Info Edge Invests Rs 1.85 billion in Food Guide Zomato

Info Edge, the parent company of job portal Naukri.com, will be investing nearly Rs 1.85 billion in food guide portal Zomato Media Private Limited.

“Info Edge has committed to make an additional investment of an amount of about Rs.1.85 billion in the shares of Zomato Media Private Limited (which owns and operates an online food guide portal www.zomato.com),” Chintan Thakur, chief financial officer and whole time director of Info Edge informed National Stock Exchange on November 19, 2014.

Zomato will be raising an overall funding of about Rs.3.70 billion which also includes stake sell from existing shareholders. Info Edge will be investing along with two other investors.

“Info Edge would be subscribing and purchasing equity shares and convertible preference shares of Zomato Media Private Limited. Upon disbursement of this amount, the total amount invested by Info Edge in Zomato Media Private Limited will be about Rs. 3.27 billion and the shareholding of Info Edge in Zomato Media Private Limited, post aforesaid aggregate fund raise of Rs.3.70 billion, will be maintained at 50.1% on a fully converted and diluted basis,” added Thakur.

Early last year, the company had invested less than Rs1 billion and had become a majority shareholder with nearly 58% shares in the company.

Image: Zomato.com