The online food delivery war is set to intensify further in 2019, as Gurgaon-based Zomato is in talks to raise between USD 500 million and USD 1 billion in a new financing round to counter the recent mega fundraise by rival Swiggy, according to three sources familiar with the development.
The food delivery and restaurant discovery platform is in discussions with Chinese private equity major Primavera Capital and existing backer Alibaba's payments affiliate, Ant Financial, for the new round besides other investors.
"Primavera may invest about USD 200 million in the upcoming round while the remaining amount could come from Ant Financial. The company is also talking to other investors to syndicate the round," said one of the sources mentioned above.
Source: Economic Times
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