Indian food delivery start-up Zomato has actually raised $100 million from Tiger Global and is getting ready for the next stage of its journey: an IPO. Tiger Global financed the capital through its financial investment car Internet Fund VI, according to a regulative filing. Info Edge, a major investor in Zomato, verified the advancement Thursday evening, including that the new round valued Zomato at$3.3 billion post-money. In an e-mail to staff members previously today, Zomato co-founder and president Deepinder Goyal said the start-up had about$ 250 million cash in the bank and numerous more”big name “financiers would be joining

the current round to increase its cash reserve to about$600 million”very soon.”” Important note– we have no instant intend on how to spend this money. We are treating this cash as a’war-chest’for future M&A, and fighting off any mischief or rate wars from our competition in various areas of our service,”he added in the letter, reviewed by TechCrunch. Zomato, which acquired the Indian food shipment service of Uber early this year, takes on Prosus Ventures-backed Swiggy in India. A 3rd player, Amazon, has

also emerged in the market, though it is presently servicing food delivery in only select suburbs of Bangalore. Goyal informed workers that the 12-year-old start-up is also working for its IPO for”at some point in the first half of next year.”( It’s unclear how Zomato plans to achieve this target, but it is likely looking at listing in the U.S. or some other market. Existing Indian law requires a start-up to be successful for a minimum of three years prior to they could openly list in India– though there has actually been some proposal to relax this requirement.) The brand-new promise from Zomato is the result of a major financial improvement in its business in current quarters. Up until mid-last year, Zomato was losing more than $50 million a month to sustain and win clients by offering heavy discount rates. The Gurgaon-headquartered company

, which like Swiggy removed hundreds of tasks in current months as coronavirus ruined the appetite of Indians purchasing food online, stated in July that its losses for the month would be less than $1 million. The start-up also dealt with barriers in raising new capital. It kickstarted its financing round a year back, but had actually secured only$ 50 million as of a month earlier. The start-up had initially anticipated closing this round, at about $600 million, in January this year. In an emailed response to TechCrunch inquiries in April, Goyal had associated the delays to the spread of coronavirus and stated he anticipated to close the round by mid-May. He composed to workers today that Tiger Global, Temasek, Baillie Gifford and Ant

Financial had actually currently participated in the current round . Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.