India-headquartered Zomato now employs more than 3,000 people across 22 countries, having launched in 2008. The business initially had a focus on web-based restaurant discovery across PCs and laptops, but as the founders revised their strategy, a renewed vision resulted in mobile discovery becoming a primary focus.
The UK is one of the firm’s largest markets and earlier in the year Real Business spoke to Kimberly Hurd, CEO of Zomato UK, who told us about a company desire to “be the champion for independents and people who love food”.
Hurd explained: “We created an exclude chains filter so you can avoid the noise. Around 2,000 restaurants per quarter shut down in London because most people don’t know where to go or how to find them.”
Zomato has now secured $60m from Singapore-based investment firm Temasek and existing investor Vy Capital. Total funding is now at $225m and that’s from just four investors in total, with Infor Edge and Sequoia India the other two.
In a bid to build on the 1.4 million eateries – and respective menus, locations, reviews, maps and contact details – listed on the service, as well as 90m visits each month, Zomato will use the capital to make the service even richer with the launch of new divisions.
Read more on the restaurant industry:
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- ASK-Zizzi owner acquires dining discount clubs Tastecard and Gourmet Society
The company has invested in local delivery businesses Pickingo and Grab – both of which are in its native India – to bring last-mile delivery to dine-in-only restaurants, a move that will likely expand globally like Zomato itself has.
Elsewhere, the firm has also created a white label platform, which is designed to act as a toolbox to allow restauranteurs to control their online presence – such as launching native apps.
“We will use this round to make investments in our new businesses such as online ordering, table reservations, point of sales, and our newly launched Whitelabel platform,” said Deepinder Goyal, founder and CEO of Zomato.
“With this round, and with some of our markets turning profitable recently, Zomato is well capitalised for at least two years. We are also stoked to have Temasek partner with us, and are looking forward to building one of the largest food-tech companies in the world.”
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