Bangalore: Gurgaon based online restaurant guide - Zomato Media Pvt. Ltd raises a fresh round of funding of $50 million (Rs.311 crore) from its existing investor along with other investors. The investment was led by Info Edge, an internet firm which owns more than half of the stake in the firm. The firm didn’t disclose the other investors’ name. Zomato, which owns the restaurant and event listing site is planning to utilize the raised funding to expand its business.
An online restaurant search and discovery service site, Zomato was founded in 2008 by Deepinder Goyal, an IIT Delhi alumni and Pankaj Chaddah, ex-Bain employees. It provides information such as contact details, directions, pictures and menus for more than 1 million restaurants. Currently, the firm is present in 20 countries and claims 35 million users.
From its existing investor Info Edge India, Zomato has raised its first round of funding in August 2010 of $1 million, second round of funding of $3.5 million in September 2011, third round of another S$2.5 million and fourth round of funding in early 2013 of $10 million.
In 2014, Zomato closed a fresh round of funding of $60 million at a post money valuation of $660 million from Sequoia Capital, Vy Capital and its existing investor Info Edge India. Till date, Info Edge alone has put in around Rs. 484 crore in Zomato.
To expand its business activities in overseas, Zomato has acquired seven companies in one year span. This acquisition includes Mekanist, Urbanspoon, Cibando, Gastronauci and many others.
Founded in 1995 by Sanjeev Bichchandini, Indian e-Commerce and online classified company - Info edge India Ltd. is primarily known for its job search portal. It owns portals like Naukri.com, Shiksha.com, 99acres.com and many others.