Online restaurant search and review portal, Zomato, has raised $50 million in a fresh round of funding from InfoEdge and other investors. Of the total investment, Info Edge has funded close to $24.8 million and the rest of the amount has been funded by other investors. Info Edge will continue to hold 50.1% stake in Zomato against its total investment of approximately $77.5 million.
The funding is expected to be used to expand into food ordering business. The company is planning to raise a bigger round in the coming months. The company launched its food delivery service in Delhi, Mumbai and Bengaluru in March 2015.
In August 2010 in its first round of funding, Zomato raised US$1 million from Info Edge (India). Again in September 2011 in its second round of funding, Zomato raised of US$3.5million from the same investor. In year 2012 in its third round of funding, Zomato raised another US$2.5 million. In early 2013 through its fourth round of funding, Zomato raised worth US$10 million from Info Edge. With this, Info Edge was holding a stake of 57.9% in Zomato. In November 2013 in yet another round of funding, Zomato raised US$37 million from Sequoia Capital and Info Edge. In November 2014, Zomato received a fresh round of funding of US$60 million jointly led by Info Edge (India) Limited and Vy Capital and Sequoia Capital.
Within 7 year of Zomato’s envision, company has marked its presence in 22 countries and covers more than 1 million restaurants.