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Chinese online marketplace giant, Alibaba has now shifted its radar to Indian food sector. If all goes by the plan, Chinese firm will be investing a massive amount of US $200 million in the Indian food tech startup Zomato. According to the recent media reports, Zomato is in talks with Alibaba and if this deal is cracked then Chinese ecommerce company will acquire major stake in food tech statup.
As per sources close to the development, the round will value Zomato at about US $1.1 Bn. Responding to the queries, a source told,“There are synergies between the two players in the international markets, especially Southeast Asia where Alibaba is building a strong presence. But the deal is not finalised as there is no term sheet yet.”