Food delivery app Zomato has received an investment of US$200 million from Alibaba’s affiliate Ant Small and Micro Financial Services Group (Ant).
Info Edge (India), which operates the job website Naukri and a key investor of Zomato, informed the Bombay Stock Exchange that it would divest 32,629 shares (6.6%) in Zomato Media at a consideration of US$50 million. The other US$150 million will come from Ant in the form of a primary fund raising.
AZB & Partners advised Zomato on the transaction. “Our role in this matter was limited to the laws of India and other requisite compliances under extant Indian regulations governing foreign direct investment for reporting and recording the share issuances and transfers in connection with the primary and secondary transactions,” AZB partner Vinati Kastia told India Business Law Journal.