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Zomato secured $5M from Pacific Horizon

Zomato has now secured $5 million from the Pacific Horizon Investment Trust PLC in its funding round of Series J round, said the announcement.

Pacific Horizon has invested in the Gurugram based startups via its agent Ballie Gifford and Company.

Pacific Horizon has been allotted around 1177 Compulsory Convertible Cumulative Preference Shares. Each of these Class J2 CCCPS was issued at $4245.56 per share. The nominal amount per security is INR 6700.

According to the report, with this new funding round, Zomato’s valuation now stands at $3.25 billion, close to its rival Swiggy.

“In a year’s time, we should be a profitable company. We have been able to reduce our cash burn by around 70 percent from what it was seven months ago,” Zomato Founder and CEO Deepinder Goyal had told PTI in December.



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