Jul 01, 2020 | Mallika Rangaiah
Zomato is in talks with Singapore's Temasek to serve up around $100 million into the online food conveyance company. This turn of events has emerged around the time when a formerly reported investment by Ant Financial has been deferred owing to the present anti-China prevailing sentiments as well as the new foreign direct investment (FDI) rules.
Being an existing Zomato supporter, Temasek's potential funding is a portion of a bigger investment round that the Gurgaon-based organization has been haggling since the finish of the previous year.
The talks between the parties are still progressing as reported by the Economic Times.
The organization's fund-raising procedure has been loaded up with difficulties, including changes to the FDI strategy declared in April.
The new policy commands advance government endorsement for investments by entities situated in nations sharing land borders with the Indian nation. An associate of Alibaba Group Holdings, Ant Financial has siphoned in just $50 million into Zomato, as per BSE and NSE-recorded Info Edge, additionally an early investor in the organization. Hangzhou-headquartered Ant Financial is the biggest institutional partner in Zomato, holding a 26% stake in the organization.
Temasek, which previously invested in Zomato in 2015, has consistently been in the blend to serve up further capital. It holds a 3% stake, having invested around Rs 310 crore into the organization, as indicated by data garnered by Tracxn. The Deepinder Goyal-drove organization was esteemed at $3 billion in January. The valuation was, moreover, dependent upon Ant satisfying its commitment. Back in April, Zomato had hoisted $5 million from Pacific Horizon Investment Trust, a fund handled by British investment chief Baillie Gifford.