Zomato valuation reaches $5.4 billion after $250 million investment round ahead of IPO
Kora Management led Tuesday’s round with 115 million, Fidelity Management and Research put in $55 million while Tiger Global Management gave $50 million. New investors included Bow Wave Capital, which contributed around $20 million, and Dragoneer Investment Group, which put in about $10 million. Tuesday’s investment pushed Zomato’s valuation from $3.6 billion to $5.4 billion, a significant increase of $1.8 billion which would improve its chances during the IPO in the first half of 2021. Since 2020, Zomato has been raising money through funding rounds to boost its cash reserves, acquisitions and survive price wars that might come about in the future. Zomato is currently in strong control of the food delivery market in India with a market share of nearly 50%.