Zomato looking to raise $400 million at valuation of $2 billion: Report

Zomato

Zomato Media is in talks to raise $400 million, most likely from existing investors Ant Financial and Temasek, according to a Mint report.

The deal could value the food-technology startup at $1.6-2 billion, sources told the paper.

Zomato is also in talks with Alibaba for this round of funding round, Mint reported.

Moneycontrol could not independently verify the news.

Earlier this year, Zomato had raised $200 million from Ant Financial, a deal that had valued it at around $1.1 billion.

Zomato's rival Swiggy on Thursday said it raised $210 million in what was its biggest round of funding so far. The round was led by Naspers and DST Global.

Zomato has operations in 24 countries, according to the company's official website. The company reported a revenue of $74 million for FY18, 45 percent higher than in FY17.

The company reported over 1,50,000 subscribers to Zomato Gold within three months of the launch of the service.