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


Indian meals supply startup Zomato has raised $62 million from Temasek, resuming a financing spherical that it initially anticipated to shut in January this yr.

Singapore’s state funding arm Temasek financed the capital by means of its unit MacRitchie Investments, a regulatory submitting confirmed. Enterprise intelligence agency Tofler shared the submitting with TechCrunch.

A Zomato spokesperson in India didn’t reply to a request for remark Wednesday afternoon.

Zomato kickstarted its new financing spherical a couple of yr in the past, an individual acquainted with the matter informed TechCrunch. The corporate has met with a number of buyers however most talks haven’t materialized.

The meals supply startup, which has improved its monetary efficiency in latest quarters regardless of the coronavirus outbreak, introduced in January that Ant Monetary had dedicated to offer it with $150 million.

However Ant Monetary has but to ship two-thirds of the dedicated capital, Zomato investor Information Edge mentioned in late July. In its IPO prospectus late final month, Ant Monetary cited a regulatory change in India as the explanation for it not having the ability to spend money on Zomato. (It’s quite common for buyers to finance their dedicated capital to a startup in a number of tranches.)

In April this yr, India made a change to its overseas funding coverage that requires Chinese language buyers — who’ve ploughed billions of {dollars} into Indian startups in recent times — to take approval from New Delhi earlier than they may write new checks to Indian corporations.

Reuters reported final month that Alibaba Group and its associates together with Ant Monetary is not going to spend money on Indian startups for a minimum of six months.

In January, Zomato chief govt Deepinder Goyal mentioned the corporate expects to shut a spherical of as much as $600 million by the tip of the month. In the identical month, Zomato acquired the Indian meals supply enterprise of Uber. In early April, he informed TechCrunch that he was anticipating to shut the spherical by mid-Could, attributing delays to the coronavirus outbreak.

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