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Internet firm Info Edge India has invested Rs 155 crore in online restaurant guide Zomato, which would use the amount to further expand its business.
“Info Edge (India), through its wholly owned subsidiary, has invested an amount of Rs 1.55 billion (Rs 155 crore) in Zomato, being Info Edge’s proportionate share of Zomato’s recent fund raise of US$ 50 million,” Info Edge said in a statement.
Upon completion of the allotment of shares, Info Edge’s aggregate investment in Zomato will be about Rs 484 crore.
“Info Edge, along with its wholly-owned subsidiary will continue to hold, on a fully converted and diluted basis, 50.1 per cent of Zomato,” it said.
Zomato has recently forayed into the U.S. market by acquiring restaurant information and recommendation service provider Urbanspoon for an estimated US$ 60 million in an all-cash deal.
The company has been aggressively expanding its global presence through inorganic route.
This was Zomato’s sixth acquisition in the last six months, and the biggest one. It had recently acquired local restaurant search players in New Zealand, Poland, Czech Republic, Slovakia and Italy.
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