Zomato Raises $60 Million in funding and is valued at $660 Million...

Zomato Raises $60 Million in funding and is valued at $660 Million now.

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Zomato raised 60 million

Restaurant discovery platform Zomato has raised $60 million (Approx. INR 371 crore) in a fresh round of funding, a transaction that values the New Delhi-based company at $660 million.The latest round of funding was led by Vy Capital and Info Edge. Existing investor Sequoia Capital also participated in the funding round. With this round Zomato has raised a total of $113 million in total.

The funding will be used to accelerate its global expansion, as well as on new product development of the company.

“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, Co-founder and Chief Executive of Zomato, “This small amount of cash gives us a cushion. Now employees can see there will be real money, otherwise it’s just on the paper,” he added.

The discovery platform claims to have over 30 million visitors across its web and mobile platforms every month and plans to expand to 14 more countries across Europe, South-East Asia, Australia, and the Americas. It competes with NYSE-listed Yelp, which has a market capitalization of $4.21 billion.”In a matter of 12-14 months the company has moved from 20 global cities to 100 global cities,” said Mohit Bhatnagar, Managing Director, Sequoia Capital, which was Zomato’s first big investor last November.

Zomato raised INR 227 crore from Info Edge and Sequoia Capital in November 2013, a transaction that valued it about Rs 1,000 crore.

The company has acquired 4 companies in the recent past, including, MenuMania in New Zealand, Lunchtime in the Czech Republic, Obedovat in Slovakia, and Gastronauci in Poland. “These acquisitions have worked well for us. Now we are looking at bigger acquisitions, which includes similar players in new geographies and companies that can help us expand our service portfolio,” said 31-year-old founder-CEO Deepinder Goyal.

“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,” said Alexander Tamas, founding partner, Vy Capital.

Zomato has announced the plan to shortly launch a mobile payment app, which will be piloted in Dubai from next month and rolled out in India in the first half of 2015.

This article has been adapted from our partner TheStartupJournal.

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