India’s Zomato Acquires Urbanspoon To Enter USA, Canada and Australia
Popular Indian restaurant search service provider Zomato have plans to raise about $100 million (roughly Rs. 621 crores) in fresh funding after acquired Seattle-based food portal Urbanspoon for about $50 million in one of the biggest overseas deals by an Indian startup. Reports
The acquisition of Urbanspoon, which marks Zomato’s entry into the United States, Canada and Australia, will result its presence in 22 countries, covering more than one million restaurants. This acquisition brought Zomato into in direct competitions with Yelp, Zagat and OpenTable. “the start-up firm said in a statement here”
It might seem crazy but… – …we just acquired Urbanspoon. If the past year was anything to go by, we knew… http://t.co/Rz8QuqXr5r
— Zomato (@Zomato) January 12, 2015
“Our US entry has been on cards, as Urbanspoon app has a strong presence there as in Britain, while it has a dominate restaurant search in Australia and Canada,” Zomato founder chief executive Deepinder Goyal said in the statement here.
Zomato had raised $60 million in November 2014 a fresh round of funding at a pre-money valuation of $600 million from existing investors Info Edge (India) and Sequoia while adding Vy Capital as a new investor. While the company has an advertisement-driven revenue model, it has added the table-booking feature and online food ordering may also be on the cards.
Urbanspoon is Zomato’s sixth acquisition in as many months, and the biggest one. Zomato has recently acquired local dominant restaurant search players in New Zealand, Poland, Czech Republic, Slovakia and Italy.
The startup is likely to be valued at about $1 billion after completing the fresh round of investment, Goyal said. Founded in 2008, Zomato is currently valued at around $660 million.
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