Zomato, Swiggy call claims of antitrust probe by CCI as ‘misleading’
Zomato addressed the claims of the antitrust investigation by the Competition Commission of India (CCI) into its business practices, and called them “misleading”.
Food aggregator Zomato has completed its $660 million (over Rs 4,850 crore) funding round, giving the company a valuation of $3.9 billion, its founder and CEO Deepinder Goyal said on Friday.
“Marquee global investors share our enthusiasm for the future of this business. Today, we closed a $660 million primary financing round at a post-money valuation of $3.9 billion,” said Goyal in a series of tweets.
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He also said that “10 new investors are joining us in our journey. This list includes Tiger Global, Kora, Luxor, Fidelity (FMR), D1 Capital, Baillie Gifford, Mirae, and Steadview”.
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In another tweet, Goyal said that on top of this USD 660 million, the company is in the process of closing a USD 140-million secondary transaction. As part of this transaction, it has already provided liquidity worth USD 30 million to its ex-employees.
In a tweet, Goyal said, “I am grateful for their contribution in building @zomato and am glad that we created some wealth for these super amazing people. A number of these ex-zomans are busy working on their own startups and will not need to raise seed capital from external investors”.
About the business, Goyal said food delivery in India is rapidly coming out of COVID-19 shadows. “December 2020 is expected to be the highest ever GMV (gross merchandise value) month in our history. We are now clocking 25 per cent higher GMV than our previous peaks in February 2020”.
He also added that the tailwinds for food delivery businesses are clearly visible, and “we believe that the growth of the sector will accelerate post vaccine”.
With the latest investments, Zomato has added 10 new investors like Tiger Global, Kora, Luxor, Fidelity (FMR), D1 Capital, Baillie Gifford, Mirae, and Steadview.
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