Zomato which i a popular restaurant search service has further strengthened its position in the market by closing another $60 million funding from investors, thereby taking its market evaluation to $660 million.
This investment has come from the existing backers including Sequoia Capital and Info Edge along with Vy Capital. Currently, the total funding of Zomato stands to $113 million.
The fresh funding is going to be used to drive leadership across the new and emerging markets. Besides, a part of it will be used for some key strategic acquisitions. Zomato, which was initially a menu card scanning service in India has further spread into a mobile app in which people can follow activities of their friends and write or read reviews about various restaurants across various parts of the world.
The company employs close to 900 people, majority of whom work on the content. As per the officials, Zomato will eye another round of funding as it is looking for a launch in mid-2015 in the US market, which they feel will be a boost for the company.
The company is also eyeing revenue from native advertising, which is a relatively new concept of mobile app marketing, yet accounting for more than half of the traffic generation.
