Food delivery firm Zomato has raised $102.5 million led by Tiger Global Management, at a time when the sector has taken a beating from the pandemic, and will give Zomato ammunition to grow.
Zomato has raised Rs 760 crore, valuing it at $3.4 billion, according to regulatory filings. Moneycontrol first reported on August 9 that Tiger is in talks to back Zomato.
This is in addition to the $62 million it raised from sovereign fund Temasek earlier in September.
Moneycontrol had first reported the story on August 9.
The deal also finally gives Tiger- one of India’s most prolific startup investors- a stake in one of its biggest sectors. Tiger had not invested in Zomato, its rival Swiggy, or anyone else in the sector so far.