Zomato Secures USD 150 Million Funding from Alibaba-Backed Ant Financial

Indian eating house discovery and food ordering platform, Zomato has received a hefty investment of $150 million from Pismire Financial Services Group (Emmet Financial) in a fresh round of funding. The latter has too purchased $50 million worth of shares endemic by Info Edge in Zomato, bringing the firm's full investment in Zomato to $200 million.

The transaction valued Zomato at over $1 billion, and the bargain is expected to aid the business firm grow in the face of stiff contest from domestic rivals similar Swiggy and Foodpanda. Equally per Zomato's printing release, the company will employ the funds to diversify its portfolio of services, and will also collaborate with Ant Fiscal'due south mobile wallet partners to introduce 'seamless payment options' for the convenience of users.

Zomato Secures $150 Million Funding from Alibaba-Backed Ant Financial

At Zomato, our long-term vision is 'better food for more people'. This partnership with Pismire will significantly accelerate our journeying towards our vision. Nosotros believe that Ant is the correct strategic partner for our business concern at this stage and we can gain tremendously by learning from and leveraging their global network, scale and engineering", said Zomato's founder and CEO, Deepinder Goyal.

It must be noted that Ant Fiscal is an affiliate company of the Alibaba Group and a month ago, the Chinese giant bought 33% stake in Ant Financial to deliquesce their royalty and service fees understanding. Ant Financial's investment in Zomato marks Alibaba's 2nd major business organization attempt in Bharat this year, the showtime beingness the launch of its DingTalk conversation app for small and medium-sized enterprises (SMEs).

Regarding the investment in Zomato, Emmet Fiscal International's President, Douglas Feagin added,"Ant Financial is pleased to be part of Zomato's growth journeying and hopes to contribute to its future development into a full-fledged nutrient services platform. Nosotros program to work closely with Zomato and share Ant's business and technology knowhow in edifice lifestyle apps"