It’s meal time, a time when Zomato’s site is likely swarmed with hits. If you are not yet familiar with Zomato, click here to see if the platform services your city. From Vancouver to Auckland, Zomato is used by millions of hungry people every day to decide where to eat in over 10,000 cities across 22 countries.
Seeking to take on Yelp, its biggest US competitor, enter into food delivery business in India by enabling the last-mile delivery mechanism and expand its global operations in new geographies such as Europe, South East Asia and Latin America, New Delhi-based Zomato is in “advanced discussions” with Singapore’s Temasek Holdings, seeking to raise $60-$80 million, reported Deal Street Asia. “The final details of the deal are being worked out,” a person close to the development informed Times of India.
With a 50% stake in Zomato, Sequoia Capital and Vy Capital are other key investors. Temasek is expected to lead this new funding round of funding.
Founded by CEO Deepinder Goyal, Zomato has recently entered the online food ordering business in India and is competing with several companies, including Rocket Internetbacked Foodpanda and Mumbai-based TinyOwl, according to TOI. Founded seven years ago by Bain alum Goyal, Zomato is already active in 22 countries (UK, US, India, Poland, New Zealand, Canada and Australia to name a few) and looking to expand aggressively. According to reports, the online restaurant review and food ordering platform last raised $50 million in April and has been selected by CB Insights as a tech unicorn given its$1 billion valuation.
Temasek was also in advanced talks with Funding Circle, a leading online marketplace lender exclusively focused on small business, to sell a stake in itself in April.
