, India

Temasek looks to inject up to $139.34m into India's Zomato: report

This comes after a previously announced investment by Ant Financial was delayed.

Temasek is looking to invest up to $139.34m (US$100m) in Indian food delivery firm Zomato, Economic Times reported, citing people familiar with the matter, according to Reuters.

This comes after a previously announced investment by Ant Financial, an affiliate of Chinese e-commerce giant Alibaba Group Holding (BABA.N), was delayed due to the current anti-China sentiment and new foreign direct investment rules, the report said.

Temasek’s potential funding is part of a larger investment round that Zomato has been negotiating since last year, India’s Economic Times said, adding the discussions are ongoing.

Zomato, one of India’s most prominent startups, is one of many to lay off workers and reinvent parts of their business as they struggle to survive the economic fallout from the COVID-19 pandemic. Its main rival, Swiggy, has also laid off employees.

Here’s more from Reuters

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