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Zomato acquires two online restaurant guides for $3.25 million
MUMBAI: Indian restaurant search and discovery portal Zomato has entered into the Czech Republic and Slovakian markets by acquiring online restaurant guides Lunchtime and Obedovat for a combined amount of $3.25 million.
The deal marks Zomato’s entry into East Europe and is their second overseas acquisition after New Zealand based MenuMania two months ago. The latest acquisitions are a strategic move to establish Zomato’s presence in Central and Eastern Europe.
Zomato founder and CEO Deepinder Goyal said in a statement, “Together, Zomato, Lunchtime and Obedovat will be able to build the largest resource of restaurant information in the Czech Republic and Slovakia. We look forward to combining the best of both our business models to build an integrated product, which the users as well as restaurant businesses, will love once it is rolled out over the next few months.”
He further added that the company is looking to infuse $2.5 million into its operations in the Czech Republic and Slovakia over the next couple of years. The company plans to enter 10 more markets.
The Lunchtime and Obedovat teams will be working closely with the Zomato team following the acquisition. The combined product will aim to enhance the user experience with fresh, more in-depth restaurant information along with lunch menus.
Lunchtime was founded in 2008 by Igor Treslin and Adam Kurzok while Obedovat was founded in 2004 by Creative Web Group.
Lunchtime founder and CEO Igor Treslin said, “We’ll be able to combine our local expertise and focused product offering around lunch menus, with the technology and rich content platform that Zomato brings to the table. The combined product will drive greater value to local restaurant businesses and users.”
Creative Web Group CEO Zdenko Hoschek added, “The Lunchtime and Obedovat founding teams have spent a significant amount of time getting to know the founding team at Zomato, and are happy to see their strong focus on building a social restaurant discovery product. We respect their passion, and look forward to the Lunchtime and Obedovat teams becoming a part of Zomato.”
Zomato was founded in 2008 by Goyal and Pankaj Chaddah and has so far raised $53.3 million from investors Sequoia Capital and Info Edge (India) Ltd, an India-listed company that owns the jobs portal Naukri.com. It employs around 800 people worldwide and is now present in 15 countries.
It began its international operations in Dubai, UAE and currently operates in South Africa, the Philippines, Portugal, Qatar and Sri Lanka among others.