Alibaba invests a whopping Rs. 1,300 Crore into Zomato
Ant Financial, Alibaba’s fintech subsidiary, will invest $200 million (Rs. 1,300 crore) into Zomato, according to BSE filings. Info Edge, which owns a majority stake in Zomato, said it will sell $50 million worth of its stake to Ant Financial. Ant Financial will additionally invest a further $150 million into the company. Info Edge will hold 31% of shares in Zomato after the fund raise.
This is the single largest fundraise for Zomato, which, prior to the Alibaba round, had raised $243 million in all. Alibaba’s $200 million investment will make it the second largest investor in the company after Info Edge.The results had begun to show. In September last year, Zomato had finally declared it was a profitable company. It was also one of India’s more international startups, with traffic on its website coming from a variety of countries where it had its restaurant listings, and only 36.5% of traffic coming in from India. Just last month , Zomato had beenvalued at $2.5 billion by Morgan Stanley.