MUMBAI: Zomato, the popular restaurant search and discovery service, has closed a fresh round of funding of $60 million at a post-money valuation of $660 million.
These funds will be used to accelerate Zomato's global expansion and new product development. This round of funding is being led jointly by Info Edge (India) and Vy Capital, with participation from Sequoia Capital. This takes Zomato’s total funding to over $113 million. Zomato has earlier raised $53 million from Info Edge (India) and Sequoia Capital over multiple rounds of funding.
Founded in 2008, Zomato provides up-to-date detailed information, menus and photos for over 300,000 restaurants across the 18 countries it is present in on both web and mobile.
Zomato founder and CEO Deepinder Goyal said, “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.”
Info Edge founder Sanjeev Bikhchandani added, “Our first investment in Zomato was made almost 4 years ago, and the team has shown phenomenal progress since then 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.”
Vy Capital founding partner Alexander Tamas 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.”
Headquartered in New Delhi, Zomato plans to expand to 14 more countries across Europe, Southeast Asia, Australia, and the Americas.
