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Zomato to raise $150 million from investor Alibaba affiliate Ant Financial

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zomato, zomato investor relations, zomato company investors, zomato key investors, zomato investors india, zomato ant financial, ant financial investment in zomato, ant financial invests in zomatoThe fund infusion comes as Zomato pushes for a bigger market share in the highly competitive Indian food delivery space in a race with rivals. (Reuters)

India’s Zomato is raising $150 million from investor Ant Financial, an Alibaba affiliate, at a valuation of $3 billion for the food delivery startup. Zomato’s top shareholder Info Edge (India) Ltd said in a filing on Friday that after the funding its stake will drop to about 25.13%. It had a 26.38% stake, as of March last year.

The fund infusion comes as Zomato pushes for a bigger market share in the highly competitive Indian food delivery space in a race with rivals such as Tencent-backed Swiggy and Uber’s UberEats. The capital is part of a larger $500 million fundraising that is likely to close in the next two months, a business daily newspaper reported, citing a person with knowledge of the matter.

Zomato confirmed that the $150 million fundraise was part of a larger round, but did not give further details. The Gurugram-based restaurant aggregator recorded a loss of $294 million in the year ending March, compared with a loss of $12 million a year earlier as it burnt more cash in its Indian delivery business to grab new customers, unaudited figures from its annual report showed.

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