(Correction: An earlier version of this article wrongly described Ant Financial as a subsidiary of Alibaba. It is actually an affiliate of the Chinese e-commerce giant. The error is regretted)
Zomato, an online restaurant discovery and food delivery company with operations in many parts of the world, including Asia, has secured US$200 million from Ant Financial, the payments affiliate of Chinese e-commerce behemoth Alibaba.
The funding includes a US$50 million secondary share sale by Zomato’s key shareholder Info Edge (India) Ltd to Ant Financials. India-based InfoEdge currently holds 45 per cent stake in Zomato.
As per a Live Mint report, the latest investment has put Zomato in the coveted list of tech unicorn list.
Founded in India in 2008, Zomato has grown into a global restaurant search and discovery website and app, providing in-depth information for over 1.4 million restaurants across 22 countries. Zomato’s core content features include restaurant information such as scanned menus and photos, sourced by its massive feet-on-street team across all the cities it is present in (it’s the only way we can shed all the calories we eat!).
Zomato’s social features allow users to rate and review restaurants, as well as create their own personal network of foodies for trusted recommendations.
The company has also expanded to other verticals recently — cashless payments, online ordering, table reservations, white label apps and a point-of-sale system, creating cutting-edge technology to connect restaurant businesses and customers.
Previously, Zomato has raised several rounds of funding, which include a US$20 million from Sequoia Capital in April 2017; US$60 million from Temasesk Holdings and Vy Capital in September 2015; and a US$50 million from Info Edge and Vy Capital in April 2015.