Zomato raises $150 million from Ant Financial: Details here
What's the story
Gurugram-based food-tech unicorn Zomato has raised $150 million in a corporate round of funding led by existing investor Ant Financial. The fund-raise, which takes the company's valuation to around $3 billion, is reportedly a part of a larger $500 million funding round which is likely to be closed before the end of this quarter. Here are more details.
Zomato
Zomato: Food-tech giant with global presence
Founded in 2008 by IIT Delhi alumni Deepinder Goyal and Pankaj Chaddah, Zomato started off as a restaurant discovery company. But now, it dominates as one of the leading food delivery start-ups in the world. The company claims to serve over 10,000 cities across 24 countries, including India - its home market with a user base of over 25 million.
Quote
What Zomato said after the fund-raise
"We confirm that we have raised $150 million from Ant Financial as a part of a larger round. Ant Financial has been a steadfast partner in our journey towards achieving market leadership in on-demand food delivery in India and dining out globally," Zomato told YourStory.
Future plans
How the company will utilize the fresh funds?
Zomato hasn't commented on how it would use the fresh funds. However, previous reports suggest that the company is planning to cut down its losses and become profitable by the end of this year. Apart from that, reports also suggest that the start-up is in talks to acquire UberEats to become the largest food-tech company in the country by overtaking arch-rival Swiggy.
Investment
Zomato's valuation now stands at around $3 billion
Prior to this round, Zomato had received $60 million funding from Germany-based food-tech giant Delivery Hero. So far, the company has raised approximately $909.6 million in over 16 funding rounds since its inception. And, with the inclusion of this fund-raise, the valuation of the Gurugram-based start-up is estimated to have grown to a whopping $3 billion.