Ant Financial is the payments business connected with China's largest e-commerce firm Alibaba Group Holding Ltd. The battle between the two big players Zomato and Swiggy just got more interesting with Zomato raising $200 million from Ant Financial.
With this investment, Alibaba group has deepened its root in Indian market with shares in leading companies across different categories such as ecommerce, cab-hailing and food delivery. Alibaba Group founder and chairman Jack Ma coined the term New Retail in 2016 for a strategy that has been widely adopted by retailers and internet firms to use technology to transform the traditional retail sector.
Alibaba continues to dominate the market with a great revenue report; according to the company, their third-quarter revenue was up by a massive 56% beating every analyst's expectations and forecasts.
Alibaba shares fell by 5.9%, the largest decline since June 2016, according to Bloomberg. Alibaba will now hold a 33% equity interest in the company, terminating an agreement that saw Ant Financial pay royalty and technology service fees in an amount equal to 37.5% of its pre-tax profits to Alibaba.
Quarterly Earnings per share was RMB 9.20 or US$1.41 per shares, an increase of 33% from RMB 6.94 a year ago. The increase was mainly driven by the robust revenue growth of our China commerce retail business, global commerce retail business and Alibaba Cloud, as well as the consolidation of Cainiao Network.
Masuaku apologises for spitting in FA Cup defeat
One bonus is that West Ham are no longer in any Cup competitions, so will be able to focus on getting their players fit to play in the League matches.
The number of active consumers on its retail marketplaces reached a new high of 515 million, the company said, an increase of 27 million from the 12-month period ended September 30, 2017.
The investor is the financial arm of Chinese giant Alibaba.
Alibaba adjusted its 2018 revenue guidance up to 55 percent to 56 percent from its previous outlook which was 49 percent to 53 percent. Along with local rivals Tencent and JD.com, Alibaba has been investing heavily in brick-and-mortar retailers over the past year.
Both 7 Fresh and Hema integrate online and offline shopping - consumers can shop online from the comfort of their homes and have the groceries packed and delivered to their doorstep.