Home / Tech News / Zomato Announces $150 Million in Funding From Ant Financial Services, Valuing It at Over $1 Billion

Zomato Announces $150 Million in Funding From Ant Financial Services, Valuing It at Over $1 Billion

A unit of China’s Alibaba Group Holding has invested $150 million (roughly Rs. ) in Zomato, valuing the Indian food search and delivery service at more than $1 billion (roughly Rs. 6,500 crores), the companies said on Thursday.

Ant Financial Services Group, Alibaba’s payment affiliate, is also buying $50 million worth of shares in secondary purchases as part of the transaction.

Zomato, which provides services across 24 countries, said it will use the funds to improve products and technology.

Earlier this month, rival food delivery app Swiggy announced Series F funding from existing investors Naspers, and others including new investors Meituan Dianping, a Chinese group buying website headquartered in Beijing. The company announced it has raised $100 million, roughly Rs. 642 crores.

In its announcement, Swiggy said that it will use the funding to introduce “a host of unique products and services.” Swiggy had also said it will also make investments in its New Supply business line – the first launch of this line was Swiggy Access through which the company offered cloud kitchens for restaurant partners.

The new capital will be used for further expansion, and it will also invest in areas of “data-driven self-learning systems that leverage machine learning and artificial intelligence.” That buzzword soup suggests that Swiggy wants to improve its recommendations and delivery time predictions further, in order to drive the speed and volume of deliveries.

Written with inputs from Reuters

Check Also

IBM has created a computer smaller than a grain of salt

If there’s one downside to powerful computers, it’s that they’re too damn big.  Luckily, that’s …

Leave a Reply

Your email address will not be published. Required fields are marked *