Online food discovery and ordering platform Zomato raised USD 150 million (around ₹915 crore) in a fresh round from Alibaba’s financial service arm Ant Financial Services Group.
As part of the transaction, Ant Financial is also buying USD 50 million worth of shares from the BSE-listed Info Edge, also the parent company of Zomato, by taking the total investment from Ant in Zomato to USD 200 million.
Zomato said that it will be using the investment to further strengthen its leadership position in its core markets by investing in product and technology and offering more convenient and seamless payment options to its users in partnership with Ant and Ant’s strategic mobile wallet partners such as Paytm in India.
Besides, in the wake of recent fire incidents in several restaurants across the country, Zomato working with restaurants to put up fire safety licence scans on Zomato.
Including the latest round Zomato has raised over USD500 million in 10 rounds since its inception in 2008 and has pushed up its valuation to over USD 1 billion.
Read Original Article