Zomato has continued its expansion and this time the popular restaurant guide has forayed into US markets. The company has also acquired US based bar and restaurant guide Urbanspoon.
Although the financial details of the latest acquisition from Zomato are not known it is expected that the amount is about $60 million (Rs 379 crore). The online food and restaurant discovery guide is now present in total 22 countries including Canada, Brazil, Indonesia, New Zealand, Middle East and others. With the acquisition of Urbanspoon, Zomato will break into the US market, competing against services like Foursquare and Yelp.
“As we stand here now, we felt joining forces with Urbanspoon would be the best way to turbocharge our growth and make our way into the US, Canada and Australia. Without question, this will also help us take significant strides forward in the markets we’ve been sharing with Urbanspoon so far – the UK, Canada, New Zealand, and Ireland.”
posted Deepinder Goyal, Founder and CEO, Zomato in a blog.
The Urbanspoon acquisition will double the traffic to Zomato to more than 80 million visits per month from about 35 million now. Zomato raised $60 million of funding in November which valued it at about $660 million. The company had acquired Lunchtime and Obedovat in restaurant guides in August last year.