Food delivery app Zomato raises Rs 353 crore from Antfin Singapore

This money will help the firm compete with firms like Swiggy, Uber Eats in the delivery space

Food delivery and restaurant discovery startup Zomato has raised Rs 353.58 crore from Antfin Singapore Holding Pte. Ltd, an existing shareholder in the company. The Gurugram-based firm allotted 11,777 class J compulsorily convertible preference shares for this funding, according to financial data accessed by business intelligence platform, Tofler. The money is expected to help the firm competes with players such as Swiggy, Uber Eats and Dunzo in the delivery space.

This month Info Edge India, which is also an existing shareholder in Zomato announced that the firm has signed a definitive agreement to undertake a primary fundraise of up to $150 million from Antfin Singapore Holdings and its affiliates. “The transaction values Zomato at a pre-money valuation of $3 billion,” Info Edge had said in an exchange filing.

Founded by Deepinder Goyal and Pankaj Chaddah in 2008, Zomato had said the number of restaurant listings globally on its platform had grown from 1.2 million in September 2018 to 1.5 million in Sep 2019. In April 2019, it was present in 200 cities and it now offers food delivery service in over 500 cities across India.

The company has raised a total of $909.6 million in funding over 16 rounds,  according to data platform Crunchbase.  Last year, Goyal had said that it was looking to raise up to $600 million in a new funding round to scale up its operations.  

The online food ordering and delivery market is expected to grow at a compounded annual growth rate of more than 45 per cent to reach $11 billion in gross merchandise value (GMV) by 2023, according to RedSeer Consulting, a research and advisory firm.