Zomato, the restaurant search and discovery service active in South African cities and other cities around the world, has been valued at US$660m (about R7,2bn) through its latest capital-raising exercise.
The company, founded in India, said on Wednesday that it has closed a fresh round of funding of $60m. The money will be used to accelerate Zomato’s global expansion and new product development, it said. The new funders are Info Edge of India and Vy Capital, with participation from Sequoia Capital.
The latest funding round takes the company’s total funding to $113m. Zomato earlier raised $54m from Info Edge in India and Sequoia Capital over multiple funding rounds.
Zomato provides up-to-date detailed information, menus and photos for over 300 000 restaurants in 18 countries. South Africa was one of the first markets Zomato expanded into outside its home market of India.
Founded in 2008, with headquarters in New Delhi, Zomato employs 900 people in 100 cities around the world.
Zomato provides menus, photos and maps to users of its website and its smartphone apps for Android, iOS and Windows Phone.
It said it plans to to expand to 14 more countries in Europe, Southeast Asia, Australia and the Americas in the next 12 months. — © 2014 NewsCentral Media