[Funding alert] Zomato raises $52M from US-based Kora Investments, to raise more before IPO

Gurugram-based foodtech unicorn Zomato has received a fresh tranche of $52 million in its ongoing Series J round from US-based Kora Investments.

According to Zomato's Registrar of Companies (RoC) accessed by YourStory, Zomato has allotted a total of 12,656 Class J5 preferential dividend shares to Kora Investment I LLC, at an issue price of Rs 3,00,235, for close to 1.5 percent stake in the foodtech unicorn.

The latest funding is the third tranche of its ongoing round. In September, Zomato had raised $100 million from Internet Fund VI Pte Holdings, Tiger Global's Singapore investment arm, which was just a week after it raised $62 million from Singapore-based Temasek.

Earlier in January, Zomato had raised $150 million as a part of a fresh fundraise from its existing investor Ant Financial. Further, in April, it bagged around $5 million (or about Rs 38 crore) from Pacific Horizon Investment Trust PLC in its Series J round.

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According to reports, Zomato is expected to raise more capital, and its Series J round of funding led by Tiger Global and others can last till its reported IPO in 2021.

Earlier, reports revealed that Zomato is also eyeing to go public next year. In an email to its employees, Zomato CEO Deepinder Goyal had said that the unicorn has raised a lot of money, and has $250 million cash in the bank — which is more than ever in Zomato's history. He also noted that Tiger Global, Temasek, Baillie Gifford, and Ant Financial have already participated in its current round, and more big names will be joining the round, which shoot up Zomato with $600 million in the bank.

He added that this cash is being treated as a ‘war-chest’ for future M&A, and fighting off any 'mischief or price wars' from Zomato's competition in various areas of its business. With its last round of $100 million, Zomato's valuation touched $3.4 billion, close to its rival Swiggy, which is presently valued at $3.6 billion.