The food delivery and restaurant discovery major Zomato has reportedly entered into a deal to raise funds amounting to $210 million (roughly Rs. 886 crores) from Alibaba’s online payment platform Alipay Singapore.
This funding news has come a few weeks after the food-ordering platform announced the acquisition of TongueStun, a Bengaluru-based startup that serves corporate catering space in six Indian cities.
“[W]e would like to bring to your knowledge that Zomato has signed a definitive agreement to undertake a primary fund raise of approximately $210 million from Alipay Singapore Holding Pte Ltd (which is an existing shareholder of Zomato) and/ or any of its affiliates, and upon the closing of this fund raise,” the regulatory filing mentioned.
Prior to this, the company secured $150 million (roughly Rs. 1,109 crores) from China’s Alibaba Group Holding at a valuation of more than $1 billion. Talking about the company, Zomato was launched in 2008 and is currently available across 41 cities in India and has since added food ordering and table booking to its portfolio of services.
The company claims to have over 54,000 restaurants on its platform and has 74,000 executives to fulfil its delivery requirements. It competes against the likes of Swiggy, Uber Eats, and Foodpanda that all are among the popular entities in the online food ordering market in India.