Home Food Zomato raises US $200 million from Alibaba’s Ant Financial

Zomato raises US $200 million from Alibaba’s Ant Financial

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Food ordering and restaurant discovery platform Media Pvt. Ltd has raised US $200 million from Ant Small and Micro Financial Services Group, valuing the company at about US $1.1 billion.

Zomato raises US 0 million from Alibaba's Ant Financial
Ant Financial will hold around 18 percent stake in Zomato post the investment

will hold around 18 percent stake in Zomato post the investment.

The deal which is a mix of primary and secondary share transactions will see Alipay invest US $150 million as primary capital. Existing investor Info Edge will dilute its holding worth US $50 million in Zomato. Post the dilution, Info Edge will hold about 31 percent in Zomato but will continue to retain its position as the single largest shareholder in the company.

The expected date of completion of share disposal is on or before April 15, 2018.

The foodtech unicorn, which has already claimed to have achieved profitability throughout the 24 countries where it operates, across all its businesses, recently introduced Zomato Gold, an exclusive dine out and social drinking membership programme, in India which received an overwhelming response from its users.