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India’s Zomato raises $62 million from Temasek

India’s Zomato raises $62 million from Temasek

Indian meals supply startup Zomato has raised $62 million from Singapore’s Temasek, resuming a financing spherical that it initially anticipated to shut in January this 12 months.

Singapore’s state funding arm Temasek financed the capital by way of its unit MacRitchie Investments, a regulatory submitting confirmed. Business intelligence agency Tofler shared the submitting with TechCrunch.

A Zomato spokesperson in India didn’t reply to a request for remark Wednesday afternoon.

Zomato kickstarted its new financing spherical a couple of 12 months in the past, an individual accustomed to the matter advised TechCrunch. The firm has met with a number of buyers however talks haven’t materialized.

The meals supply startup, which has improved its monetary efficiency in current quarters regardless of the coronavirus outbreak, introduced in January that Ant Financial had dedicated to offer it with $150 million.

But Ant Financial has but to ship two-thirds of the dedicated capital, Zomato investor Info Edge mentioned in late July. In its IPO prospectus late final month, Ant Financial cited regulatory modifications in India as a motive for it not with the ability to make investments.

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In April this 12 months, India made a change to its international funding coverage that requires Chinese buyers — who’ve ploughed billions of {dollars} into Indian startups in recent times — to take approval from New Delhi earlier than they might write new checks to Indian companies. It’s quite common for buyers to finance their dedicated capital to startup in a number of tranches.

Reuters reported final month that Alibaba Group and its associates together with Ant Financial won’t put money into Indian startups for a minimum of six months.

In January, Zomato chief govt Deepinder Goyal mentioned the corporate expects to shut a spherical of as much as $600 million by the tip of the month. In early April, he advised TechCrunch that he was anticipating to shut the spherical by mid-May, attributing delays to the coronavirus outbreak.

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