HomeZomato raises ₹280...

Zomato raises ₹280 crores from Glade Brook, valued at $2 billion


Gurugram-based food delivery unicorn Zomato has raised ₹280 crores ($40 million) from US-based private investor Glade Brook. The funding round is expected to be a part of a larger ₹7,000 crores ($1 billion) round Zomato is reported to be raising from existing investors Ant Financials and some new investors.

In October 2018, Zomato raised ₹1,470 crores ($210 million) from Ant Financials. Info Edge’s ownership in Zomato will drop to 27.68 per cent from 30.91 per cent with this additional investment from Ant Financials, according to a regulatory filing by the firm. The reported valuation of Zomato is ₹14,000 crores ($2 billion).

Zomato’s biggest rival Swiggy has also raised ₹7,000 crores from Naspers and other existing investors last month. It is the single highest amount raised by a food tech company in India. Swiggy is the first-mover in this space as Zomato joined in the food delivery market when Swiggy had already deepened its roots.

Zomato acquired Bengaluru-based online caterer and office canteen aggregator TongueStun and entered the food delivery market last year. The food tech startup currently handles more than 2.2 crore monthly orders. It acquired delivery startup Runnr and increased its delivery fleet to 1.5 lakh partners.

According to research firm RedSeer, the overall food tech market in India is estimated to reach ₹17,500 crores ($2.5 billion) by 2021 against ₹4,900 crores ( $700 million) at present. It is clear that both the food tech companies are looking at gobbling a big chunk of that pie.

Continue reading

How to Read NFL Odds

A game in the NFL has two possible outcomes. The first result has been posted on the scoreboard: which team has triumphed and which side has suffered a loss? The second tally is done by bettors: whether the team...

How to Bet on the NFL

Football is one of the most popular sports in North America, and its popularity, particularly in the NFL, is at an all-time high. People all over the world analyze data, matchups, NFL stats, and patterns to obtain an advantage...

First Person Live Gaming – The Evolution of Real-Time Gambling in India

Indian players have been enjoying the benefits of playing live dealer games for many years now. Every player that has experienced this revolutionary innovation in online gambling would testify that it is beautiful. Nothing beats getting to enjoy a...

Submit details about your funding and get published for FREE

Get an online story about your startup and reach millions of readers