Zomato, which operates a restaurant finder app in India and other countries, has raised $60 million in a fresh round of funding, as it seeks to expand into new markets and further develop its products, the company said in a press release Monday.
The latest round, which was led by Singapore investment company Temasek, also included existing investor Vy Capital, Zomato said, in the release. This takes Zomato’s total funding to approximately $225 million, and the company has two other investors -- Info Edge and Sequoia Capital.
“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,” Deepinder Goyal, Zomato’s founder and CEO, said, in the release. “And with some of our markets turning profitable recently, Zomato is well capitalized for at least two years.”
Founded in 2008, Zomato is headquartered in India, and employs over 3,000 people across 22 countries. Zomato provides detailed restaurant information such as menus, contact details, pictures, geocoded maps, and user reviews, for 1.4 million restaurants, and sees some 90 million visits on its website and mobile app.
The whitelabel business -- which refers to helping restaurants getting an online and mobile presence using Zomato's backend technology -- offers technologies for restaurants to run their business on the Internet.
India’s maturing startup ecosystem is tapping both growing domestic demand and overseas markets via acquisitions. While an exploding smartphone base at home is propelling domestic demand as more young people with disposable incomes tap away at their apps, startups such as Zomato have also aggressively made acquisitions to become increasingly global companies.
Notably, Zomato acquired Urbanspoon in the U.S. earlier this year in a bid to take on Yelp. The company has also picked up stakes in two local delivery companies to reach out to restaurants including the dine-in-only kind.