Indian restaurant discovery service Zomato announced the close of its Series D financing round. The latest investment round raised USD37 million from private equity firm Sequoia Capital and existing local investor Info Edge. The startup behind the restaurant finder app had raised a total of USD55 million in investment, including the new funding.
Zomato chief executive Deepinder Goyal dubbed the recent investment round as Series D, although tech website TechCrunch pointed out that the funding round was the fifth time the Indian startup had launched.
Goyal also disclosed to TechCrunch its growth plans. "We have a list of 22 countries that we're going to do over the next two years. This round is going to fund these 22 countries. The approach we are following for international expansion is that we budget for a particular country and we keep that money on the side. We don't touch that money. So every country has a separate budget and each team has to break even on a separate budget."
Goyal did not name which countries would the startup be expanding its business in.
Zomato is currently operating in eight markets, which includes the UK. Two-thirds of its 15 million monthly unique traffic comes from its home market India.
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