Alibaba takes equity stake in Ant Financial

The largest equity holder, Info Edge, will continue in its pole position with 31% though it will shed $50 million worth shares in the current capital rearrangement at Zomato. Ant describes itself as a tech company which brings inclusive financial services to individuals as well as small and micro businesses.

Alibaba, which was founded by Jack Ma, the internet entrepreneur, is the world's second largest e-commerce company after Amazon. The turnover during FY 2016-2017 was net sales of Rs 3322.72 million, on a consolidated basis.

A regulatory filing by BSE-listed Info Edge (a large shareholder in Zomato) said Zomato has signed a "definitive agreement to undertake a primary fund raise of an amount of approximately Dollars 150 million from Ant".

Before the share sale Info Edge owned about 44.74% stake in Zomato. "Our focus will be to aggressively grow over the coming months", said Hari Menon, co-founder and CEO of BigBasket.

A cockroach start-up is defined as one which keeps struggling, going forward in spite of changing environments, market conditions and investment scenarios.

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Started in 2008 by IIT-Delhi graduates Deepinder Goyal and Pankaj Chaddah, Zomato has so far raised about Dollars 420 million including this round.

Zomato has been in the market to raise funds since the beginning of 2017. During Singles' Day past year, Lazada drew a record-breaking US$123 million in sales. Sequoia Capital and Info Edge are the other institutional investors in Zomato.

Zomato's valuation is now estimated to be around United States dollars 1.1 billion, as per reports.

Alibaba continues to surge despite the growing competition in the e-commerce market; they managed to theoretically double their shares from past year and keep a solid value of $523 billion. In 2015, Zomato, which had stayed away from offering food delivery services, was forced to introduce food ordering on its platform.

This will give Zomato more power to battle in the foodtech industry where it competes with Swiggy, FoodPanda and UberEATS.

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