Chinese travel services provider Ctrip is in talks to invest in Indian online restaurant discovery and food delivery platform Zomato as part of a financing round, which could go up to 2,800 crore rupees ($400 million).
Ctrip is expected to invest around $100 million into Zomato, valuing the company at $1.8 billion to $2 billion. The discussions with Ctrip are in the last stage, with only the final amount yet to be decided.
The company will be joined by Zomato’s existing backers Ant Financial, an Alibaba affiliate, and a couple of new financial investors. The transaction is expected to close in two weeks.
In fiscal 2018, Zomato had a revenue of $74 million while for the previous fiscal, its revenue was $51 million.