India’s Restaurant Search App Zomato Raises $50M At $1B+ Valuation, Buys MaplePOS
Time to loosen the belt of Zomato: the Indian startup whose restaurant search app is now utilized in 22 nations is rising some extra. The corporate has raised $50 million extra in funding, and it has made its first acquisition of a product outdoors of the restaurant search area: it has purchased funds platform MaplePOS. The funding values the startup at over $1 billion, a supply near the corporate tells me.
MaplePOS’s unique service has been shut down because the product has been absorbed into Zomato’s platform and the plan is to roll it out globally later this yr. New Delhi-based mostly MapleGraph co-founders Arun Tangri, Varun Tangri, and Abhishek Rohilla have all joined Zomato. The acquisition — to not be confused with U.S.-based mostly meals supply startup Maple — was a money-and-fairness deal, though the worth just isn’t being disclosed.
In the meantime, the funding, a Collection F, had been reported in native press a few week in the past, however we’ve now been capable of affirm it, together with the opposite particulars. Led by strategic investor Information Edge, which runs a categorized promoting enterprise in India, the spherical additionally had participation from Sequoia Capital and Vy Capital. It brings the full raised by Zomato to only underneath $164 million since being based in 2008.
Maple POS is Zomato’s first acquisition of a restaurant-targeted product. Thus far, Zomato has made seven different acquisitions of search companies to broaden its presence into new nations. Most lately, it acquired Urbanspoon from IAC for $fifty five million to spearhead its entry into the U.S. market; and Mekanist to ramp up in Turkey.
The thought behind including a funds service is for Zomato to construct up its B2B choices for eating places. This can assist the corporate not solely develop its margins with these companies — who probably now should buy a number of providers from Zomato — but in addition to offer a recurring income for transactions on the cloud-based mostly platform.
Whereas there are a whole lot of different corporations making an attempt to deal with the POS area for the meals service sector particularly — they embrace the likes of Groupon with its Breadcrumb enterprise and Orderbird in Europe, but in addition funds companies like Sq. and iZettle which have seen a whole lot of traction with cafes and eating places — there are nonetheless far more small companies on the market which have but to tie themselves to any tech in any respect.
“We’re excited to companion with Zomato to understand our dream of constructing the perfect and most generally adopted restaurant level of sale system on the earth. Know-how has seen little or no penetration within the restaurant business, and we’re excited to be driving this alteration at giant scale,” Tangri stated in a press release.
MaplePOS’s tech will now turn out to be part of Zomato Base, Zomato’s Android-based mostly POS system. As a part of this, Zomato will pair the cloud-based mostly POS software program with its personal hardware, and as with many different restaurant POS techniques, it can additionally embrace different options like menu and stock administration, recipe administration, CRM software program, analytics, receipt-making capabilities, offline help, “and a stealth function which Zomato claims will change the best way eating places go about their enterprise. Ceaselessly.” (Sure, we’re looking for out what that stealth function is.)
All of that is a part of Zomato’s B2B push, which it calls Zomato for Enterprise, which additionally features a new cellular pockets product that it calls Cashless. It’s additionally getting ready to launch on-line ordering later this month in its house market. The build up of the B2B a part of the enterprise, certainly, is a part of the logic behind elevating extra money so quickly after the final spherical. It was solely in November 2014 that Zomato raised $60 million at a valuation of $660 million.
Deepinder Goyal, founder and CEO, Zomato, claims that Zomato “is the one meals-tech firm on the earth which is constructing merchandise for shoppers in addition to restaurant house owners,” he stated in a press release. “There’s a lot that may be finished if we’re capable of construct a know-how platform that connects shoppers to eating places and vice versa, and we consider that a world-class cloud-based mostly POS system is step one in the direction of constructing that platform. MaplePOS is a superb level-of-sale product, and we’re excited concerning the prospect of working with the MaplePOS group to construct this additional.”
However in fact others are all in search of methods to maneuver deeper into the identical area.
Groupon presents a means for eating places to promote themselves on-line, and whereas Yelp is just not in funds (but?) it has moved past listings and into B2B restaurant providers, too, particularly serving to them with meals supply by means of its acquisition of Eat24 and reservations by means of SeatMe. With Zomato shifting nearer into Yelp’s, Sq.’s, and Groupon’s territory, it might be solely a matter of time earlier than we’ve got a full-fledged meals struggle on our palms.