55 Crore More From Info Edge (India) Ltd. For Zomato

25 Feb 2013

Bangalore: Info Edge, which runs the recruitment site Naukri.com has announced a further investment of 55 Crore in the shares of restaurant guide service, Zomato. Prior to this round Info Edge had invested 31 Crore in Zomato over three rounds.

"Zomato is fast emerging as one of the finest Indian consumer internet businesses. When the founders invited us to invest in the next round we were delighted to grab the opportunity. We are excited to partner with Zomato to build the company further." Info Edge Founder & Executive Vice Chairman Sanjeev Bikhchandani said. He also added, "The management team of Zomato has built the company and they shall continue to grow it out. We respect good entrepreneurs and we are here to support and not to control."

Zomato will now focus on using the investment to further expand market share in its existing markets while continuing to scale sales operations in its dominant markets – India and UAE. Additional country launches are also in the pipeline; with the company planning an entry into the Philippines and South Africa in the next few months.

Deepinder Goyal, Founder & CEO of Zomato said, "We plan to use these additional funds for product development, scaling up our sales team in various locations, and further international expansion. India is already a profitable business for us, and our UAE business is very close to breaking even. Info Edge has been a great partner for us -- we are excited about deepening this relationship with an aim to build a global internet business out of India."

In the last 6 months, Zomato has added the following four new countries -- UAE, United Kingdom, Sri Lanka and Qatar. The company intends to add several more geographies outside India in the next twelve months.

 

Source: SiliconIndia

Last modified on Tuesday, 26 February 2013 11:48
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