(Yicai Global) Sept. 7 -- Indian online restaurant search and food ordering startup Zomato Media Private Ltd. is in talks to raise up to USD200 million from Chinese e-commerce giant Alibaba Group Holding Ltd. [NYSE:BABA] and its financial affiliate Ant Financial Services Group, who runs the third-party mobile and online payment platform Alipay.
If the deal is made, the valuation of Zomato will reach USD1.1 billion, and Alibaba will receive a majority stake in it, Indian Economic Times reported.
Alibaba and Zomato can form a mutually beneficial relationship pursuing international markets. Alibaba hopes to grow its presence in Southeast Asia. The deal has not yet been finalized as the two sides have not yet talked about specific terms for the investment transaction.