India's Zomato Media Private Ltd. raised $150 million in funding from Alibaba Group Holding Ltd.-affiliated Ant Financial Services Group, the online restaurant guide and food-ordering platform said March 1.
In addition, Ant Financial bought $50 million worth of shares in Info Edge (India) Ltd., which controls Zomato, bringing the total investment to $200 million. Zomato said the transaction values the business at more than $1 billion.
Zomato, which operates across 24 countries, expects to put the funding toward further development in its core markets. It also aims to offer a wider range of payment options by tapping into Ant Financial's mobile wallet partners.
Ant Financial, meanwhile, said it would share its expertise in building lifestyle apps.
