Update: a note has been put up on the BSE.

Earlier today: Info Edge (Naukri) is investing Rs. 4.7 crore in online restaurant directory Foodiebay, MediaNama has learned from reliable sources. At the time of filing this report, Info Edge Executive Vice Chairman Sanjeev Bikhchandani, who is focusing on investments and acquisitions for the company, was unavailable for comment.

Foodiebay is a restaurant search guide with listings for the key cities of Delhi/NCR, Mumbai, Bangalore, Kolkata and Pune – Hyderabad is next. Foodiebay operates in the same space as Infomedia18 owned Burrp.com, and the recently relaunched and spiffy looking TimesCity.com from Indiatimes, as well as HungryZone (previously Hungry Bangalore) which received an undisclosed amount of funding from the Indian Angel Network in 2008.

Foodiebay has been founded by two IIT Delhi graduates – Deepinder Goyal and Pankaj Chaddah. What’s particularly interesting about the site is that they feature restaurant menus (for example: the complete menu for Route 4 in Khan Market, Delhi).

From a monetization perspective, the site has advertising on the website, and provides a platform for restaurants to promote themselves. A traffic chart on their site suggests that their primary user base is from Delhi:

Interestingly, advertisements are provided based on zones (South Delhi, for example), allowing for ads to be location specific. Restaurant listings are free, but there are premium listing options available for advertisers.