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Zomato likely to raise up to USD 200 million from Alibaba

Once called a start-up 'Unicorn', the deal may also put Zomato's valuation back at USD 1.1 billion.

September 05, 2017 / 08:54 AM IST
No 1, Alibaba | Market Cap: $ 536.86 billion | CEO: Daniel Zhang | Location: China | Industry: Retailing. (Image: Reuters)

No 1, Alibaba | Market Cap: $ 536.86 billion | CEO: Daniel Zhang | Location: China | Industry: Retailing. (Image: Reuters)

Online food aggregator and exploration firm Zomato is in advanced talks to raise USD 200 million from Chinese e-commerce giant Alibaba and its affiliate Alipay, according to a report in The Economic Times.

The round of investment could see Alibaba pick up a major stake in the Indian start-up. Once called a start-up 'Unicorn', the deal may also put Zomato's valuation back at USD 1.1 billion.

Zomato has strong presence in India, Middle East and Southeast Asia, and is expected to boost Alipay's global ambitions.

“There are synergies between the two players in the international markets, especially Southeast Asia where Alibaba is building a strong presence. But the deal is not finalised as there is no term sheet yet,” source close to the development told the newspaper.

Zomato had raised USD 60 million from Singapore's Temasek and Vy Capital in September 2015. The round had put company's value at about USD 960 million.

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Zomato's rival Swiggy earlier this year received a USD 80 million investment led by South African media giant Naspers. Tech giants such as Uber and Google have also launched operations in the food aggregator business.
first published: Sep 5, 2017 08:54 am

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