Zomato raises Rs. 977cr from Alibaba-unit Ant Financial Services
Restaurant discovery and online food-ordering platform, Zomato, announced it has raised $150mn (Rs. 977cr) in a fresh funding round from Ant Financial Services Group, one of the world's leading digital financial services providers. Ant is also buying $50mn-worth shares from Info Edge, taking the total investment from Ant in Zomato to $200mn. This transaction values Zomato in excess of $1bn (Rs. 6,500cr) Here's more.
Investment to strengthen Zomato's leadership position
Zomato will use the investment to further strengthen its leadership position in its core markets by investing in product and technology and by offering more convenient and seamless payment options to its users in partnership with Ant and its strategic mobile wallet partners. Newly invested funds would help Zomato accelerate user acquisition and further develop service capabilities in its core markets.
Zomato operates across 24 countries
Zomato is used by millions to decide where to eat in over 10,000 cities across 24 countries. It helps people discover great places around them and providing dedicated engagement and management tool for restaurants big and small. Zomato has secured its place among the most widely-used restaurant search-and-discovery mobile apps in many parts of the world, including India, Mid-East, Southeast Asia, and Australasia.
Zomato offers restaurant info, menus, photos
Zomato's core content features include restaurant information such as scanned menus and photos, sourced by its massive feet-on-street team across cities it is present in globally. Users can rate and review restaurants, as well as create their own personal network of foodies for trusted recommendations.
Partnership with Ant will accelerate our journey: Zomato Founder
Zomato Founder and CEO Deepinder Goyal said: "At Zomato, our long-term vision is 'better food for more people'. This partnership with Ant will significantly accelerate our journey towards our vision." "We believe that Ant is the right strategic partner for our business at this stage and we can gain tremendously by learning from and leveraging their global network, scale, and technology," he added.
Plan to work closely with Zomato: Ant Financial President
Ant Financial International's President Douglas Feagin said, "Ant Financial is pleased to be part of Zomato's growth journey and hopes to contribute to its future development into a full-fledged food services platform." Feagin added, "Through our strategic mobile wallet partners in India and across Southeast Asia, we see immense opportunities to collaborate with Zomato to bring a much-improved user-experience around dining, food-ordering, and delivery."
About Ant Financial Services Group
Ant Financial, an affiliate of Alibaba Group, is focused on serving small and micro enterprises, as well as individuals. It is dedicated to bringing the world more equal opportunities through building a technology-driven open ecosystem and working with other financial institutions to support the future financial needs of society. Brands under Ant Financial Services Group include Alipay, Ant Fortune, Zhima Credit, and MYbank.
