Zomato closed a $ 660 million financing round backed by 10 new investors, including Tiger Global Management and Mirae Asset, at a post-monetary valuation of $ 3.9 billion.
As Indians at home ushered in the New Year with low-key celebrations, the demand for online food delivery services has exploded. Zomato claims to have recorded a Gross Value of Goods (GMV) nearly 60% higher this New Years Eve compared to last year – a GMV of Rs 75 crore in a single day.
Zomato hit a peak orders per minute (OPM) rate of 4,254 on Thursday and had approximately 1,00,000 delivery partners in the field to fulfill orders. “If we had had an unconstrained supply, we could have reached Rs 100 crore from GMV yesterday,” Founder and CEO Deepinder Goyal said in a tweet on Friday.
Even as the restaurant segment struggles to get its business back in shape, food delivery has exploded as home consumers have opted to order online. More and more people explored the concept, which otherwise was widely endorsed by businesses and millennials. Industry experts said delivery and take out will continue to lead the industry trend in 2021. Goyal said customer failure and complaint rates were at an all-time low for food delivery in India. .
“I firmly believe that Indian start-ups do not need to look to other countries to develop. There is enormous market depth in India, ”said the CEO.
Zomato also recorded a 34% higher GMV this Christmas compared to last year, making it the “biggest ever” Christmas for food delivery in the country.
The company has captured most of the seed funding raised by the online food delivery space this year. Zomato closed a $ 660 million financing round backed by 10 new investors, including Tiger Global Management and Mirae Asset, at a post-monetary valuation of $ 3.9 billion.
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