Zomato has raised additional US$ 52 million from US-based Kora Investments, as part of its ongoing $600 million financing round, according to regulatory filings.
The funding which is part of the company’s ongoing series J financing round marks the firm’s third fund raise in less than two months.
The investment has come at a time when Zomato said its sales volumes have touched pre-COVID-19 levels after falling sharply in April following the nationwide lockdown.
Founder & CEO Deepinder Goyal plans to file for an IPO (initial public offering) sometime in the first half of 2021.
So far this year, Zomato has raised about US$ 273.22 million and more investors are expected to join the firm’s ongoing financing round. The total size of the investment round is pegged at about US$ 600 million. Bulk of the capital will be used to fund “future M&A, and fighting off any mischief or price wars from our competition in various areas of our business,” Goyal had said in an internal mail to employees earlier.
Last month, Zomato raised US$ 62.44 million from Temasek and another US$ 104 million from Tiger Global.
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