In Brief: Zomato has enough investor interest to raise capital, says Info Edge founder

In Brief: Zomato has enough investor interest to raise capital, says Info Edge founder
Photo Credit: VCCircle
9 Sep, 2020

Food technology platform Zomato has enough investor interest to raise capital in its ongoing growth funding round, Sanjeev Bhikhchandani, founder of Info Edge, said during an investor call on Wednesday. Info Edge holds a 23% share in Zomato, which recently raised $62 million from returning investor Temasek Holdings

The company is reportedly in talks with Tiger Global and Kora Capital for an additional $200 million fund infusion. The food technology unicorn is yet to receive $100 million from Ant Financial as part of the $150 million committed by the Chinese entity for a growth funding round. The capital allocation has been stalled due to change in Foreign Direct Investment laws in India. 

During the investor call to discuss first quarter results of Info Edge, Bhikhchandani said that food delivery volumes have not returned to pre-Covid levels on Zomato yet, although the value is recovering based on higher delivery fee and reduced discounts. 

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