Zomato raises Rs 284 crore

Zomato raises Rs 284 crore

The new investment from Glade Brook values Zomato at $2 billion.

Food delivery platform Zomato has raised fresh capital amounting to Rs 284 crore from US-based Glade Brook Capital Partners, according to a report by The Times of India.

The capital infusion is part of Zomato's series-1, which also saw the company raise $210 million from Alibaba affiliate Ant Financial last year. The new investment from Glade Brook values Zomato at $2 billion.

The capital infusion comes amidst the company's move to sell its UAE business to Germany-based Delivery Hero.

Swiggy, Zomato's main rival, has raised $1.3 billion across three rounds.

Both Zomato and Swiggy are said to be losing around $30-40 million a month over discounts and incentives amid rising competition from Ola and Uber's food delivery platforms.