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Zomato raises $210M from Ant Financial; InfoEdge loses majority stake

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.

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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.

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