Ant Financial is funding India’s leading food delivery

Ant Financial, the Chinese payments giant, is in talks to lead a $600 million funding round in India’s leading food delivery app Zomato. Ant, a sister company of Alibaba, already has a 40 per cent stake in the Indian payments company Paytm and its ecommerce affiliate Paytm Mall.  The Zomato deal may help it build an ecosystem of services for Indian consumers, similar to its Alipay app in China, where users can shop, order food, book taxis or bicycles, pay bills, and invest their money all from a single screen… The fundraise could see the value of 11-year-old Zomato, which serves 10,000 cities across 24 countries and has more than 100 million monthly active users, cross $4 billion… The investment would be the latest sign that China’s top tech companies are doubling down on the Indian market. Tencent, Alibaba’s main rival in China, is also building up its Indian network, and Udaan, a business-to-business ecommerce platform, this week raised $585 million from a group that included the Shenzhen-based company. But Alibaba and Tencent have pursued different strategies, with Alibaba and Ant taking larger, focused bets and Tencent opting for a series of smaller partnerships in the wake of its rejected $8 billion bid for the Indian ecommerce site Flipkart. 

Henny Sender and Mercedes Ruehl