Zomato Backs Shiprocket, Magicpin and Curefit, Plans To Invest $1 Billion in More Startups in Next Two Years
By Manish Singh
Indian food delivery firm Zomato, which went public earlier this year, is making a series of investments in startups as it looks for ways to inorganically expand its business in the world’s second-largest internet market.
The firm, which has a market cap of over $14.3 billion, said in a Wednesday filing that it is investing in logistics firm Shiprocket, savings app Magicpin and fitness startup Curefit. TechCrunch reported about these deals earlier on Wednesday.
Zomato said it is investing $75 million in Delhi-headquartered Shiprocket. The investment is part of a ~$185 million financing round, Zomato said. The investment values Shiprocket at over $930 million, Zomato disclosed in the filing on a local exchange.
Photo courtesy of Rajesh_India.