Zomato plans to file for IPO in first half of 2021

Rs 24,000 Crore Worth Zomato Aims For Mega IPO Claims Rs 1800 Cr Cash In Bank

"We have raised a lot of money, and today, our cash in the bank, around $250 million, is more than ever in our history".

Foodtech unicorn Zomato has raised $100 million in funding from Internet Fund VI Pte Holdings, Tiger Global's Singapore investment arm, according to filings with the Registrar of Companies (RoC) accessed by YourStory.

"Zomato Pvt Ltd has closed a primary fund raise of United States dollars 100 million from Tiger Global Management, LLC (through its investment vehicle Internet Fund VI Pte Ltd and/or any of its affiliates), and USD 60 million from MacRitchie Investments Pte Ltd, an indirect wholly-owned subsidiary of Temasek Holdings and/or any of its affiliates", Info Edge said in a regulatory filing.

It has raised Dollars 60 million from MacRitchie Investments Pte. In India, Tiger Global ramped up its investments significantly after exiting Flipkart in August 2018, ending a three-year hiatus.

Some of Zomato's ex-employees have sold nearly $30 million worth of shares to investors at an average premium of about four times to what the shares were allotted to them, Goyal said in the email, which was first reported by the Economic Times.

Despite the uncertainty in the current market, analysts said that these losses wouldn't impact Zomato's IPO aspirations.

For Zomato, the new round comes amid uncertainty surrounding the India strategy of its prominent backer - China's Ant Financial, which holds 25% in Zomato and had committed to investing $150 million in January. Some of the investors other than Ant Financial are Tiger Global, Temasek, and Baillie Gifford. "The transaction values Zomato at a pre-money valuation of US$ 3 billion", it added.

The infusion of $102.5 million from Tiger Global [PDF] makes it the largest fund raise for Zomato in 2020. In an e-mail addressed to employees that have been seen by the PTI, Zomato founder and CEO Deepinder Goyal said, "Our finance/legal teams are working hard to take us to IPO sometime in the first half of next year". "We hope to create a lot of value for our current employees who have Esops next year". "We are treating this cash as a "war chest" for future M&A and fighting off any mischief or price wars from our competition", he wrote. During this time, Zomato and Swiggy also ventured into the area of grocery delivery. The employees, as per the company, sold at 4 times the premium at what they got those shares when they started.

In the mail, Goyal has reportedly stated that the current employees can generate more wealth via ESOP sale during the IPO next year.



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