They may have made more headlines for their acquisitions of similar companies across different countries, but restaurant information provider Zomato is reportedly set to make headlines again as it gets set to enter the elite club of Indian startups valued at a billion dollars or more.
The restaurant service provider is reportedly in the process of raising $100-150 million from private equity firms and once completed the firm could be valued at close to $1 billion, the Economic Times reported today, quoting two unnamed sources.
The report also said that Info Edge, one of the biggest investors in Zomato, could be looking to cash out with a stake sale. Zomato and Info Edge refused to commment on the report.
While Zomato had managed to raise Rs 228 crore from investors in November 2013, Info Edge had invested Rs 57 crore and got convertible preference shares in the restaurant information provider.
Info Edge, which also owns naukri.com,has invested a total of around Rs 143 crore in Zomato and has a 50.1 percent stake as per filings with Indian stock markets. The companycould look at a major windfall from the stake sale if the company is valued close to a billion dollars.
Started in 2008 by Deepinder Goyal and Pankaj Chaddah, Zomato provides information of over 2,60,000 restaurants across 16 countries. It currently serves over 25 million monthly visitors globally.
Zomato has been on an acquisition spree over the last year and acquired four restaurant information providers in diverse geographies and is one of the few Indian startups toforay into other countries.
The company acquired New Zealand- based restaurant search service MenuMania in July, Czech Republic's Lunchtime.cz and Obedovat.sk of Slovakia in August, and Polish service Gastronauci in September.
The company is also planning to launch in-app payments soon so that customers can pay at restaurants using the service.
"We will start online payments for both deliveries and dine-ins that users will be able to use only through the Zomato app. After giving your order, the restaurant will ask whether you want to pay through Zomato or cash. If you pay through Zomato, it will be a swift one-swipe transaction," the company's founder Deepinder Goyal had told Firstbiz.
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Updated Date: Oct 08, 2014 12:17:50 IST