Restaurant search and discovery service Zomato has acquired the Italian restaurant search service Cibando, for an undisclosed amount. The company also said it plans to scale up its teams in Rome and Milan to 30-40 employees in the next three months and make its service available in all major Italian cities in the next few months. It also mentions it has earmarked $6M for expansion in Italy over the next two years.
This is Zomato’s fifth global acquisition in the last six months. It had previously acquired Polish restaurant search service Gastronauci in September, while it had acquired New Zealand-based restaurant search service MenuMania in July, and Czech Republic’s restaurant guide Lunchtime.cz and Slovakia’s restaurant guide Obedovat.sk for a combined amount of $3.25 million in August. The company is now present in 20 countries.
Founded in 2010 by Guk Kim, Cibando claims to have over 82,000 restaurants listed on its platform, with over 7,000 of them reviewed by its editors. Post acquisition this platform will be integrated into Zomato, including its reviews, user base and employees. Zomato mentions this will give it a great start in the country as Cibando’s existing traffic and user base will be now redirected to Zomato.
Zomato global expansion:
Zomato had raised $60 million (around Rs 370 crore) co-led by new investor Vy Capital and existing investor Info Edge with participation from Sequoia Capital, at a valuation of around $660 million, just last month. The company had said then it would use this investment for its global expansion plans, which included expanding to 14 more countries in the next one year.
– In October, the company had entered the North American market by launching in Toronto. Zomato founder & CEO Deepinder Goyal had said then that they have earmarked $10 million for expansion in Canada.
– Zomato began its first international operation in Dubai, back in September 2012, when it launched in the city with more than 3,500 restaurant listings including cafeterias, restaurant, 7 star hotel, among others. It currently claims to get about 35 million visits per month, with information for over 310,000 restaurants in 20 countries.