In a major development, Indian food delivery startup Zomato has raised $62 million from Singapore-based firm Temasek.
The food delivery startup, Zomato raised this capital at a valuation of $3.25 billion. This comes after the food-tech firm in January raised $150 million from existing investor Ant Financial at a pre-money valuation of $3 billion.
In April this year, India made a change to its foreign investment policy that requires Chinese investors — who have ploughed billions of dollars into Indian startups in recent years — to take approval from New Delhi before they could write new checks to Indian firms.
Zomato was set up in 2008 and initially began as a restaurant review platform before expanding to delivery, promotional programmes, and other associated segments of the food-tech ecosystem.