March 1, 2018 / 6:20 AM / 8 months ago

Alibaba unit invests $150 mln in India's Zomato

MUMBAI, March 1 (Reuters) - 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 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. (Reporting by Sankalp Phartiyal; Editing by Subhranshu Sahu)

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