Zomato Gets $52 Million Top-Up From Kora Investments

BENGALURU: Foodtech unicorn Zomato, which is in talks to raise almost $600 million, as part of its ongoing funding round, has added $52 million to its coffered from US-based Kora Investments. Kora is expected to make another large investment in Zomato in the coming months, a person aware of the talks told Mint. With this fundraise, Zomato has collected more than $270 million in funding, just this year. In September, it had closed its $62 million funding from MacRitchie Investments, a unit of Singapore state investment arm, Temasek, and also raised $103 million from US-based hedge fund Tiger Global. In January, the company had announced a funding of $150 million from China’s ANT Financial, of which it has only received $50 million, while in March it had raised $5 million from Pacific Horizon Investment Trust, which is managed by UK-based Baillie Gifford & Co. Ltd. The news of Kora’s $52 million investment was first reported by Entrackr. Zomato doubled its revenue to $394 million in 2019-20, even as its losses rose marginally to $293 million from $277 million in 2018-19. In comparison, Zomato’s rival Swiggy had garnered $156 million in the first half of this year, from Naspers and a group of other investors, valuing the startup at $3.6 billion.