A Zomato spokesperson confirmed the development but declined to make additional comments.
Zomato is raising $210 million from Alibaba's payment affiliate Alipay Singapore, which is an existing shareholder in the online restaurant guide and food ordering firm.
According to a regulatory filing by BSE-listed Info Edge (India), Zomato has signed a definitive agreement to undertake a primary fundraise of approximately $210 million from Alipay Singapore Holding Pte Ltd and/or any of its affiliates.
Info Edge (India) held 30.91 percent of the share capital in Zomato Media Private Ltd.
"...upon the closing of this fundraise, our shareholding in Zomato stands reduced to about 27.68 percent on fully converted and diluted basis," it added.A Zomato spokesperson confirmed the development but declined to make additional comments.The Great Diwali Discount!
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