Zomato raises $103 million from Tiger Global, looks to go public by mid-2021
Published on 11th Sept, 2020 | 1 min read
Bengaluru: Foodtech unicorn Zomato has raised $103 million from New York- based investment firm Tiger Global Management as part of its ongoing Series-J financing, according to regulatory filings. Swiggy raised $156 million in March quarter of 2020 from Naspers and others. As Zomato looks to attract new investors to the company, these funds raising efforts might be its last before it hits the public markets. This investment from Tiger Global comes a week after the Gurugram-based foodtech major closed $62 million from MacRitchie Investments Pte. The company in March raised $5 million from Pacific Horizon Investment Trust, which is managed by UK-based Baillie Gifford & Co. Ltd. Earlier 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. In FY19, the food aggregator unicorn reported a revenue of $192 million and a loss of $277 million. In its latest report, Zomato estimated that business for the food delivery industry will come back to pre-covid levels in the next 2-3 months, with 70% of restaurants on its platform delivering food at present.
