Locked in a battle with foodtech startups, Zomato raises Rs 280 crore

Rohithari Rajan, join, Zomato, Global Head, Ad Sales Business, NewsMobile, Mobile News, India, Start o Sphere, Startup

Food-tech startup Zomato Media has raised Rs 284 crore in fresh funding from US investor Grade Book Capital Partners, according to documents accessed from business intelligence platform Paper.vc.

The fresh funding is a part of the Series I round, where Zomato raised $210 million from existing investor Ant Financial in October last year. Zomato was valued at $2 billion after the last round of funding, The Mint reported.

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The investment comes at a time when Zomato is locked in an expensive battle with arch-rival Swiggy, which raised $1 billion in funding from Naspers and participation from China’s Tencent-backed Holdings in December last year, the newpaper reported. The round saw Swiggy’s valuation shoot up to $3.3 billion.

Gurugram-based Zomato is also in talks to sell its UAE business for $200-$250 million to Germany’s Delivery Hero, according to a Times of India report.

As the food-delivery war intensifies, Zomato is in talks to raise $500 million-$1 billion in a new financing round from Chinese private equity major Primavera Capital and existing investor Alibaba’s payment affiliate, the Economic Times reported in January.

Zomato, currently present in 24 countries, earns revenues from advertising and food delivery.

The company’s revenues grew 40% to ₹466 crore in the year ended March 2018.

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