Zomato raises $200 million from Alibaba's Ant Financial

04 February, 2018, 01:09 | Author: Julio Duncan
  • Ant Financial was set up after Jack Ma spun off Alipay from Alibaba in 2011

Revenue grew 56% year-on-year to 83.03 billion yuan, Alibaba said late Thursday as it raised its revenue forecast for the full year.

Now, Alibaba Group Holdings has announced it will strengthen its strategic relationship with Ant Financial by acquiring a 33% equity stake in the company.

Net income rose to 23.33 billion yuan ($3.70 billion) in the three months to December 31 from 17.16 billion yuan in the same quarter a year earlier. According to that agreement, Ant Financial would pay Alibaba fees for intellectual property and technical services every year, which is equivalent to about 37.5% of Ant Financial's pre-tax profit. The battle between the two big players Zomato and Swiggy just got more interesting with Zomato raising $200 million from Ant Financial.

The Board of Directors at Info Edge, subject to shareholders and other requisite approvals has chose to allow divestment of 32,629 (about 6.66 percent) equity shares of Zomato Media Private Limited of the paid-up share capital of Zomato on the fully converted and diluted basis either directly or through its fully owned subsidiary, Naukri Internet Services Limited (NISL), as may be deemed fit in the best interests of the Company by way of sale, transfer, assignment or disposal and to execute such agreements and other documents as may be required for the objective of or in relation to the divestment at an equivalent of $50 million. Alibaba Group founder and chairman Jack Ma coined the term New Retail in 2016 for a strategy that has been widely adopted by retailers and internet firms to use technology to transform the traditional retail sector. The increase was mainly driven by the robust revenue growth of our China commerce retail business, global commerce retail business and Alibaba Cloud, as well as the consolidation of Cainiao Network. AliExpress, which helps ship goods from Alibaba platforms to global destinations, is also helping to extend the Chinese company's user base globally.


Looking ahead for fiscal year 2018, the company now expects revenue growth of 55 percent - 56 percent, higher than previously expected growth of 49 percent to 53 percent.

Finally, the company's voice assistant, Tmall Genie, which launched in July, surpassed one million units sold.

Tencent recently took a 5 per cent stake in China's Yonghui Superstores, and is in talks to invest in French retail company Carrefour.

"We are going to use this capital to go deeper in our existing markets".

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