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Valued at US$ 3bn, Zomato raises US$ 150 mn from Ant Financial

Valued at US$ 3 billion, leading food delivery platform Zomato on Friday announced it has secured US$ 150 million in fresh funding from Ant Financial, a subsidiary of China-based giant Alibaba.

Valued at US$ 3bn, Zomato raises US$ 150 mn from Ant Financial

With this, CEO Deepinder Goyal-led company has received US$ 840 million funding to date.

The latest round of funding in Zomato is part of US$ 600 million funding round announced by Goyal 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 US$ 150 million from Antfin Singapore Holding Pte. Ltd. (‘Antfin’) (which is an existing shareholder of Zomato) and/or any of its affiliates,” the company said in a BSE filing.

“The transaction values Zomato at a pre-money valuation of US$ 3 billion,” the company added.

In 2018, Ant Financial invested US$ 210 million in Zomato for 14.7 percent stake and later raised the stake to 23 percent.

Other Zomato investors include Info Edge India, Vy Capital, Sequoia Capital and Singapore-based Temasek.

The latest funding comes at a time when Zomato is reportedly 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 time and again.

Zomato is currently delivering over 1.3 million orders a day from 150,000 restaurants across India at more than 10 orders per restaurant per day.

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