Zomato raises funding from sequoia Capital

CoolAvenues Newswire | November 08,2013 10:00 am IST

Zomato, a restaurant review and listing site has raised $ 37 Million from Sequoia Capital and existing investor Info edge.


Started in 2008 by Deepinder Goyal and Pankaj Chaddah, alumnus of IIT, Delhi has raised a a total of $ 53 Million since its inception.

Earlier it had raised $ 16.5 Million in four rounds from Info Edge, parent company of naukri.com. After the present round of investment, InfoEdge’s shareholding in Zomato stands at 50.1% and the promoters have diluted their stake in favour of new investor, Sequoia Capital.
 

The company will utilise the funds for international expansion. The company will hire people in 22 overseas markets such as Brazil, Indonesia, Turkey and parts of Europe.
 

Zomato, which started as restaurant discovery website in India is expanding aggressively in International markets. Many countries like New Zealand, South Africa, Turkey, Qatar have very few local players and with the tried and tested model in India, the company is able to quickly ramp up operations in these countries. The company is launching its service in 3 foreign languages and as the business is people intensive, the company will be using the funds to hire people from local markets.
 

Currently Zomato gets over 15 million visits across its web and mobile platforms every month. Apart from providing contact details and directions to restaurants, the company also provides information such as menus, user reviews and pictures of over 160,000 restaurants. 

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