Food delivery and restaurant discovery platform Zomato has raised around $40 Mn in funding from a US investor Glade Brook Capital Partners.
Bengaluru, 06 Feb, 2019. RedNewwire/-
The funding is part of Zomato’s Series I funding round that started in November 2018 when Alibaba-backed Ant Financial invested Rs 1,539 crore in the New-Delhi based firm.
This deal was signed on February 5, 2019 and could be a part of the expected larger round.
The funding would help Zomato compete with rivals such as Swiggy, Uber Eats and Ola-owned Foodpanda, which are also betting big on the online food ordering and delivery market in the country.
Glade Brook Capital provides growth capital to technology companies worldwide. The firm partners with entrepreneurs and management teams to accelerate growth and maximize long-term shareholder value, from growth stage through IPO and beyond.
It has previously invested in companies such as Uber, WeWork, Airbnb, Snapchat, others.
Zomato, founded by Deepinder Goyal and Pankaj Chaddah in 2008 is also looking to raise $200-250 Mn by selling its UAE business to Berlin-based food tech major Delivery Hero.
Zomato provides in-depth information for over 1.4 million restaurants across 24 countries and serves more than 50 million users every month.
Zomato last raised $210 million from Alibaba’s payment affiliate Ant Financial in October. It has raised a total of $653.8 million in 11 rounds.