The company has raised $250 Mn collectively from Tiger, Kora, and Singapore’s sovereign wealth fund Temasek, an existing investor. Tiger may pump in another $100 million if Zomato is able to regain pre-COVID business volumes, sources say. “The funds from Temasek and Tiger are in, and Kora’s money is expected in about a week,” said a person privy to the details.
Currently, Temasek has invested $60 million while $100 million each is coming from Tiger and Kora, a hedge fund focused on emerging markets.
Alibaba’s sister company, Ant, which holds 25% in Zomato, had committed to investing $150 Million in January. However, Zomato has been able to access only $150 million so far. The changing stance by Chinese investors such as Ant comes amid a wave of anti-China sentiment sweeping across India and also globally, especially in the US.
For the financial year ended March 31, Zomato said that revenue more than doubled to $394 million, even as losses widened to $293 million from $277 million in the previous fiscal year. For the month of July, the company said its monthly burn rate is under $1 million, while revenue recovered 60% of pre-COVID-19 peaks