Alibaba invests a whopping Rs. 1300 Crore into Zomato

Alibaba invests a whopping Rs. 1300 Crore into Zomato

Alibaba invests a whopping Rs. 1300 Crore into Zomato

The company also provides a wide range of financial services such as loans, wealth management and insurance products.

"The Board of Directors. has accorded its allow divestment of 32,629 equity shares of Zomato a consideration of INR equivalent of Dollars 50 million", Info Edge said.

After Ant Financial was spun off as a separate company in 2011, it had to pay royalty and technology service fees to Alibaba equalling 37.5 per cent of its pre-tax profits, which means that it was in Alibaba's interest to maximise Ant Financial's short-term profits. It has made over 20 acquisitions so far including that of US-based Urbanspoon.

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"The expected date of completion of sale/disposal is on or before 15 April 2018", Info Edge notified BSE. The turnover during FY 2016-2017 was net sales of Rs 3322.72 million, on a consolidated basis. After the fund raise by Zomato, and sale of shareholding by the Company/NISL, Info Edge's aggregate shareholding in Zomato shall be about 30.91 percent, on a fully converted and diluted basis.

This is the single largest fundraise for Zomato, which, prior to the Alibaba round, had raised $243 million in all.

Reports revealed that the company's revenue from their third-quarter, which was from October to December last year; the revenue were up from the previous year's figures which were at 79.8 billion yuan to a massive 83.03 billion yuan. Sequoia Capital and Info Edge are the other institutional investors in Zomato. Given that Ant has also invested in payments platform Paytm, it will be interesting to see if this new deal leads to any synergies going forward.

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Zomato actually has been chasing this funding deal for quite some time now - it had been widely reported by the media back in September 2017. The current round could put the valuation talks to rest. Then, earlier this year, investment bank Morgan Stanley reportedly valued it at $2.5 billion.

Though Zomato claims to fulfil around 3 million food delivery orders per month, compared to around 4 million by its rival Swiggy, Zomato clocks revenues from its advertising business also.

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