Zomato raises $60 million from new and existing investors.

Zomato raises $60 million from new and existing investors.

New Delhi: Restaurant search and discovery portal Zomato said it has raised $60 million in a fresh round of funding from new and existing investors, valuing the company at $660 million. The funding round was led jointly by existing investor Info Edge (India) Ltd and new investor Vy Capital, with participation from Sequoia Capital. 

 

 

The Gurgaon-based company plans to use the funds to accelerate its global expansion and develop new products. Zomato has earlier raised $53 million from Info Edge (India) Ltd and Sequoia Capital over multiple rounds. “Zomato is one of the first Internet companies out of India with a consumer product that is scaling on a global basis and a team that is executing extremely well against the opportunity. 

 

 

We look forward to being long-term partners of the company as it establishes itself among the global Internet leaders,” said Alexander Tamas, Founding Partner of Vy Capital. Founded in in 2008 by Deepinder Goyal and Pankaj Chaddah, the company in 2013 raised close to $37 million from Sequoia Capital and Info Edge (India) Ltd, an India-listed company which owns the job portal Naukri.com. In total, the company has raised $113 million and currently employs over 900 people in more than 100 cities in 18 countries. 

The company, which has been rapidly expanding its international presence over the past two quarters, is now present in 16 countries. Zomato recently acquired Gastronauci, Poland’s leading restaurant search service. Over the next year, Zomato plans to expand to 14 more countries across Europe, Southeast Asia, Australia and the Americas, the company said. Zomato provides detailed restaurant information such as menus, contact details, pictures, geo-coded maps and user reviews for over 300,000 restaurants. The company claims to have over 30 million visits across its web and mobile platforms every month. 0 inShare Comments Subscribe to: Daily Newsletter Breaking News Zomato Info Edge Funds Investments Sequoia.

COMMENT:-The Gurgaon-based company plans to use the funds to accelerate its global expansion and develop new products. Zomato has earlier raised $53 million from Info Edge (India) Ltd and Sequoia Capital over multiple rounds. “Zomato is one of the first Internet companies out of India with a consumer product that is scaling on a global basis and a team that is executing extremely well against the opportunity.

 

Rahul kumar Gupta

PGDM, 3rd SEM