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Doris Yu · · 1 min readZomato bags $102m from Tiger Global investment, planning for IPO
This comes after the Indian food delivery platform raised US$102 million from US-based Tiger Global Management as part of its ongoing series J funding round.
“We have raised a lot of money, and today, our cash in the bank (US$250 million) is more than ever in our history. Tiger Global, Temasek, Baillie Gifford, and Ant Financial have already participated in our current round, and there are more big names joining the round – we estimate that our current round will end up with us at US$600 million in the bank very soon,” Goyal said in the email.
There are no immediate plans on how to spend this money, however, the CEO says the company is treating the cash as a “war chest for future M&As and fighting off any mischief or price wars from our competition in various areas of our business.”
Tiger Global’s investment comes a week after Zomato closed US$62 million from Temasek’s MacRitchie Investments.
Editing by Jaclyn Teng
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