India’s Zomato raises $62 million from Temasek – TechCrunch

Indian food delivery startup Zomato has raised $62 million from Singapore’s Temasek, resuming a financing round that it originally expected to close in January this Singapore’s state investment arm Temasek financed the capital through its unit MacRitchie Investments, a regulatory filing…

Curated via Twitter from TechCrunch’s twitter account….

Indian food delivery startup Zomato has raised $62 million from Singapore’s Temasek, resuming a financing round that it originally expected to close in January this year.

The food delivery startup, which has improved its financial performance in recent quarters despite the coronavirus outbreak, announced in January that Ant Financial had committed to provide it with $150 million.

In April this year, India made a change to its foreign investment policy that requires Chinese investors — who have ploughed billions of dollars into Indian startups in recent years — to take approval from New Delhi before they could write new checks to Indian firms.

Reuters reported last month that Alibaba Group and its affiliates including Ant Financial will not invest in Indian startups for at least six months.

In the same month, Zomato acquired the Indian food delivery business of Uber.

In January, Zomato chief executive Deepinder Goyal said the company expects to close a round of up to $600 million by the end of the month.

But Ant Financial has yet to deliver two-thirds of the committed capital, Zomato investor Info Edge said in late July.

In its IPO prospectus late last month, Ant Financial cited regulatory changes in India as a reason for it not being able to invest.

Link to original article….

Leave a Reply

Leave a comment
%d bloggers like this:
scroll to top