Active Stocks
Thu Mar 28 2024 14:59:25
  1. Tata Steel share price
  2. 156.00 2.06%
  1. HDFC Bank share price
  2. 1,452.00 0.78%
  1. ITC share price
  2. 429.85 0.43%
  1. Power Grid Corporation Of India share price
  2. 277.70 2.45%
  1. State Bank Of India share price
  2. 754.75 2.82%
Business News/ Companies / Start-ups/  Zomato to raise $150 million from investor Ant Financial
BackBack

Zomato to raise $150 million from investor Ant Financial

Info Edge (India) Ltd said after the funding in Zomato its stake will drop to about 25.13%
  • Zomato recorded a loss of $294 million in the year to March
  • A file photo of Zomato delivery boys.Premium
    A file photo of Zomato delivery boys.

    NEW DELHI : Zomato is raising $150 million from investor Ant Financial, an Alibaba affiliate, at a valuation of $3 billion for the food delivery startup.

    Zomato's top shareholder Info Edge (India) Ltd said in a filing on Friday that after the funding its stake will drop to about 25.13%. It had a 26.38% stake as of March last year.

    The fund infusion comes as Zomato pushes for a bigger market share in the highly competitive Indian food delivery space in a race with rivals such as Tencent-backed Swiggy and Uber's UberEats.

    The capital is part of a larger $500 million fundraising that is likely to close in the next two months, the Economic Times newspaper reported, citing a person with knowledge of the matter.

    Zomato did not immediately respond to Reuters' request for comment.

    The Gurugram-based restaurant aggregator recorded a loss of $294 million in the year to March compared with a loss of $12 million a year earlier as it burnt more cash in its Indian delivery business to grab new customers, unaudited figures from its annual report showed.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 10 Jan 2020, 11:16 AM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie