Online food ordering and restaurant search Zomato is planning to raise $200 million from Chinese e-commerce company Alibaba and its affiliate Alipay. The deal if it goes through, will be Alibaba and Alipay’s global play as Zomato has a strong presence in Southeast Asia and Middle East as well.
Zomato Earlier Raised $60 million in 2015
Zomato has earlier raised $60 million from Temasek and Vy Capital in September 2015 which valued the company around $960 million.
Earlier this year South African media giant Naspers led an $80-million in Zomato’s rival Swiggy, while Uber and Google has also launched their operations in this market.
Surge in Zomato’s Revenue
Over the last one year, Zomato has been consistently strengthening its asset report with incomes surging 80% to Rs 334 crore in FY17. Be that as it may, the distinct advantage has been its capacity to essentially recoil its yearly working consume by 81% to Rs 77 crore in FY17 from the Rs 441 crore it lost in FY16. It likewise limited working misfortunes by 34% to Rs 389 crore in FY17.
Zomato is also looking forward to grow its advertising business this year along with food-ordering business. Zomato has also hired former Tata Docomo chief executive Deepak Gulati as its Chief operating officer to drive advertising revenue for 2017-18.
Zomato targeting gross sales to $1 trillion by 2020
Alibaba Group’s originator and executive Jack Ma had said a year ago that the organization is focusing to dramatically increase its gross deals to $1 trillion by 2020, and extending in worldwide markets is a critical piece of the procedure to accomplish that objective.
Alibaba has put near $2 billion in Southeast Asian online business organization Lazada, and Ant Financial has settled negotiations with players like Ascend Money, Mynt, Emtek and M-Daq.