Gurugram based foodtech Zomato is now testing its investors kitchen as the company looks to seek growth capital.
According to a report, Zomato is finalizing a $600 mn funding round led by Ant Financial. The round is anticipated to see participation from Temasek as well as other existing investors.
The report speculated that the company may be valued at $3bn, a major jump over the company’s last valuation of $2bn in the funding round of this year. A spokesperson generally said that ” We are raising a round out and sustainability. However, at this stage we cannot disclose any further details.”
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New plans for products and expansions for Zomato have been excellent. Though the controversies, which started from ” food is food” tweet, expanded to its membership plans and restaurants as well as delivery partners started protesting, the company did not lose its spirit.
According to the company’s biannual report, it has registered $205 mn in revenue, compared to $63 mn in the first half of last year.
The company has also pointed out that its monthly burn rate is down by 60%. In August 2019, during the #logout campaign, the restaurants listed on the food aggregrator had called out Zomato for eating into their margins through gold and infinity dinning feature, which provided heavy discounts.
The controversial Zomato Gold service has registered a 180% increase with 1.4 mn users. The unicorn is also in talks to raise $500 mn fresh funds led by Naspers at a valuation of $3.3 bn.
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