Sunday 15 December 2019

Zomato looking to gobble up Irish market with launch

Irish Launch: Zomato
Irish Launch: Zomato

Paul O'Donoghue

One of the world's most exciting digital firms, which has recently seen its value skyrocket into the hundreds of millions, has just launched in Ireland.

Zomato, an app and website which provides a guide for local restaurants and takeaways, has generated excitement among investors like few other companies in recent years, and is now expanding its European HQ in Dublin as it rolls out its service to include the capital.

The Dehli-based firm raised €48m last week in a funding round jointly led by heavy hitting investment firm Vy Capital, who have also sank funds into social media giants Twitter and Facebook. Vy Capital now join Info Edge, Zomato's to date largest shareholder who also co-led the funding round, and California-based venture capital company Sequoia Capital as one of Zomato's biggest backers.

The €48m raised values Zomato at €529m just six years after being set up and with about €1.6m of revenue at the end of its last financial year.

CEO Deepinder Goyal says there are "a few acquisitions in the pipeline". The company is known to be looking to expand into 14 more countries across Europe, Asia, Australia, and the Americas over the next year, but Mr Goyal insists that Ireland was "top of the priority list".

"Ireland is a great foodie market with a great restaurant scene," he said. "There is no service like ours in the country so we're looking to capture the market."

The company already has its European headquarters in Ireland, but that was mainly for financial reasons according to Mr Goyal. He says that the firm is now looking to expand its Irish workforce from 20 to "between 50 and 70 over the next few years".

He declines to give any revenue targets for Ireland, and insists that next year is all about building a user base. "Once that happens revenue will follow."

Sunday Indo Business

Also in Business