Gurugram based food tech unicorn Zomato has completed its primary fundraise worth $660 million, giving the company a valuation of $3.9 billion, as the firm set its sights on an initial share sale in the first half of 2021. The fundraise saw 10 new investors join Zomato including Tiger Global Management, Baillie Gifford, Luxor Capital, Kora Capital, Steadview, D1 Capital and Mirae Asset, Zomato founder and chief executive Deepinder Goyal said on Twitter.
Zomato is also raising $140 million as a part of a secondary transaction. As a part of this final fundraise before its IPO, Zomato has provided liquidity worth $30 million to its former employees.The startup has been on a fund-raising spree to bolster its cash reserves to fight any possible price wars in the coming months. The current valuation makes Zomato the most-valued food tech unicorn in the Indian startup ecosystem, surpassing competitor Swiggy, which is valued at $3.6 billion.
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