Zomato raises USD 37 million from Sequoia Capital and Info Edge to fund global expansion.
Zomato, the popular restaurant search service, has announced a fresh round of funding of USD 37 million from Sequoia Capital and existing investors Info Edge. This takes Zomato’s total funding to over USD 53 million; Zomato had earlier raised USD 16.5 million from Info Edge over four rounds of funding moving to Brazil, Turkey and Indonesia.
Deepinder Goyal, Founder and CEO of Zomato said, “This is an exciting phase for us. We believe that we can disrupt restaurant search with our rich content-driven model. This financing will help us develop a product that will change the way people look for restaurant recommendations around them. We are excited to partner with Sequoia Capital as our venture partner to help us succeed internationally, and we can look forward to seeing Zomato in many more countries over the next couple of years.”
Over the next two years, Zomato plans to expand to 22 more countries across Europe, South-East Asia, Australia and the Americas.
Speaking on the same, Mohit Bhatnagar, MD, Sequoia Capital Said “At Sequoia Capital, we have been championing the cause of Indian companies globalizing at a rapid pace. Many of our services and enterprise software investments are already global category leaders. Zomato is the first Indian consumer internet company to build a significant international footprint, and we have made this investment because of our strong conviction in the founders, the world-class product they've built, and their ambitious global vision.”
Sanjeev Bikhchandani, Founder of Info Edge said, “Zomato is one of the finest consumer Internet businesses to come out of India. It has a great team, a great brand, a super user experience, a dominant market share, excellent revenue scale-up with a known path to profit, and a global opportunity. We are excited to partner with them to build a world-class restaurant search engine.”
Zomato, founded in 2008, is a restaurant guide providing in-depth information for over 160,000 restaurants in 35 cities across 11 countries.