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Zomato bags $52 Million from Kora Investments

Zomato bags $52 Million from Kora Investments

Zomato bags $52 Million from Kora Investments

Zomato bags $52 Million from Kora Investments – $52 million or Rs 380 crore during a new financing tranche from Kora Investments has been raised by Foodtech major Zomato as this is often the third tranche began in September with a Series J round that $62 million infusions from Temasek.

Within the fresh proceeds, the Gurugram-based company has mopped up $216 million within the past two and half months across three tranches.

Zomato has allotted 12,656 Series J5-1 CCPS to boost the consideration from Kora Investments, shows regulatory filings. Post allotment, Kora commands 1.48% stake within the firm.

Zomato is predicted to boost more capital within the Series J round from Tiger Global et al. . the continued round might be the last fundraise for Zomato before its public listing. the corporate has recently claimed that it’s preparing for an IPO in 2021.

According to Fintrackr’s estimate, Zomato has been valued at $3.5 billion or Rs 25,675 crore (post-money). Last month, Tiger Global had invested $102 million or Rs 760 crore within the company.

While the report emphasized that Kora would invest $100 million, the New York-based investment company may inject more capital within the firm within the coming weeks as over 12,000 shares to its employees’ ESOP trust. If subscribed completely, as it’s worth noting that Zomato had also allotted over the ESOP scheme will usher in $25 million (Rs 184.2 crore) to the company’s coffers.

While Zomato has announced that it had reached its pre-Covid peak as funding tranche has come at a time when the corporate had delivered 92 million orders since March 23. To be precise, India went under a two-months prolonged lockdown on an equivalent date.

As many food companies impacted during the lockdown period and Zomato took several tough decisions including layoff and pay cut to cope up with the extraordinary situation. It laid off over 500 employees and scaled-down grocery delivery service – Zomato Market to double down on growth and march towards profitability. Recently, Goyal said that the corporate has no plans on the way to spend the raised proceeds raise $600 million within the ongoing round majorly for M&A and fight competition’s price competition.

While the corporate has been claiming to travel IPO within the half of the subsequent year, it’s still far away from turning profitable. consistent with its unaudited financial data, it had a revenue of $394 million in FY20. Its EBITDA losses stood at $293 million within the year ending March 2020.

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