Popular food delivery application Zomato announced that it has secured $150 million in fresh funding from Ant Financial, a subsidiary of China-based giant Alibaba.
Valued at $3 billion, CEO Deepinder Goyal-led company has received $840 million funding as of now (including the latest one). This funding is part of $600 million funding round announced by Deepinder 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 transaction values Zomato at a pre-money valuation of $3 billion,” the company reportedly said in a BSE filing.
In 2018, Ant Financial invested $210 million in Zomato for 14.7 per cent stake and later raised the stake to 23 per cent. Other Zomato investors include Info Edge India, Vy Capital, Sequoia Capital and Singapore-based Temasek.
According to reports, Zomato is aiming to buy UberEats’ India business for around $400 million. There are merger reports of Bengaluru-based Swiggy and Gurugram-based Zomato but the later has refuted such reports a number of times.
Currently, Zomato is delivering over 1.3 million orders a day from 150,000 restaurants across India at more than 10 orders per restaurant per day.
*Edited from an IANS report.