Zomato has raised $51.78 million from US-based Kora Investments, according to the company’s regulatory filings sourced from business intelligence platform Tofler.
Zomato has raised about $273.22 million and more investors are expected to join the firm’s ongoing financing round. The total size of the investment round is pegged at about $600 million.
“Bulk of the capital will be used to fund M&A, and fighting off any mischief or price wars from our competition in various areas of our business,” Goyal had said in an internal mail to employees earlier.
Last month, Zomato raised $62.44 million from Temasek and another $104 million from Tiger Global.
HSBC analysts estimate India’s food delivery could be valued at about $30 billion in the long term in a blue-sky scenario. Delivery volumes, they point out, are currently less than 1/20th of volumes in mainland China volumes.