Internet firm Info Edge India has invested Rs 155 crore in online restaurant guide Zomato, which would use the amount to further expand its business. Also Read - Apple releases important iOS 14.7.1 update: iPhone users must download it right now
“Info Edge (India), through its wholly owned subsidiary, has invested an amount of Rs 1.55 billion (Rs 155 crore) in Zomato, being Info Edge’s proportionate share of Zomato’s recent fund raise of USD 50 million,” Info Edge said in a statement. Also Read - Zomato IPO share allotment status: How to check IPO allotment status online
Upon completion of the allotment of shares, Info Edge’s aggregate investment in Zomato will be about Rs 484 crore. Also Read - Battlegrounds Mobile India (BGMI) server busy error: How to fix the issue in simple tips
“Info Edge, along with its wholly-owned subsidiary will continue to hold, on a fully converted and diluted basis, 50.1 per cent of Zomato,” it said.
Zomato has recently forayed into the US market by acquiring restaurant information and recommendation service provider Urbanspoon for an estimated USD 60 million in an all-cash deal.
The company has been aggressively expanding its global presence through inorganic route.
This was Zomato’s sixth acquisition in the last six months, and the biggest one. It had recently acquired local restaurant search players in New Zealand, Poland, Czech Republic, Slovakia and Italy.