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Zomato raises $50 million from InfoEdge and undisclosed investors

Zomato-Chile

Online restaurant guide Zomato has raised $50 million in a fresh round of funding from InfoEdge and other investors, the latter filed at the BSE (pdf). Of this, InfoEdge invested an amount Rs 1.55 billion (~$24.8 million), while the rest was invested by undisclosed investors. According to InfoEdge, it will continue to hold 50.1% stake in Zomato against its aggregate investment amount of Rs 4.84 billion (~$77.5 million).

In January, Zomato was raising more money to fund its international expansion, having spent most of its last funding round on the UrbanSpoon acquisition. The same month, Zomato co-founder and CEO Deepinder Goyal said in an interview to Reuters that they were then in talks with both new & existing investors to raise around $100 million in the next 30 days, however it seems the company didn’t quite make that goal.

Overall, Zomato has raised over $163 million across multiple rounds until now. This includes $60 million co-led by new investor Vy Capital and existing investor Info Edge in November last year, $37 million from Info Edge and Sequoia Capital in November 2013, Rs 55 crore from Info Edge in Feb 2013, Rs 12.86 crore from Info Edge in September 2012, Rs 13.5 crore from Info Edge in September 2011 and Rs 4.7 crore in 2010.

Acquisition spree: Zomato acquired Turkey’s restaurant search service Mekanist for an undisclosed amount in an all-cash deal in January. This was the company’s seventh acquisition in the last few months and had come on the heels of acquiring UrbanSpoon for $52 million to enter Australia & United States markets as well as strengthen its operations in existing markets like UK, Canada, New Zealand, and Ireland, the same month. Other acquisitions include:

– Italian restaurant discovery service Cibando in December last year.

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– Polish restaurant search service Gastronauci in September.

– Czech Republic’s restaurant guide Lunchtime.cz and Slovakia’s restaurant guide Obedovat.sk for a combined amount of $3.25 million in August.

– New Zealand-based restaurant search service MenuMania in July.

Zomato claims to currently offer restaurant information from over a million restaurants across 500 cities in 22 countries.

Other developments:

In November last year, Zomato started focusing on monetization by introducing advertisements on its mobile apps, which currently drives majority traffic for the company. In the same month, the platform also launched a mobile app for business owners called Zomato for Business that allows businesses to manage promotions & deals, upload special menus & events, reply to consumer reviews and create richer business listing with images & detailed information.

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Note, CEO and founder of Zomato Deepinder Goyal had recently told Medianama that more than 50% of its 35 million visits come from its mobile application across the globe and they have “seen remarkable traction in the two months they have been serving these app ads”.

Interestingly, in an AMA last month, Goyal had said Zomato would begin home delivery services in a week from then. However no such services seem to have gone live at the time of writing. Read the AMA coverage here.

Also read:

Zomato CEO Deepinder Goyal: “We have scale on our mind”

Info Edge: “We would be reluctant to reduce stake below 50% in Zomato”

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