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Business News/ Companies / Not raising $200 million, says Zomato
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Not raising $200 million, says Zomato

The firm denied a news report by 'The Economic Times' stating it was in talks to raise $200 mn from Steadview Capital, Tiger Global, Tybourne Capital

Zomato’s chief executive and founder Deepinder Goyal also denied the report in a post on the microblogging site Twitter.Premium
Zomato’s chief executive and founder Deepinder Goyal also denied the report in a post on the microblogging site Twitter.

New Delhi: Restaurant search and discovery portal Zomato on Wednesday denied a news report in The Economic Times stating that the company was in talks to raise $200 million from Steadview Capital and Tiger Global, along with Hong Kong-based hedge fund Tybourne Capital Management.

Zomato’s chief executive and founder Deepinder Goyal also denied the report in a post on the microblogging site Twitter.

The company added an email response to Mint that the “news isn’t correct".

The Economic Times on Wednesday reported that Zomato was in “talks with a number of global private equity and strategic investors to raise about $200 million by December." It also said that the deal would help the company reach a valuation of $1 billion.

In its last round of funding, Gurgaon-based Zomato, founded in 2008 by Goyal and Pankaj Chaddah, raised close to $37 million from Sequoia Capital and Info Edge (India) Ltd, an India-listed company which owns the portal Naukri.com. In total the company has raised $53.5 million and currently employs over 700 people across the world.

The company, which has been rapidly expanding its international presence over the past two quarters, is present in 16 countries.

Zomato recently acquired Gastronauci, Poland’s leading restaurant search service.

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Published: 08 Oct 2014, 05:19 PM IST
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