Online restaurant discovery guide Zomato has announced acquisition of Italy’s restaurant search service Cibando. The acquired company’s useful data will soon be integrated into Zomato, and users from all major cities in Italy will be able to access that information in the next coming months, as the company gears up for launch. Also Read - Zomato IPO share allotment status: How to check IPO allotment status online
Cibando is an Italian company founded by Guk Kim in 2010 providing similar service like Zomato. Zomato already has its service in 20 countries, and with this acquisition, it expands its rich portfolio to Italy. The amount paid for acquisition is not known. This acquisition gives Zomato access to Cibando’s existing rich restaurant database, to ease its launch operations in Italy. Also Read - Internet down: Zomato, Paytm, Disney+ Hotstar, Amazon, Myntra, many other global services suffered massive outage
“Cibando is one of the largest restaurant search services in Italy. Their existing traffic and user base will give us a great start as we launch Zomato in the country. And we love the Cibando team – I think we have a lot to learn from them about the local market,” Deepinder Goyal, Founder and CEO of Zomato, said in a statement. “The entire Cibando team is joining Zomato and will lead the effort of building the business in Italy. We are really excited to be joining forces with them as we focus on being Italy’s — and the world’s — go-to restaurant search service.” Also Read - Zomato IPO: How to invest via bank, Zerodha, and Paytm Money
As mentioned above, Cibando employees will be absorbed by Zomato, as the company gears up to launch its service in Italy. The transition is set to be complete by next week. “Our immediate focus will be on integrating Cibando into Zomato, and on building the most comprehensive restaurant search service for the Italian market. We will also scale up our teams in Rome and Milan to 30-40 full-time employees in the next three months.” Goyal added.
Zomato will invest $6 million in Italy over the next two years to grow the team and the business in the country. The current Cibando team has 10 people, and over time, they expect to hire at least 150-200 people across the top six cities in Italy.
Zomato currently houses a database of over 300,000 restaurants across 20 countries. This is Zomato’s fifth acquisition in the recent months. Zomato acquired MenuMania in New Zealand, Lunchtime in Czech Republic, Obedovat in Slovakia, and Gastronauci in Poland recently. The company has also announced that it plans to launch its service in 15 more countries in the next year.