Singapores Temasek may invest up to $100mn in Zomato

Temasek's potential funding is part of a larger investment round that Zomato has been negotiating since the end of the last year.

Singapore headquartered investment company Temasek is in talks with Zomato to invest up to $100 million into the online food delivery major, people aware of the development told The Economic Times.

According to the report, Temasek's potential funding is part of a larger investment round that Zomato has been negotiating since the end of the last year.

“The round was almost finalised, but the terms of the deal are being renegotiated given the impact of Covid-19 on business operations, India's investment policies and competitive landscape with Amazon's launch (of its food delivery business). Covid-19 has hurt both the profitable listing and discovery businesses as well as the food delivery arm (of Zomato),” sources told ET.

Temasek invested $41 million into the Gurugram based company in 2015. The company has always been in the mix to pump in further capital in Zomato.