Gurgaon-based unicorn Zomato may raise between $500 million and $1 billion in a new funding round to counter the mega fundraise by rival Swiggy, The Economic Times reported, citing sources.
The online food delivery and restaurant discovery platform is in talks with a private equity company from China, Primavera Capital, and existing backer Ant Financial for the new round, sources told the paper.
"Primavera may invest about $200 million in the upcoming round while the remaining amount could come from Ant Financial. The company is also talking to other investors to syndicate the round," the sources were quoted as saying in the report.
Primavera is an investor in Ant Financial as well.
A Zomato spokesperson told the paper that "we are talking to potential investors (including Ant Financial) for our new fundraise. This will be at a premium to the last round as the company has more than doubled in size since the last round was finalised."