Zomato closes $62 million funding from Temasek

BENGALURU : Food tech startup Zomato has closed $62 million as part of its latest funding round from MacRitchie Investments Pte. Mint had reported on 22 August that MacRitchie may infuse at least $60 million in Zomato. In March, Zomato had also raised $5 million from Pacific Horizon Investment Trust, which is managed by UK-based Baillie Gifford & Co. Ltd. The fundraise from Temasek, comes at a time when the Gurugram-based firm has been struggling to access the $100 million it was to receive, as a part of the $150 capital raise in January from Ant Financial. Zomato had received the first tranche of $50 million from Ant Financial, a unit of Chinese internet giant Alibaba, in January. Zomato’s rival Swiggy holds a valuation of more than $3.6 billion, ascribed to it as a part of the $156 million round it raised in the first quarter of 2020, from Naspers, Meituan Dianping and Wellington Management Company. In July, Zomato said that its revenues doubled to $394 million, although it recorded a loss of $293 million, for the fiscal year 2019-20. Zomato has also scaled down its online grocery vertical, Zomato Market, as it looks to continue its focus on improving food delivery experience for customers.