A unit of China’s Alibaba Group Holding Ltd has invested $150 million in Zomato, valuing the Indian food search and delivery service at more than $1 billion.
Ant Financial Services Group, Alibaba’s payment affiliate, is also buying $50 million worth of shares in secondary purchases as part of the transaction.
Zomato, which provides services across 24 countries, will be using the funds to improve products and technology.
Zomato's co-founder Pankaj Chaddah has called it quits after re-shuffling of the management. He will retain his stake in the company which stands at about 3.11 per cent and is worth about Rs 237 crore post this latest funding by Ant Financial.
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