Zomato receives $150 million funding from Alibaba unit
Ant Financial Services, a unit of China’s Alibaba Group, invests $150 million in Zomato, valuing the Indian company at more than $1 billion
Mumbai: A unit of China’s Alibaba Group Holding Ltd has invested $150 million in Zomato, valuing the Indian food search and delivery service at more than $1 billion, the companies said on Thursday.
Ant Financial Services Group, Alibaba’s payment affiliate, is also buying $50 million worth of shares in secondary purchases as part of the transaction.
Zomato, which provides services across 24 countries, said it will use the funds to improve products and technology.
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