After acquiring US based rival Urbanspoon in an all-cash deal, India based restaurant listing site Zomato is now in talks to raise about USD 100 million in next 30 days in fresh funding. In November 2014, the firm had raised USD 60 million in series E round led by Vy capital, Info Edge Limited and Sequoia Capital.
The startup is expected to be valued at about USD 1 billion after completing the fresh round of investment. Currently, Zomato is valued at around USD 660 million. Till date, the firm has secured a total capital around USD 113.8 million over multiple rounds of funding.
The acquisition of Urbanspoon establishes the Zomato’s presence in 22 countries, covering more than 1 billion restaurants. Zomato’s previous overseas acquisitions include Cibando in Italy, MenuMania in New Zealand, Lunchtime in the Czech Republic, Obedovat in Slovakia, and Gastronauci in Poland.
Zomato was founded in 2008 by Deepinder Goyal and Pankaj Chaddah. The company is present in more than 100 cities across India, UK, Canada, Lebanon, UAE, Turkey, New Zealand, Poland and the Czech Republic, among others.
Image Source: Business TodayCategory Business Investments