Alibabas affiliate invests $210mn in Zomato

Online restaurant discovery and food delivery company Zomato Media Pvt Ltd is raising $210 million (Rs 1,500 crore) from Chinese e-commerce giant Alibaba Group's payment affiliate. According to a stock exchange filing by Info Edge (India) Ltd last week, Zomato has signed a definitive pact with Alipay Singapore Holdings Pte Ltd for the primary fundraise. Info Edge said that, after the deal closes, its stake in the food-tech company will fall to 27.68 per cent from 30.91 per cent at the end of March. This is the second large fundraise by Zomato this year. In February, Alipay had invested $200 million in the Indian company, which including a primary fundraise of $150 million and a purchase of stake worth $50 million from Info Edge. That round had valued Zomato around $1 billion.