The prediction that the food delivery market will see profit in 2018 is coming true for at least Zomato for the company has just raised $200 million from Ant Financial according to a report by the Economic Times. The latter is a payments affiliate of Alibaba and the deal with Zomato has been valued at $1.1 billion along with a pre-money valuation of $945 million the publication found from its two sources.
Zomato Gets Big Investment
The report by the Economic Times says that once the investment is made, Ant Financial will have 18% stake in Zomato and will be investing $150 million as primary capital. The current investor for Zomato, Info Edge will be diluting its $50 million in the company and post this it will hold 31% stake in the company and remain the single largest shareholder.