Alibaba-Owned Ant Financial Invests $150 Million In Indian Startup – TechNewsObserver

Ant Financial, the payment services provider owned by Chinese online retail giant Alibaba, has indicated that it will invest approximately $150 million in Indian firm, Zomato. This places the value of Zomato, a food delivery firm, at $1 billion. Zomato offers its services in a total of 24 countries and will allocate the funds to the improvement of products as well as technology. The investment by the Alibaba unit in Zomato comes in the wake of the e-commerce giant partnering with Singapore's Nanyang Technological University to put up its first joint research center located abroad. The center will focus on the development of artificial intelligence aimed at solving modern challenges such as urban transport and ageing societies.