Zomato has raised $210 million from Alibaba's payments arm Ant Financial (Alipay Singapore), which is an existing shareholder and investor in the food delivery company. With this investment, InfoEdge is no longer the largest shareholder of Zomato: its stake reduced from 30.9% to 27.6% after the investment. InfoEdge (India) disclosed the development in a regulatory filing with the Bombay Stock Exchange (BSE). Before this investment, Ant Financial held 20-22% stake in Zomato, per Mint. In September, Ant Financial secured the rights to become the largest shareholder of Zomato, per the agreement of Ant Financial's $200 million investment earlier in February this year. As part of the agreement, Ant Financial had bought a 6.66% stake of Zomato from Info Edge for $50 million. The deal had reduced InfoEdge's stake from 44.7% to 30.9%. Last month, Zomato acquired corporate food aggregator TongueStun for $18 million. Zomato had reported revenues of Rs 481 crore ($74 million) for the financial year 2018 (FY18). While the company did not reveal profit or loss numbers, it said that operating cash burn for the year fell to $11 million from last year’s $15 million and that it hit EBITDA break-even globally across all our business. Competition Zomato competes with Naspers-backed Swiggy, Ola-backed Foodpanda and UberEATS. Swiggy raised $210 million from Naspers and a new investor DST Global in June this year.
- Here’s what streaming companies revealed in their compliance reports for Oct 2022 December 2, 2022
- FRT-based Digi Yatra project begins in three Indian airports on opt-in basis December 2, 2022
- Spotify CEO calls Apple “Shameless” For Engaging In Anti-Competitive Practices December 2, 2022
- Madhya Pradesh HC Grants State Government 3 Months to Draft and Clear Online Gambling Law: Report December 2, 2022
- Meta’s Nick Clegg Flags Encryption Concerns, Praises India’s Stance On Cross-Border Data Flow December 2, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...