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Zomato raises ₹38 crores, Valuation almost equal to Swiggy

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Gurugram-based food delivery unicorn Zomato has raised ₹38 crores from British investment manager Baillie Gifford’s Pacific Horizon Investment Trust. The startup has issued 1,177 Series J preference shares for $4,245.56 per share as a part of this deal, according to the RoC filings.

The latest funding values Zomato at $3.25 billion. Earlier, the food delivery operator raised ₹1,050 crores at the same valuation from existing investor Ant Financial, the investment affiliate of Chinese e-commerce giant Alibaba. Zomato is yet to receive ₹700 crores from this deal.

Zomato recently acquired Uber Eats India for almost ₹1,400 crores in an all-stock deal and San Francisco-based cab-hailing major Uber got a 9.9% stake as a part of the transaction. Zomato also has a restaurant discovery and table booking platform in addition to the food delivery system and has recently launched grocery delivery to meet the high demand in the market due to the current coronavirus situation.

With the latest funding, Zomato is close to Swiggy’s valuation. Swiggy, the largest competitor of Zomato in India is valued at $3.6 billion. Swiggy raised around ₹790 crores from Naspers in March 2019.

Zomato’s acquisition of Uber Eats has given an upper hand to the firm and the battle between Zomato and Swiggy became more competitive. However, due to the current situation in the country, amidst the coronavirus lockdown, the online food delivery orders for both the companies have reduced by 70%. Both companies have come forward to deliver essential goods like groceries and dairy products.

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Divya Baral
Divya Baral
I love writing about finance and stock market. I have more than 4 years of writing experience.