At a time when previously announced Ant Financial’s investment had been postponed because of the current anti-China sentiment and the latest FDI regulations, Singapore’s Temasek is considering pumping up to $100 million into the online food supplier.
A current Zomato investor, Temasek’s potential funding is part of a larger investment round the Gurgaon-based company that has been negotiating since the end of last year. There have been difficulties in the fundraising process of the organization, including revisions to the April FDI program.
The new policy demands prior government approval for investment by organizations located in countries that share a land border with India. Ant Financial, an affiliate of Alibaba Group Holdings, has pumped just $50 million – an estimated $150 million – into Zomato, according to BSE and NSE-listed Info Edge, also an early investor in the firm. Hangzhou-headquartered Ant Financial is the largest institutional stakeholder in Zomato, holding a 26% stake in the firm.
Temasek, which first invested in Zomato in 2015, has also been interested in pouring into additional resources. It holds a 3% stake, having invested Rs 310 crore in the company, according to data collected by Tracxn. In January, Deepinder Goyal-led business was estimated at $3 billion.
