Online restaurant guide Zomato has stepped into the lion's den in the United States with an estimated $60 million (Rs 370 crore) acquisition of Seattle-based food portal Urbanspoon, a deal which will bring it into direct confrontation with Yelp.
The purchase demonstrates a large appetite by Zomato for a significant slice of the vast American market for online food listings, dominated by Yelp, a public listed company and the world's largest.
This latest deal-- the sixth and biggest acquisition so far by Zomato-- will be an all-cash transaction powered by the Gurgaon-based company's most recent round of funding that closed in November.
Read more at:
Zomato to buy US food portal Urbanspoon for $60 mn, may give competition to Yelp - The Economic Times
The purchase demonstrates a large appetite by Zomato for a significant slice of the vast American market for online food listings, dominated by Yelp, a public listed company and the world's largest.
This latest deal-- the sixth and biggest acquisition so far by Zomato-- will be an all-cash transaction powered by the Gurgaon-based company's most recent round of funding that closed in November.
Read more at:
Zomato to buy US food portal Urbanspoon for $60 mn, may give competition to Yelp - The Economic Times