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Exclusive: Zomato set to mop up $147 Mn from half a dozen investors


Zomato continues to raise capital in its ongoing Series J round. After mopping up $216 million in the past three months, the company is in its last leg to rake in $147 million or Rs 1,085 crore from Mirae Asset Management, Steadview Capital, Luxor Capital, Lugard Road Capital, ASP India LP, and Pacific Horizon. 

UK-based Pacific Horizon has already picked up 1265 Series J preference shares for a consideration of $5.1 million (Rs 38 crore), shows regulatory filings. This is the second tranche of funding from Baillie Gifford managed fund in Zomato this year. It had invested $5 million back in April.

Foodtech major would allot 34,873 Series J Preference Shares at an issue price of Rs 300,235 to above investors to raise another Rs 1,047 crore. While this tranche only involves fresh allotment, the company is also in advanced conversation to raise over $50 million in secondary capital.

Last month Entrackr had exclusively reported about a potential secondary transaction at Zomato that would allow its co-founder and other two dozen employees to offload shares worth over $50 million. 

Chaddah who moved from Zomato in 2018 to start mental fitness platform Mindhouse would alone dilute stakes worth up to $25 million.

According to Fintrackr’s estimate, Zomato will be valued at a little over $3.7 billion (post-money) after the allotment of shares mentioned above. 

Three weeks ago, Zomato had raked in $52 million or Rs 380 crore in the ongoing Series J round from Kora Investments. Since August the company has raised over $221 million across four tranches. When the proposed tranche is executed, Zomato would end up raising around $363 million.

The Gurugram-based company is expected to raise over $300 million more in the pre-IPO round. The potential secondary round has been aimed to reduce shareholders on its cap table before going public. Zomato also elevated Akshant Goyal as a new chief financial officer or CFO as part of the company’s public listing plan in the first half of 2021. 

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