Info Edge has announced a further investment of INR 55 Crore in the shares of restaurant guide service, Zomato. Prior to this round Info Edge had invested INR 31 Crore in Zomato over three rounds.
Info Edge has announced a further investment of INR 55 Crore in the shares of restaurant guide service, Zomato. Prior to this round Info Edge had invested INR 31 Crore in Zomato over three rounds. As per the BSE filing, the fresh investment has been made through ordinary shares of Zomato Media Pvt. Ltd.
Info Edge Founder & Executive Vice Chairman Sanjeev Bikhchandani said, "While Info Edge has transitioned to a majority shareholding this will not transform the operating relationship between the investors and the founders who will continue to enjoy the same operating independence as earlier. The management team of Zomato has built the company and they shall continue to grow it out. We respect good entrepreneurs and we are here to support and not to control."
Zomato will now focus on using the investment to further beef up market share in its existing markets while continuing to scale sales operations in its dominant markets - India and UAE. Additional country launches are also in the pipeline --with the company planning an entry into the Philippines and South Africa in the next few months. Deepinder Goyal, Founder & CEO of Zomato said, "We plan to use these additional funds for product development, scaling up our sales team in various locations, and further international expansion. India is already a profitable business for us, and our UAE business is very close to breaking even. Info Edge has been a great partner for us -- we are excited about deepening this relationship with an aim to build a global internet business out of India."