Indian food delivery startup Zomato raised $ 62 million from Temasek, resuming a funding round that was originally supposed to close in January of this year.
Temasek, Singapore's state-owned investment arm, has funded the capital through its MacRitchie Investments unit, a regulatory document showed. Business intelligence firm Tofler shared the filing with ProWellTech.
A spokesperson for Zomato in India did not respond to a request for comment Wednesday afternoon.
Zomato started its new funding about a year ago, a person familiar with the matter told ProWellTech. The company met with several investors, but most of the talks did not materialize.
The food delivery startup, which has improved its financial performance in recent quarters despite the coronavirus outbreak, announced in January that Ant Financial had pledged to provide it with $ 150 million.
But Ant Financial has yet to deliver two-thirds of the committed capital, the Zomato investor Info Edge said in late July. In its IPO prospectus late last month, Ant Financial cited a regulatory change in India as a reason for not being able to invest in Zomato. (It is very common for investors to finance their committed capital to a startup in multiple tranches.)
In April of this year, India made a change to its foreign investment policy that requires Chinese investors - who have invested billions of dollars in Indian startups in recent years - to get approval from New Delhi before to be able to write new checks to Indian companies.
Reuters reported last month that Alibaba Group and its affiliates, including Ant Financial, will not invest in Indian startups for at least six months.
In January, Zomato CEO Deepinder Goyal said the company plans to close a round of up to $ 600 million by the end of the month. In the same month, Zomato acquired Uber's Indian food delivery business. In early April, he told ProWellTech that he expected to close the round by mid-May, attributing delays to the outbreak of the coronavirus.
