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Alibaba unit invests $150 million in India's Zomato

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A unit of China's Alibaba Group Holding Ltd has invested $150 million in Zomato, valuing the Indian food search and delivery service at more than $1 billion, the companies have said on Thursday.

Ant Financial Services Group, Alibaba's payment affiliate, is also buying $50 million worth of shares in secondary purchases as part of the transaction.

Zomato, which provides services across 24 countries, said it will use the funds to improve products and technology.

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Printable version | Mar 1, 2018 2:35:11 PM | http://www.thehindu.com/business/alibaba-unit-invests-150-million-in-indias-zomato/article22891239.ece

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