China’s largest e-commerce firm Alibaba Group Holding’s payment affiliate Ant Financial has agreed to acquire a stake in food ordering and restaurant discovery platform, Zomato, for $50m.
As per an agreement, Info Edge India will sell a 6.66% stake in Zomato either directly or through its online recruitment-based unit Naukri Internet Services.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Subject to shareholders and other requisite approvals, the transaction will involve a divestment of 32,629 equity shares of Zomato.
Info Edge India owns about 44.74% of the paid-up share capital of Zomato on fully converted and diluted basis.
In addition, Info Edge India revealed that Zomato has signed an agreement to raise $150m from Ant as part of the deal.
Zomato founder and CEO Deepinder Goyal was quoted by livemint.com as saying: “No comments. We are a cockroach company; we are very focused on our work, and this round is not going to change that.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe expected date of completion of sale/disposal is on or before 15 April 2018.
Zomato owns and operates the website www.zomato.com that generates revenue from advertisements of restaurants and lead sales. During the fiscal year 2016-2017, Zomato recorded net sales of Rs3.32bn ($51.58m).
From Vancouver to Auckland, Zomato is used by millions every day in more than 10,000 cities across 24 countries.
