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Zomato raises Rs 456 crore from Temasek's MacRitchie Investments

Zomato Fundraising: MacRitchie Investments is an indirectly owned subsidiary of Singapore- based Temasek Holdings.

September 03, 2020 / 09:07 PM IST

Gurugram-based food delivery major Zomato has raised Rs 456 crore in a fresh funding round from MacRitchie Investments, according to data filed with the Ministry of Corporate Affairs sourced from business intelligence platform Tofler. MacRitchie Investments is an indirectly owned subsidiary of Singapore- based Temasek Holdings.

The filings show that MacRitchie Investments had picked up 15,188 shares through this deal as a part of the series J round, by paying a premium of Rs 2.9 lakh per share.

This round is expected to be a major boost to the company which has borne the brunt of the COVID-19 pandemic. With restaurants working only partially and consumers in many parts of the country still wary of the virus, food delivery platforms are just limping back to a new level of normalcy.

This round will also help Zomato compensate for the money it has not been able to raise from Chinese investment major Ant Financial, because of the restrictions brought by the government on direct Chinese investments in Indian firms.

In a recent blog post, Zomato reported that last year it earned $394 million in revenue. As COVID-19 and the ensuing lockdown hurt its business, in the first quarter of the current financial year, Zomato made only $40 million.

Moneycontrol, on August 10 reported, US investment firm Tiger Global Management's interest in investing up to $100 million with an option to inject another $100 million ahead of a proposed initial public offering (IPO) by the Indian food delivery startup next year.
Moneycontrol News
first published: Sep 2, 2020 04:12 pm
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