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Restaurant search and discovery service Zomato on Wednesday raised $60 million (about ₹370 crore) from existing and new investors in a fresh round of funding.
With this round of funding, which was led jointly by Info Edge (India) Ltd and new investor Vy Capital, with participation from Sequoia, Zomato has so far raised $113 million.
The latest round values the Delhi-headquartered company at $660 million, or a little over ₹4,000 crore. Zomato will use the money to widen its global presence and develop new products. Info Edge will maintain its stake at 50.1 per cent.
“Our footprint spans 100 cities in 18 countries and we want to expand to 14 more countries across Europe, Southeast Asia, Australia, and the Americas,” Pankaj Chaddah, co-founder and COO, Zomato, told BusinessLine .
Global buys Zomato has acquired MenuMania in New Zealand, Lunchtime in the Czech Republic, Obedovat in Slovakia, and Gastronauci in Poland over the last few months and will continue to look for acquisitions, he said.
The company has announced plans to shortly launch a mobile payment app, which will be piloted in Dubai from next month and rolled out in India in the first half of 2015.
Founded in 2008, Zomato details the latest information, menus and photos for over 300,000 restaurants across the 18 countries.
“We use a content-focused approach for restaurant search and believe that menus, contact details, pictures, geo-coded maps and user reviews are important when it comes to a customer deciding where to eat,” said Chaddah.
Alexander Tamas, Founding Partner of Vy Capital, said: “Zomato is one of the first Internet companies out of India, with a consumer product that is scaling up on a global basis and a team that makes the best use of opportunity.”
Sanjeev Bikhchandani, Founder of Info Edge, which also owns online properties such as Naukri.com and 99acres.com, said: “Our first investment in Zomato was made almost four years ago, and the team has shown phenomenal progress since then to build the Zomato that we know and use.”
Zomato is present in India, the UK, Canada, Lebanon, UAE, Turkey, New Zealand, Poland, the Czech Republic, Slovakia, South Africa, the Philippines, Portugal, Brazil, Chile, Indonesia, Sri Lanka and Qatar.
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