India’s Zomato is raising $150 million from speculator Ant Financial, an Alibaba partner, at a valuation of $3 billion for the nourishment conveyance startup.
Zomato’s top investor Info Edge (India) said in a documenting on Friday that after the financing its stake will drop to about 25.13 percent. It had a 26.38 percent stake as of March a year ago.
The reserve implantation comes as Zomato pushes for a greater piece of the pie in the exceptionally aggressive Indian nourishment conveyance space in a race with opponents, for example, Tencent-supported Swiggy and’s Uber Eats.
The capital is a piece of a bigger $500 million raising money that is probably going to shut in the following two months, the Economic Times paper detailed, refering to an individual with information on the issue.
The Gurugram-based café aggregator recorded lost $294 million in the year to March contrasted and lost $12 million every year sooner as it consumed more money in its Indian conveyance business to snatch new clients, unaudited figures from its yearly report appeared.
Zomato to Raise $150 Million From Alibaba’s Ant Financial
By Brill Ayo
Brill Ayo
Bill Ayo is a technical writer with quite a distinct understanding of the tech realm. He is a tech enthusiast who strives to simplify sketchy knowledge for people to understand the tech world better and believes that tech knowledge should be accessible to all. He enjoys exploring new places and playing with words when not at work. He is also a connoisseur of coffee and cricket.