Popular online food ordering app Zomato has raised big bucks in funding from a Chinese investor Ant Financial. As per reports, Zomato has raised $150 million in funding from the Chinese firm.
The funding has pumped the valuation of the Gurugram-based company who is now valued at $3 billion. In March last year, the company was valued at $2 billion which shows that it has grown its value by a whopping $1 billion.
Zomato would be utilizing the raised funds towards improving its competitiveness standing against its rival Swiggy. The Bengaluru based rival of Zomato Swiggy is also in talks to raise $500 million from Korea Investment Partners, Mirae Asset Management and others as per reports from Economics Times.
Read more at Entrackr