Info Edge (India) to invest in Zomato.com
Info Edge (India) Ltd. is believed to be investing Rs. 13.5 Cr ($3 Million) in Zomato.com. This is said to be the second round of investment in Zomato. This announcement for Zomato comes about a year after raising the first round of Rs. 4.7 Cr ($1 Million) in August 2010 to fund Zomato.com's (then Foodiebay.com) product development, sales and marketing efforts.
"Zomato.com is one of India's fastest growing consumer internet portals. The satisfaction levels on both sides of the value chain (consumer and merchant) are very high - a testimony to the great product made for the consumers and the value seen in it by the merchants. We see immense potential in their current model, in their future plans and the capability of the team to execute it well." Sanjeev Bhikhchandani, Founder & Executive VC, Info Edge said.
Deepinder Goyal, Founder & CEO, Zomato.com said, "We plan to use these funds to further scale our operations, enrich user experience on both our web and mobile products, and increase our reach in the market. We have recently moved into events and an e-commerce section is in the pipeline. The second round of funding will also go into building a strong foundation for these new verticals."
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