Indian Food Guide Portal Zomato Acquires US Based UrbanSpoon For $52 Million
Jan 13, 2015, 17:33 IST
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Online food portal Zomato, which recently received an investment from Info Edge last year, has acquired US based food portal Urban Spoon for $52 million. Info Edge made the disclosure to the National Stock Exchange (NSE) in a letter dated January 12, 2015.Apart from the US, Urban Spoon has operations in Canada, UK, Ireland, Australia, Canada and New Zealand. “The transaction is an all cash transaction amounting to $52 million,” the company said in a letter.
It should be noted that Info Edge has invested nearly Rs 1.85 billion in food guide portal Zomato Media Private Limited. “…Upon completion of the allotment/transfer of shares against the said investment aggregate amount of investment in Zomato will be about Rs 3.27 billion. Info Edge will hold 55.13% of the equity share capital of Zomato. The overall holding on a fully converted and diluted basis will remain at 50.1%,” said the company in the letter.