurants in select cities.

In January, the company signed an agreement to acquire Uber Eats’ business in India for approximately $206m in an all-stock deal.

Recently, Zomato has started offering grocery deliveries to supply essentials to its customers confined to their homes during the lockdown.