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Zomato banks $62m from Temasek as India’s food delivery scene recovers from Covid-19

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Miguel Cordon · 3 Sep 2020 · 1 min read

Zomato banks $62m from Temasek as India’s food delivery scene recovers from Covid-19

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India-based startup Zomato has raised US$62 million from Singapore’s Temasek in a resumed funding round that was initially scheduled to close in January, the Economic Times reported, citing regulatory filings sourced from business analytics platform Tofler.

The restaurant discovery and food delivery app was valued at around US$3 billion, according to people who have knowledge of the matter. The Economic Times also previously reported that Zomato has attracted two new investors, Tiger Global and Kora Capital, in an ongoing round.

The new capital comes at a time when India’s food delivery scene has seen its total sales recover to around 75% to 80% of its pre-Covid-19 numbers. According to a Zomato report published last month, areas such as affluent neighborhoods and large residential zones have clocked a higher gross merchandise volume (GMV) than before.

The number of restaurants offering food delivery has gone up as well, climbing back to around 70% of pre-Covid levels.

Editing by September Grace Mahino

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