 "Restaurant search engine Zomato raises Rs 228 cr in fresh funding")
Zomato, a web-based restaurant search engine, said today it had raised Rs 227.6 crore from Sequoia Capital and Info Edge India Ltd to fund its expansion in overseas markets.
Info Edge, which is an existing investor in Zomato, said in a separate filing to the stock exchanges that it had invested Rs 57 crore in Zomato in the latest round.
Info Edge said its cumulative investment in Zomato reached Rs 143 crore, giving it a 50.1 percent stake of the company.
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Food business. AFP[/caption]
“Started in 2008 by IIT Delhi college-mates Deepinder Goyal, 30 and Pankaj Chaddah, 27, the company (Zomato) has till date raised about $53 million since its inception, including this round"- The Economic Times reported .
The firm had earlier raised about $16.5 million (Rs 100 crore) from Info Edge.
“It’s a very people intensive business. We intend to use the capital for expansion and hiring of people in about 22 overseas markets such as Brazil,Turkey, Indonesia and parts of Europe. Each country’s subsidiary will get allocated a separate fund from now on,” founder CEO of Zomato, Deepinder Goyal told The Economic Times .
With Reuters input