Food-technology firm Zomato on Thursday said that it has raised $150 million in a fresh round of funding from Alibaba-owned Ant Financial Services. In a separate transaction, Ant Financial has bought $50 million worth of shares from Info Edge, taking its total investment in Zomato to $200 million. Following the transaction, Zomato is valued at around $1 billion.
“The partnership with Ant Financial will significantly accelerate our journey. We believe that Ant is the right strategic partner for our business at this stage. We can gain tremendously by learning from them and leveraging their global network, scale and technology,” said Zomato founder and CEO Deepinder Goyal.
According to the food-tech firm, the investment will be used to further build the product and technology to provide a seamless experience. The company also plans to strengthen its payment options in partnership with Ant Financial.
(With inputs from FE)