Valued at $3bn, Zomato raises $150mn from Ant Financial

Last Updated: Fri, Jan 10, 2020 14:18 hrs
Zomato

New Delhi: Leading food delivery platform Zomato on Friday announced it has secured $150 million in fresh funding from Ant Financial, a subsidiary of China-based giant Alibaba.

The latest round of funding in Zomato, which currently value the company at $3 billion, is part of $600 million funding round announced by Zomato CEO Deepinder Goyal at a Delhi event in December.

"This is to inform you that Zomato Media Private Ltd. ('Zomato') has signed a definitive agreement to undertake a primary fund raise of up to USD 150 million from Antfin Singapore Holding Pte. Ltd. ('Antfin') (which is an existing shareholder of Zomato) and/or any of its affiliates," the company said in a BSE filing.

"The transaction values Zomato at a pre-money valuation of $3 billion," the company added.

In 2018, Ant Financial invested $210 million in Zomato for 14.7 per cent stake and later raised in to 23 per cent.

The latest funding comes at a time when Zomato is reportedly aiming to buy UberEats' India business for around $400 million.

Zomato is currently delivering over 1.3 million orders a day from 150,000 restaurants across India at more than 10 orders per restaurant per day.