Zomato raises $200 million from Ant Small and Medium Financials

55

Restaurant exploration and food delivery platform Zomato has raised USD 200 million from Ant Small and Micro Financial Services Group, according to a report in Mint.

Zomato’s valuation is now at around USD 1.1 billion.

The latest round of funding includes secondary share sale of USD 50 million by Zomato’s shareholder Info Edge to Ant Financials. Info Edge, which runs job portal Naukri, will dilute its stake in Zomato to about 30.91 percent after this round of capital infusion, the report suggests.

India Union Budget 2018-19 Live: News, updates and highlights from FM Arun Jaitley’s Budget 2018 speech, announcements

Zomato’s pre-money value is now at USD 880 million due to the primary and secondary sale of shares.

Ant Financial is the payments business linked with Alibaba Group Holding, China’s largest e-commerce company.

Zomato is attractive to Ant as it continues to be bullish on hyperlocal businesses.

People familiar with the matter told the newspaper that Ant Financial believes that India could, over time, also have a business such as China’s hyperlocal platform Meituan-Dianping, the report added.

Investment in Zomato could also propel Ant Financial into Australia, New Zealand and South-East Asia where Jakarta, Indonesia remains one of the largest markets for Zomato in terms of traffic.