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

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Valued at $3 billion, leading food delivery platform Zomato on Friday announced it has secured $150 million in fresh funding from Ant Financial, a subsidiary of China-based giant Alibaba. 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.

In 2018, Ant Financial invested $210 million in Zomato for 14.7 per cent stake and later raised the stake to 23 per cent. Other Zomato investors include Info Edge India, Vy Capital, Sequoia Capital and Singapore-based Temasek.

The latest funding comes at a time when Zomato is reportedly aiming to buy UberEats’ India business for around $400 million. There are merger reports of Bengaluru-based Swiggy and 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.

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