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India’s food startup, Zomato, secures $62 million funding from Singapore
As the demand for food rises exponentially following the outbreak of the COVID-19 pandemic, the world is seeing an increasing investment around food and delivery businesses.
Indian food delivery startup Zomato has secured $62 million funding from Temasek, a Singapore investment agency.
The fund, according to press, is a part of a pending financing round that was originally expected to close in January this year.
READ ALSO: India bans over 100 additional Chinese apps
Zomato board of directors, who confirmed the development, noted that Temasek, which is a Singapore state investment arm, financed the capital through its unit MacRitchie Investments.
Industry insights revealed that although Zomato kickstarted its new financing round about a year ago, meeting with several investors, but most of these talks and pitches have not materialized.
Back in January, Zomato chief executive Deepinder Goyal stated that the company looks to close a round of up to $600 million by the end of the month.
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