Restaurant discovery and online food ordering platform Zomato has raised $150 million in a fresh round of funding from digital financial serivces provider Ant Financial Services Group.
Ant is also buying $50 million worth of shares from Info Edge taking the total investment from Ant in Zomato to $ 200 million. This transaction values Zomato in excess of $1 billion, the company said.
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 Ant’s strategic mobile wallet partners.
Zomato is used by millions every day to decide where to eat in over 10,000 cities across 24 countries. By helping people discover great places around them and providing dedicated engagement and management tool for restaurants big and small, Zomato has secured its place as one of the most widely-used restaurant search and discovery mobile apps in many parts of the world, including India, Middle East, Southeast Asia and Australasia.
Deepinder Goyal, Founder and CEO of Zomato, said Ant is the right strategic partner for the company’s business at this stage and itcan gain tremendously by learning from and leveraging their global network, scale and technology