Thursday, 7 November 2013

Zomato raises Rs 227 crore from Sequoia, InfoEdge for overseas expansion

BANGALORE: Online food and restaurant listings platform Zomato has raisedRs 227 crore from Sequoia Capital and existing investor InfoEdge in one of the largestfunding rounds for a consumer internet company in India.

The deal, led by Sequoia Capital, values the Delhi-based startup at over $150 million (Rs 900 crore). InfoEdge, an India-listed entity which owns the portal, will continue to be the largest shareholder in Zomato with a stake of just over 50%.

The founders, who intend to use the money to expand global operations, have diluted their shareholding in favour of Sequoia.

"It's a very people-intensive business; we will use the capital to hire people in overseas markets," said Deepinder Goyal, founder and chief executive officer of Zomato who expects the company to have operations in 22 countries in the next two years. At present it offers services in 11 countries.

"The ambitious global vision led to the investment," said Mohit Bhatnagar, a managing director at Sequoia Capital India Advisors.

Thirty-year-old Goyal, a graduate of IIT Delhi who teamed up with college-mate Pankaj Chaddah, 27, to set up the company in 2008, has now raised a total of $53 million (Rs 324 crore).

No comments:

Post a Comment