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Thursday, March 01, 2018

Alibaba Unit Invests $150 Million In India’s Zomato


FILE PHOTO: A sign of Alibaba Group is seen at CES Asia 2016 in Shanghai
FILE PHOTO: A sign of Alibaba Group is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song/File Photo
March 1, 2018
MUMBAI (Reuters) – A unit of China’s Alibaba Group Holding Ltd has invested $150 million in Zomato, valuing the Indian food search and delivery service at more than $1 billion, 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.

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