Adding more money to its bank account, Zomato has raised additional money from NY based Tiger Global, just a week after it had acquired $62 million from Singapore state investment arm Temasek. The fundraise, quantum of which reportedly around $100 million, has been confirmed by founder Deepinder Goyal in an email to employees, accessed by Economic Times.
Valuation in the current round is unknown. When it last raised money earlier this year, Zomato was valued at $3.25 billion. It had raised $5 million from Scotland-based Pacific Horizon Investment Trust.
The company has already raised exorbitant amounts of money in this year, but the investment spree is not going to end any time soon. A report suggests that Zomato is looking to raise a combined $250 million from Temasek, Tiger Global and Kora Capital. Out of this, Temasek and Tiger Global have already placed their bets, and Kora Capital may announce its own, pretty soon.
The company now has about $250 million sitting in the back, with co-founder and CEO Deepinder Goyal noting that by the end of the funding round, the company will have $600 million in cash.
“Tiger Global, Temasek, Baillie Gifford and Ant Financial have already participated in our current round, and there are more big names joining the round – we estimate that our current round will end up with us at $600 million in the bank very soon..” Goyal said in an email addressed to the company’s employees.
If all that still does not fill your appetite for Zomato related news, ET states that the company might be going public by the first half of the next year.
“Our finance/legal teams are working hard to take us to IPO sometime in the first half of next year. The value of our business is going up dramatically, all thanks to the hard work and commitment of our team. We hope to create a lot of value for our current employees who have Esops sometime in the next year,” Goyal noted to his employees.