India's Zomato raises $50m from Info Edge
Indian online restaurant and event guide Zomato has raised INR3.11 billion ($50 million) in a funding round led by existing investor Info Edge.
Info Edge, which already held a majority stake in the company, contributed INR1.55 billion to this round in order to maintain control, according to VC Circle. The other investors have not been identified.
Zomato's latest funding round brings the total amount raised to more than $163 million. It comes just months after a Series E round in November 2014 worth $60 million. Info Edge also participated in that round, along with Sequoia Capital and Vy Capital.
Zomato has been using the funding to build up its overseas footprint. It has acquired a number of similar sites in recent months, including US-based Urbanspoon in January and others in the Czech Republic, Slovakia, and New Zealand. The company's listings have expanded to more than 300,000 restaurants across 20 countries. Customers use the site to look up menus, directions, and restaurant reviews, and to keep personal dining diaries.
Zomato is also reportedly planning to add food delivery to its services. That would put it in competition with Rocket Internet's FoodPanda, which has embarked on a similar pattern of acquisitions and recently raised another $100 million from its parent. FoodPanda currently operates in 40 countries and partners with 45,000 restaurants.
Info Edge is one of India's leading online classifieds providers. The company first invested in Zomato in 2010 and has maintained a majority stake through each of Zomato's subsequent funding rounds.
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