Zomato invests in homegrown startups

Online food delivery platform Zomato announced investments across three home grown startups -- Shiprocket, Curefit and Magicpin with an aim to diversify its bets following a blockbuster public listing.

While the Shiprocket funding is part of a $200 million round which the company is raising, Curefit and Magicpin's are standalone equity rounds.

Founded in 2012, the parent firm of Shiprocket has seen multiple pivots over the years. In its current avatar, it works with courier companies in India and connects merchants, consumers and supply-chain partners across thousands of pin codes in the country and around the world.

The company has, so far, raised around $94 million, with the last funding coming in July when it raised $41.3 million. It was a Series-D1 funding led by PayPal Ventures and existing investor Bertelsmann India Investments.

CureFit was founded in 2016 by Mukesh Bansal, co-founder of fashion marketplace Myntra, and Ankit Nagori, former chief business officer of Flipkart.

It last raised $75 million from Tata Digital, a wholly-owned subsidiary of Tata Sons in June. The valuation around that time was pegged at $850-900 million.

Magicpin on the other hand was founded in 2016 by Anshoo Sharma and Brij Bhushan and connects hyperlocal merchants and brands with consumers.

Zomato recently raised over $1.25 Billion by listing on the public markets, comprising a fresh issue of equity shares worth Rs 9,000 crore and an offer-for-sale (OFS) worth Rs 375 crore by existing investor Info Edge.