Javascript on your browser is not enabled.

Advertisement

After Swiggy's Entry into Unicorn Club, Zomato in Talks to Raise $400M from Ant Financial, Temasek & Alibaba

In its last round of funding, Zomato had raised $200 million from Ant Financial at a valuation of more than $1 billion in February 2018.

Food-tech startup Zomato is reportedly in talks to raise $400 million from existing investors Ant Financial, Temasek and also the Alibaba Group, at a valuation of around $2 billion.

The development comes just a day after Zomato’s rival Swiggy announced a fresh funding of $210 million on Thursday from DST Global & Coatue Management and entered into the unicorn club at $1.3 billion valuation.

In its last round of funding, Zomato had raised $200 million from Ant Financial at a valuation of more than $1 billion in February 2018.

Zomato, which is present in 23 countries, had almost doubled its revenue to Rs 399 crore in the year ended 31 March 2017. Also the company’s losses dropped to Rs 389 crore from Rs 590 crore, a year ago. It has secured around $444 million in funding so far.

Meanwhile, Swiggy which currently operates in 15 cities, claims to have more than 35,000 restaurant partners on its platform. It has a delivery fleet of over 40,000 in Bengaluru, Delhi, Mumbai, Pune, Hyderabad and Kolkata. Swiggy has raised a total of $465 million in funding till date. 

Apart from Zomato and Swiggy, new players like UberEATS, Google Areo and Ola-owned Foodpanda have also marked their presence in the Indian food segment. 


Tags assigned to this article:
Swiggy unicorn startups zomato

Around The World

Advertisement