The restaurant guide Zomato has raised $50 million (311 crore) from its existing investors. Info Edge, which has already invested Rs. 155 crore in the company, led the round of investment. The raised funds will be used to expand the business.
The company is in talks with other funding firms for bigger works and will make the announcement soon. Info Edge, that also operate job portal Naukri.com and property listing portal 99acres.com, holds maximum shares in Zomato. Sequouia Capital and hedge fund Vy Capitals are other investors in the company.
After this investment, Info Edge will continue to hold 50.1 per cent shares in Zomato with a total investment close to Rs. 484 crores. Zomato was valued at $6060 million (Rs. 4,000 crore) in November 2014 when it raised $60 million.
Zomato’s rivals Foodpanda and TinyOwl have also raised funds recently. Zomato is currently looking to bring over 10,000 restaurants on board over the next few months. Currently it has over 2,000 restaurants in Delhi, Bengaluru and Mumbai.