MUMBAI: A unit of China's Alibaba Group Holding Ltd has invested USD 150 million in Zomato, valuing the Indian food search and delivery service at more than USD 1 billion, the companies said on Thursday.
Ant Financial Services Group, Alibaba's payment affiliate, is also buying USD 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.