Zomato raises $37 million in fresh funding to expand business
Zomato, an Internet-based restaurant search service, confirmed on Wednesday that it had raised $37 million from Sequoia Capital and existing investor Info Edge India Ltd.
The fresh round of funding, which will be utilized to expand the company's business in overseas markets, pushed the total funding to more than $53 million (around Rs 328.6 crore).
Deepinder Goyal, founder and chief executive of Zomato, said, "We believe that we can improve 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."
Mohit Bhatnagar, managing director of Sequoia Capital India Advisors, praised Zomato saying it is the first Indian consumer web-based company to build a noteworthy global footprint.
Zomato also launched its services in three new markets, viz. Brazil, Turkey and Indonesia. In these countries, the Internet-based restaurant search service will be available in local languages, in addition to Portuguese, Turkish and Bahasa Indonesia, respectively.
Over the next two years, Zomato plans to expand to 22 more countries across Europe, Southeast Asia, Australia and the Americas.
Founded nearly five years back, New Delhi-headquartered Zomato has a work force of around 600 people across as many as 35 cities in 11 countries.