 "After Rs 370 cr infusion from Info Edge, Vy Capital, Zomato now valued at Rs 4070 cr")
Online restaurant guide Zomato just raised a a fresh round of funding round of $60 million at a post-money valuation of about $660 million ( Rs 4070crore), the fund of which will be used to accelerate the company’s global expansion and new product development.
“This round of funding is being led jointly by Info Edge (India) Limited and Vy Capital, with participation from Sequoia Capital,” the company said in a statement. Vy Capital is a global investment firm exclusively focused on internet and software and Zomato is its first investment in the Indian internet sector.
This takes Zomato’s total funding to over $113 million.
Zomato has earlier raised $53 million from Info Edge (India) Limited and Sequoia Capital over multiple rounds of funding. The company provides detailed information, menus and photos for over 300,000 restaurants across the 18 countries it is present in.
Zomato has acquired four companies in the recent past. These acquisitions include MenuMania in New Zealand, Lunchtime in the Czech Republic, Obedovat in Slovakia, and Gastronauci in Poland. Over the next year, it plans to expand to 14 more countries across Europe, Southeast Asia, Australia, and the Americas.
Info Edge stake is maintained at about 50% in the company. Shares of the company soared 7% to Rs 1,015, also its record high on NSE, after it said it has committed to make an additional investment of an Rs 185 crore in Zomato.
According to a report in the Economic Times, the latest funding in Zomato includes a small secondary component where founders and employees of the company have sold some shareholding to the investors.
“Info Edge would be investing along with two other investors in this round of funding, which aggregates to Rs 370 crore and includes purchase of shares from certain existing shareholders”, the company said in a statement.
Deepinder Goyal, Founder and CEO of Zomato, said, “Zomato is well on its way to becoming the world’s local expert in dining out. In the past year, we have added eight countries and millions of new users to our foodie truck.. From just restaurant discovery and menus, Zomato has now become a vast global community driven by social interactions. This is an exciting point in our journey, as we accelerate our way across the globe, and build a product that will continue to redefine the way people dine.”
Sanjeev Bikhchandani, Founder of Info Edge, said, “Our first investment in Zomato was made almost 4 years ago, and the team has shown phenomenal progress since then to build the Zomato that we know and use. The company is growing very fast, and we are proud to back them up to further grow the business - both inside and outside of India.”
Founded in 2008, New Delhi-headquartered Zomato began as a menu card scanning service in India, sending people out to collect menus from restaurants and then scanning them using OCR.
 "Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?")
 "As Russia pushes east, Ukraine faces mounting pressure to defend its heartland")
 "Why Mossad was not on board with Israel’s strike on Hamas in Qatar")
 "Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe")
 "Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?")
 "As Russia pushes east, Ukraine faces mounting pressure to defend its heartland")
 "Why Mossad was not on board with Israel’s strike on Hamas in Qatar")
 "Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe")
