Zomato to raise $150 million from Ant Financial

Online restaurant aggregator Zomato is raising $150 million from investor Ant Financial which is an Alibaba affiliate, at a valuation of $3 billion.

Zomato’s shareholder Info Edge (India) Ltd said in a filing on Friday that after the funding its stake will drop to about 25.13%.

ALSO READ: Bengaluru startups top the list in attracting more funding

The fund infusion comes as Zomato pushes for a bigger market share in the competitive food delivery space with rivals like Swiggy and UberEats.

Online restaurant aggregator Zomato is looking to raise up to USD 600 million (around 4,276 crores) next month in new funding round, its founder and CEO Deepinder Goyal had said last month.

The company is making all efforts to achieve its mission, ‘Better Food for Everyone’, he added.

Zomato recorded a loss of $294 million in the year to March compared with a loss of $12 million a year earlier.

Click here for Latest News updates and viral videos on our AI-powered smart news

For viral videos and Latest trends subscribe to NewsMobile YouTube Channel and Follow us on Instagram

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here