Zomato acquires two more overseas startups for $3.25 million
Zomato is an online and mobile restaurant search and discovery service that was founded in 2008 by Deepinder Goyal and Pankaj Chaddah. Zomato. The company has had an impressive growth and has attracted venture capital of more than $60 million. Expanding globally, it acquired New Zealand's Menumenia in July and has now made two more acquisitions. Zomato has acquired Lunchtime.cz and Obedovat.sk, the Czech Republic’s and Slovakia's popular restaurant guides respectively, for a combined amount of $3.25 million.Deepinder Goyal, Founder and CEO of Zomato says that both Lunchtime and Obedovat have strong business models that cater to the local market needs of discovery of lunch menus.
We look forward to combining the best of both our business models to build an integrated product which the users as well as restaurant businesses will love once it's rolled out over the next few months. We are looking to infuse a further USD 2.5M into our operations in the Czech Republic and Slovakia over the next couple of years.
The Lunchtime and Obedovat teams will be working closely with the Zomato team following this acquisition.
“The next few months are going to be exciting for us at Lunchtime and Zomato. We'll be able to combine our local expertise and focused product offering around lunch menus, with the technology and rich content platform that Zomato brings to the table," says Igor Treslin, co-founder and CEO of Lunchtime that was founded in 2008. And Slovakian Obedovat was founded in 2004 by Creative Web Group. The transaction for Obedovat.sk is expected to be completed by September end. Zdenko Hoschek, CEO of Creative Web Group, added, “The Lunchtime and Obedovat founding teams have spent a significant amount of time getting to know the founding team at Zomato, and are happy to see their strong focus on building a social restaurant discovery product.”
Zomato has been aggressively expanding its global presence over the past two quarters, while also strengthening its presence in existing markets. The latest acquisitions are a strategic move to establish Zomato’s presence in Central and Eastern Europe. Zomato is now present in 15 countries providing in-depth information for over 250,000 restaurants.