Zomato to raise $150 million from investor Ant Financial1 min read . Updated: 10 Jan 2020, 11:17 AM IST
- 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
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 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.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.