Retail

Zomato Notches $150M In Funding From Ant Financial

Zomato Notches $150M In Funding

As part of a fresh raise from a current investor, India’s Zomato has notched $150 million in funding. The total valuation of the FoodTech unicorn stands at approximately $3 billion after the funding, according to unnamed sources cited in a report.

Zomato said in a statement, according to YourStory, “We confirm that we have raised $150 million from Ant Financial as a part of a larger round. Ant Financial has been a steadfast partner in our journey toward achieving market leadership in on-demand food delivery in India and dining out globally."

The current funding round is part of a bigger $500 million raise for Zomato. The firm is aiming to finish that prior to the conclusion of the quarter. It was previously reported that the total round was to finish in January.

Zomato did not comment on how the capital would be used or on the firm’s expected valuation following the $500 million funding close. The company reportedly said in December that it was aiming to be profitable by the close of this year.

In separate news, Indian delivery service Dunzo, which purports to offer fast delivery times and a business model that delivers essentially anything, notched $45 million in a Series D funding round in October.

Google, STIC Investment, STIC Ventures, Lightbox Ventures and 3L Capital all participated in the round, which valued the firm at approximately $200 million. Dunzo had taken in $81 million in funding at the time of the report.

Dunzo, which was started four years ago, focuses on hyper-local deliveries of a range of items such as groceries, pet products, perishables, medicine and food. The company will also pick up and drop off almost anything as well. If a customer forgets an item at a location, Dunzo will pick it up and deliver it – typically within 30 minutes. Most deliveries cost in the range of a dollar.

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