Zomato Raises $150mn from Alibaba at $3bn Valuation

Jan. 10, 2020

Valued at $3 billion, leading food delivery platformZomatoon Friday announced it has secured $150 million in fresh funding from Ant Financial, a subsidiary of China-based giantAlibaba. With this, CEO Deepinder Goyal-led company has received $840 million funding to date. The latest round of funding in Zomato is part of $600 million funding round announced by Goyal at a Delhi event in December.

“This is to inform you that Zomato Media Private Ltd. (‘Zomato’) has signed a definitive agreement to undertake a primary fund raise of up to USD 150 million from Antfin Singapore Holding Pte. Ltd. (‘Antfin’) (which is an existing shareholder of Zomato) and/or any of its affiliates”, the company said in a BSE filing.“The transaction values Zomato at a pre-money valuation of $3 billion”, the company added.

The latest funding comes at a time when Zomato is reportedlyaiming to buy UberEats’ India businessfor around $400 million. There are merger reports of Bengaluru-basedSwiggyand Gurugram-based Zomato but the later has refuted such reports time and again. Zomato is currently delivering over 1.3 million orders a day from 150,000 restaurants across India at more than 10 orders per restaurant per day.