Zomato raises $160 mn from Tiger and Temasek

Indian food delivery startup Zomato has raised $160 million from Tiger Global Management and a unit of Singapore’s Temasek Holdings.
Job cut in Swiggy and Zomato
The fund raising pegs the company at a post-money valuation of $3.3 billion, according to a filing on Thursday by top shareholder Info Edge (India.

Zomato chief executive officer Deepinder Goyal in an email to the company employees said the company plans to file for an initial public offering in the first half of 2021 and will look at mergers and acquisitions.

“We have raised a lot of money, and today, our cash in the bank (~$250m) is more than ever in our history,” Deepinder Goyal said in the email on Thursday.

Some of Zomato’s ex-employees have sold almost $30 million worth of shares to investors at an average premium of about four times to what the shares were allotted to them.

Tiger Global invested $100 million while the rest came from MacRitchie Investments Pte, a unit of Temasek Holdings.