India’s Zomato valued at $5.4 billion in new $250 million investment – TechCrunch
Zomato has raised $250 million, two months after closing a $660 million Series J financing round, as the Indian food delivery startup builds a war-chest ahead of its IPO later this year. Zomato, which acquired the Indian food delivery business of Uber early last year, competes with Prosus Ventures-backed Swiggy (valued at about $3.6 billion) in India. A third player, Amazon, also entered the food delivery market in India last year, though its operations are still limited to parts of Bangalore. At stake is India’s food delivery market, which analysts at Bernstein expect to balloon to be worth $12 billion by 2022, they wrote in a report to clients. I am supremely excited about what lies ahead and the impact that we will create for our customers, delivery partners and restaurant partners,” he said.