Food delivery platform Zomato has raised $150m in funding from existing investor Ant Financial, a subsidiary of China-based Alibaba.

The investment is reportedly a part of a broader $600m funding round, expected for completion in the next two months.

In a BSE filing, Zomato said: “This is to inform you that Zomato Media Private Ltd. (‘Zomato’) has signed a definitive agreement to undertake a primary fund raise of up to USD 150 million from Antfin Singapore Holding Pte. Ltd. (‘Antfin’) (which is an existing shareholder of Zomato) or any of its affiliates.

“The transaction values Zomato at a pre-money valuation of $3 billion.”

In 2018, Ant Financial invested $210 m in Zomato for 14.7% stake, later increasing the stake to 23%.

Other investors of Zomato are Vy Capital, Info Edge India, Sequoia Capital and Singapore-based Temasek.

In 2019, the food delivery platform raised $62.5m from Germany-based online food ordering company Delivery Hero.

The company also raised an additional $40m funding led by US-based private investors Glade Brook.

The latest funding round comes at a time Zomato is reportedly planning to acquire food delivery business UberEats for nearly $400m in India.

Previously, Uber was in talks with Zomato’s arch-rival Swiggy to sell UberEats.

Currently, Zomato delivers more than1.3 million orders daily from 150,000 restaurants across India.

As of 2019, the company provides services to 24 countries and in more than 10,000 cities.