New funds from Vy Capital and existing investors Sequoia Capital and Info Edge will be used to accelerate Zomato's global expansion and new product development.
In what is turning out to be one of the biggest Internet success stories in India, restaurant search and discovery service Zomato has got a fresh round of funding of $60 million. With this the total funding has gone up to $113 million and the post-money valuation $660 million.
This round of funding is being led jointly by Info Edge (India) Limited and Vy Capital, with participation from Sequoia Capital. These funds will be used to accelerate Zomato’s global expansion and new product development, Zomato said in a release. Zomato had earlier raised $53 million from Info Edge (India) Limited and Sequoia Capital over multiple rounds of funding.
“Zomato is well on its way to becoming the world’s local expert in dining out. In the past year, we have added eight countries and millions of new users to our foodie truck. From just restaurant discovery and menus, Zomato has now become a vast global community driven by social interactions. This is an exciting point in our journey, as we accelerate our way across the globe, and build a product that will continue to redefine the way people dine,” said Deepinder Goyal, Founder and CEO of Zomato.
Founded in 2008 with its headquarters in New Delhi, Zomato now caters to 300,000 restaurants across the 18 countries. The service is popular among people who want to see what the menu of a restaurant looks like before making a booking and also has strong review content.
Zomato sees over 30 million visits across its web and mobile platforms every month. More than half of the traffic is seen on its mobile apps.
Zomato has acquired four companies — MenuMania in New Zealand, Lunchtime in the Czech Republic, Obedovat in Slovakia, and Gastronauci in Poland — and plans to expand to 14 more countries across Europe, Southeast Asia, Australia, and the Americas.
Since their first investment in Zomato almost four years ago, Sanjeev Bikhchandani, Founder of Info Edge, said the team has shown phenomenal progress to build the Zomato that we know and use. “The company is growing very fast, and we are proud to back them up to further grow the business – both inside and outside of India.”
Alexander Tamas, Founding Partner of Vy Capital, said, “Zomato is one of the first Internet companies out of India with a consumer product that is scaling on a global basis and a team that is executing extremely well against the opportunity. We look forward to being long-term partners of the company as it establishes itself among the global Internet leaders.”