Online restaurant search and discovery firm Zomato has raised $60 million from its biggest shareholder Info Edge (India) Ltd. and Vy Capital. Existing investor Sequoia Capital also participated in the latest round, which values the firm at $660 million.
Zomato will use the funds to accelerate global expansion and new product development.
In a stock exchange filing, Info Edge said it had committed an additional investment of Rs.185 crore in Zomato Media Private Ltd. (which owns and operates www.zomato.com).
It also said it would be investing with two other investors, which aggregates to Rs.370 crore, and involves purchase of shares from certain existing investors. Info Edge said it would be subscribing/purchasing equity shares and convertible preference shares of Zomato Media Private Limited.
With the latest round of funding, Zomato has so far raised over $113 million. It had earlier raised $53 million from Info Edge and Sequoia Capital over multiple rounds of funding. Info Edge said it had so far pumped in Rs.327 crore in Zomato Media, and post the current round, it would maintain its stake at 50.1 per cent on a fully converted and diluted basis.
Zomato provides up-to-date detailed information, menus and photos for over 300,000 restaurants across 18 countries. “We accelerate our way across the globe, and build a product that will continue to redefine the way people dine,” Zomato founder and CEO Deepinder Goyal said in a statement.
“Our first investment in Zomato was made almost four years ago, and the team has shown phenomenal progress since then to build 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,” Info Edge founder Sanjeev Bikhchandani said in a statement.
