Published on 2/02/2018 9:38:37 AM | Source: Reuters

Info Edge India to sell stake in food delivery firm Zomato to Alibaba's Ant

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Info Edge India Ltd said it will sell a stake in food delivery firm Zomato Media Pvt Ltd to Ant Financial, Alibaba Group Holding's payment affiliate, for $50 million.

Info Edge, which also owns online real estate portal 99acres and matrimonial website, will sell a 6.66 percent stake in Zomato either directly or through its online recruitment-based unit Naukri Internet Services Ltd, the company said in a statement on Thursday. []

As part of the deal, Zomato will also raise $150 million from Ant, previously known as Alipay Financial Services.

Info Edge will hold a 30.91 percent stake in Zomato after the deal closes by April 15.

Alibaba said earlier on Thursday that it would buy a 33 percent stake in Ant Financial in exchange for certain intellectual property rights owned by the ecommerce giant.