US investor Grade Book Capital backs food-tech startup Zomato Media Pvt. Ltd. with over $39 million in Series I funding round. The Series I funding also included raising $210 million from existing investor Ant financial in October, 2018. Zomato was valued at $2 billion after last round of funding.
The investment comes at a time when Zomato is locked in an expensive battle with arch-rival Swiggy, which raised $1 billion in funding from Naspers Ltd and participation from China’s Tencent-backed Holdings Ltd in December last year. The round saw Swiggy’s valuation shoot up to $3.3 billion.