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.
IPL official title sponsor Dream11 in legal trouble
A special leave petition has been filed against online fantasy sports platform Dream 11, the IPL title sponsor for 2020, in the Supreme Court, The Outlook reported. The petition, filed by social activist Avinash Mehrotra, challenged the Rajasthan High Court’s dismissal of a PIL in February, which appealed to stop “illegal betting and gambling activities” by Dream 11.
TechEagle, Addis Mercato to use drones for healthcare product deliveries
Gurugram-based drone delivery startup TechEagle has partnered with Ethiopian ecommerce marketplace Addis Mercato to deliver healthcare products and essentials using drones in the African nation’s urban and suburban areas, The Economic Times reported. This first commercial drone delivery service in Ethiopia will hold inaugural test flights in the next three months, the report said.
Mitron introduces categories for easy content discovery
Bengaluru-based short video platform Mitron said it has introduced categories on its app to enable users to discover relevant content. The app currently has about 15 categories, such as entertainment, food, sports, travel and nature, education and music, a statement said. The app claims to have registered over 35 million downloads on Google Play.