Alibaba’s payment affiliate- Ant Financial has invested $200 million in restaurant discovery and food ordering app Zomato, latest stock exchange filings by Zomato’s largest stakeholder- InfoEdge revealed.
InfoEdge currently holds 45% stake in Zomato, and informed Bombay Stock Exchange on Thursday that the funding round includes a $50 million secondary share sale to Ant Financials, which will dilute its stake in Zomato to about 30.9% post the capital infusion.
The primary and secondary shares of Zomato,value it at $880 million pre-money, according to the statement filings.
“The expected date of completion of sale/disposal is on or before 15 April 2018. Post the aforesaid fund raise by Zomato and sale/transfer of shareholding by the company/ NSIL (Naukri) as mentioned above, Info Edge’s aggregate shareholding in Zomato shall be about 30.91% on a fully converted and diluted basis,” Info Edge notified BSE.
According to the filing, Zomato recorded, on a consolidated basis, net sales of Rs332.27 crore in 2016-2017.
Funding in BigBasket
Online grocer BigBasket, owned by SuperMarket Grocery Supplies Pvt Ltd has raised $300 million in a fresh round of funding from Chinese e-tailer giant Alibaba.
As per BigBasket’s co-founder and CEO, Hari Menon, the investment values the company at $950 million, just $50 million behind earning it a ‘Unicorn’ status.
“We wanted a strategic investor and saw Alibaba as the best fit,” Menon told a financial daily in an interview.
BigBasket is currently backed by Abraaj Group and Bessemer Venture Partners who also participated in the round.
The fresh funds will be used in building networks with farmers, new warehouses, and strengthen delivery infrastructure. The company also plans on increasing its penetration into the over two dozen cities it already operates in.
Investors like Amazon Inc and Walmart Inc earlier showed interest in the company, but Chinese giant Alibaba finally made the investment.
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