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%.
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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.
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