The online food delivery firm Zomato has raised $210 million in funding from the Chinese e-commerce giant Alibaba’s payment wing Alipay.
As per a stock exchange filing by Info Edge (India) Ltd on Friday, Zomato has signed a definitive pact with Alipay Singapore Holding Pte Ltd for the initial fundraising.
Info Edge further stated that with this deal its stake in the company will decline from 30.91% to 27.68%. While a Zomato spokesperson confirmed the funding news but refused to comment any further.
This round of funding will be the second large fundraiser this year for the food delivery firm. Earlier this year, Alipay had invested $200 million in Zomato that included an initial investment of $150 million alongside the purchase of stake worth $50 million by Info Edge. And with the current deal, Zomato is valued at around $1 billion.