India-based online restaurant listing and food delivery service Zomato has secured a $210m commitment from Ant Financial, the financial services affiliate of e-commerce group Alibaba, according to a regulatory filing.
Founded in 2008, Zomato operates an online platform that enables consumers to order food, review and post photos of dishes from some 1.2 million restaurants across 24 countries.
The confirmation of Ant Financial’s investment follows reports last month that the corporate was set to participate in a $400m funding round alongside online travel agency Ctrip at a valuation of $1.8bn to $2bn.
Classified listings operator Info Edge noted in its aforementioned regulatory filing that its stake would be reduced to 27.7% from 31% following Ant Financial’s investment. It is not clear whether Ctrip is still considering an investment.
Zomato previously raised a total of $375m in funding. It was valued at $1bn following Ant Financial’s decision to inject $150m and to purchase an additional $50m worth of shares from Info Edge through a secondary transaction in March this year.
Info Edge has been investor in Zomato since 2010 and owned a majority stake of 57.9% following a $10m funding round in 2013. It retained a majority stake until at least April 2015, when it took part in a $50m series F round to hold on to a 50.1% shareholding.
Singaporean government-owned investment firm Temasek and investment firm Vy Capital co-led a $60m funding round in September 2015. Zomato’s shareholders also include venture capital firm Sequoia Capital.
