As Indians order for more food delivery, Chinese investors aim for a bite
Beijing, Sept 24: No matter how much India and China try to outsmart each other in the political and diplomatic circles, when it comes to the economy, they are not poles apart. According to a report in China's Global Times, Chinese tourism website ctrip.com is reportedly considering investing in India's food delivery company Zomato, joining other big Chinese names like Meituan Dianping and Alibaba that have already invested in Indian food delivery firms.
The report cited experts who say that with India's growing trend of eating out, food delivery companies are running after market shares through unhindered money spending and for that, they need capital from overseas investors. The Chinese firms are finding themselves at an advantage here not just for the money they have but also their reputation of success at home.
"Chinese internet giants that have been searching the world for good investment projects are now pumping their capital into India's food delivery industry, which is rapidly growing thanks to the rise of the younger generation and their burgeoning consumption power," the Global Times report said.
The Chinese news website also cited a report in the Times of India published earlier this month which said ctrip.com is currently in talks to invest in Zomato over the finances. It also said that the Chinese tourism website is likely to invest about $100 million in Zomato.
The Global Times, however, said it did not get any response to an interview request from either Zomato or Ctrip.
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Another Chinese food delivery giant Meituan Dianping was also a "key investor" in a$210 million funding for Bengaluru-based food delivery firm Swiggy in June, a qz.com report said.