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

By Victoria Haviland 0 Comments NEWS, News

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.

In a recent statement by Info Edge, the company that also owns 99acres, an online real estate portal and the matrimonial website Jeevansathi.com, will sell a 6.66% stake in Zomato either through its online recruitment unit Naukri Internet Services Ltd, or directly.

Zomato will also raise %150 million from Ant Financial, a firm previously known as Alipay Financial Services.

The company plans to hold a 30.91% stake in Zomato after the deal closes on April 15.

Alibaba said that it will buy a 33% stake in Ant Financial in exchange for the e-commerce giant's intellectual property rights.

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