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A day after <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> suffered a security breach as its data was hacked and details of 17 million users were at risk, founder <keyword id="476451" type="UNKNOWN" weightage="20" keywordseo="Deepinder-Goyal">Deepinder Goyal</keyword> assured of zero risk to the users. Zomato stated they were working with the hacker to see how he carried out the hacking. “The 'ethical hacker' - whose identity has been kept under wraps - simply wanted to expose the security vulnerabilities in the company's structure,” read the blog post. Zomato stated the hacker has been very cooperative. “His/her key request was that we run a healthy bug bounty program for security researchers,” Zomato stated in a blog. Following the events, Zomato is going to announce a bug bounty program on Hackerone. “We look forward to working more closely with the ethical hacker community to make Zomato a safer place for our users,” said Zomato. <div type="javascript" title="Custom"><cdata><![CDATA[


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 About 6.6 million users had password hashes in the leaked data and only five data points were exposed - user IDs, Names, Usernames, Email addresses, and Password Hashes with salt. "60% of users use Google/FB for logging in to Zomato. We don't have passwords for these accounts - therefore, these users are at zero risk," Goyal tweeted.

Zomato assures hacker will destroy data of 17 million users; says users at zero risk

Associated PressUber CEO Dara Khosrowshahi.<ul class="summary-list"><li>Uber Eats will reportedly sell its Indian business to a local rival, Zomato, for $400 million.</li><li>According to TechCrunch, Gurugram-headquartered Zomato could receive between $150 million and $200 million of investment from Uber as part of the deal.</li><li>Zomato, which also aggregates restaurants and operates in many countries around the world, is thought to be close to finalizing a $600 million funding round.</li><li>A spokeswoman for Zomato declined to comment, while Uber did not immediately respond to Business Insider's comment request.</li><li><a href="https://www.businessinsider.com/international?r=US&amp;IR=T">Visit Business Insider's homepage for more stories.</a></li></ul>Uber will reportedly sell its Indian Uber Eats business to local rival Zomato for $400 million.That's <a href="https://techcrunch.com/2019/12/15/ubereats-india-zomato/">according to TechCrunch</a>, which claims negotiations are at "advanced stages." Reports of Zomato's possible acquisition of Uber Eats' Indian business first emerged last month.Uber itself may retain ties with Zomato by investing between $150 to $200 million in Zomato and a "sizable stake" in the firm, the report adds. Business Insider has contacted Zomato and Uber for comment. Uber did not immediately respond, while a Zomato spokeswoman said the firm "doesn't comment on rumors and speculations."Though <a href="https://www.zomato.com/about">Zomato has a global presence and has existed since 2008</a>, it is headquartered in the north Indian city of Gurugram, and thereby represents a domestic competitor to Uber Eats.ZomatoZomato CEO Deepinder Goyal has grown Zomato thanks to an unusually high number of funding rounds.Uber CEO Dara Khosrowshahi said last month that <a href="https://fortune.com/2019/11/04/uber-eats-new-growth-strategy-q3-earnings/">where his company can't reach the number one or number two</a> position in the food delivery market, it will leave.Uber Eats entered India relatively late, in mid-2017, and was never able to seriously challenge Zomato's presence, with <a href="https://techcrunch.com/2019/12/15/ubereats-india-zomato/">a source telling TechCrunch</a> that its daily orders peaked at 600,000 in comparison to Zomato's daily total of more than 1 million. Uber is also facing stiff competition in the Indian ridehailing space against local rival Ola.Zomato is also <a href="https://techcrunch.com/2019/11/22/prosus-ventures-india-food/">reported to be finalizing a fresh fundraise</a>, thought to hover in the region of $550 million. <a href="https://www.crunchbase.com/organization/zomato#section-funding-rounds">According to Crunchbase</a>, the firm - which also publishes customer reviews of restaurants - has already raised over $750 million across 15 funding rounds.The latest, <a href="http://www.kreoscapital.com/delivery-hero-leads-zomatos-new-funding-round/">a Series J fundraise of $62 million in March</a>, continued the firm's unusual approach of staging lots of incrementally larger funding rounds, without ever seeming to contemplate an IPO.<a href="https://www.businessinsider.com/intelligence/future-of-retail?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=uber&amp;itm_campaign=future-of-retail-2"></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/tech-that-died-this-decade-aim-vine-moviepass-2019-11">Tech that died this decade</a></h3>

Uber is thought to be selling its Uber Eats business in India for $400 million

<div dir="ltr">
IAC-owned <a href="http://www.urbanspoon.com/">Urbanspoon</a> has been acquired by Indian startup <a href="https://www.zomato.com/">Zomato</a>, a restaurant directory service, the companies announced Monday.
Sources report the deal is between $50-60 million. <a href="http://www.geekwire.com/2015/restaurant-directory-zomato-buying-urbanspoon-part-u-s-expansion/">A report from GeekWire</a>&#xa0;published Sunday said Urbanspoon CEO Keela Robison would depart as part of the acquisition, but Zomato did not confirm that information.
Zomato, which was founded in New Delhi in 2008, has expanded to provide 330,000 listings for restaurants in countries including&#xa0;Canada, Brazil, and Ireland.&#xa0;
With the acquisition of Urbanspoon, Zomato will break into the US market, competing against services like Foursquare and Yelp and bringing the total number of countries served by Zomato to 22.
Unlike its competitors, Zomato's approach to getting information about restaurants is grassroots: the company hires locals to curate restaurant information, take pictures, scan menus, and create recommendations. Zomato also includes real-time information about the restaurant and lets users book tables through its iOS and Android apps.
"Zomato has experienced phenomenal growth in recent years, and our customer bases complement each other's perfectly,"&#xa0;Urbanspoon CEO&#xa0;Keela Robison said. "Zomato's significant investments in people and technology will bring Urbanspoon customers, restaurant owners, and food bloggers a number of new capabilities and features. We're excited to combine our strengths to accelerate growth."
Zomato has acquired six local restaurant search companies in New Zealand, Poland, Czech Republic, Slovakia, Italy and Turkey in the past six months, including <a href="http://menumania.seccionamarilla.com.mx/" target="_blank">MenuMania</a>&#xa0;in New Zealand and <a href="http://www.cibando.com/" target="_blank">Cibando</a>&#xa0;in Italy. 
Urbanspoon, which was founded in 2006 and in 2009 was acquired by Barry Diller's IAC, is Zomato's first US acquisition.
"We have been planning our entry into the North American market for some time, and Urbanspoon's excellent reputation and foothold in North America, Australia and the UK provides the perfect opportunity for our global growth," said Deepinder Goyal, Zomato's CEO and founder. "We are delighted to welcome Urbanspoon and their audience into Zomato. We will soon be integrating the two platforms to bring the best of both products to all of our users."&#xa0;
The acquisition will more than triple Zomato's restaurant inventory from 300,000 to more than 1,000,000 restaurants around the world.&#xa0;In coming months, Urbanspoon traffic's will move to Zomato.com, and all Urbanspoon app users will use the Zomato app.
Zomato&#xa0;<a href="http://techcrunch.com/2014/11/18/you-say-zomato/">raised $60 million in venture funding in November</a>&#xa0;from Sequoia, Info Edge and Vy Capital, bringing the total amount of funding raised by the company to $113 million.
</div>

Zomato, An India-Based Restaurant Directory Startup, Just Acquired IAC's Urbanspoon To Make Its Move Into The US

<keyword id="80004" type="COMPANY" weightage="20" keywordseo="Info-Edge">Info Edge</keyword>, the parent company of job portal <keyword id="218117" type="COMPANY" weightage="20" keywordseo="Naukri-com">Naukri.com</keyword>, will be investing nearly Rs 1.85 billion in food guide portal <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> Media Private Limited. 
 
“Info Edge has committed to make an additional investment of an amount of about Rs.1.85 billion in the shares of Zomato Media Private Limited (which owns and operates an online food guide portal www.zomato.com),” Chintan Thakur, chief financial officer and whole time director of Info Edge informed National Stock Exchange on November 19, 2014. 
 
Zomato will be raising an overall funding of about Rs.3.70 billion which also includes stake sell from existing shareholders. Info Edge will be investing along with two other investors. 
 
“Info Edge would be subscribing and purchasing equity shares and convertible preference shares of Zomato Media Private Limited. Upon disbursement of this amount, the total amount invested by Info Edge in Zomato Media Private Limited will be about Rs. 3.27 billion and the shareholding of Info Edge in Zomato Media Private Limited, post aforesaid aggregate fund raise of Rs.3.70 billion, will be maintained at 50.1% on a fully converted and diluted basis,” added Thakur. 
 
Early last year, the company had invested less than Rs1 billion and had become a majority shareholder with nearly 58% shares in the company. 
 
Image: Zomato.com

Info Edge Invests
Rs 1.85 billion in Food Guide Zomato

<keyword id="477607" type="ORGANIZATION" weightage="100" keywordseo="HSBC-Securities-and-Capital-Markets">HSBC Securities and Capital Markets</keyword>, the brokerage arm of <keyword id="6358584" type="CITY" weightage="100" keywordseo="HSBC">HSBC</keyword>, has halved the valuation of Zomato, bringing it down from $1 billion to $500 million, said a note that Zomato's majority investor Info Edge circulated last month. 
 
In the note, concerns have been raised regarding Zomato's ad-heavy business model, its international operations and growing competition in the online food ordering segment, says a Mint report. 
 
"Zomato is present in 23 markets so early on and none is profitable, which implies that to address both the investments in last-mile delivery and losses in international operations, fund-raising will be a continuous phenomenon, suggesting current valuations don't make much sense. We do a discounted cash flow (DCF) analysis and value the business at 50% lower to the $1-billion valuation" HSBC analyst Rajiv Sharma reportedly said in the note. 
 
Last year, Zomato’s valuation has jumped to $1 billion after it had secured funding worth $50 million from Info Edge, Sequoia Capital and Vy Capital. Talking of the overall funding that it has raised since its launch in 2008, the figure comes to around $225 million. 
 Info Edge, which owns a 50.1% stake in the company, has disagreed with HSBC's estimate, with founder and VC <keyword id="295255" type="PERSON" weightage="100" keywordseo="Sanjeev-Bikhchandani">Sanjeev Bikhchandani</keyword> saying that Zomato's "revenue has more than doubled in the last nine months. Costs have been rationalized and burn is down by more than 70% from the peak. The company has plenty of cash and its unit economics are really good." 
 
"We value our investments at cost and Info Edge has not marked down Zomato at all" Bikhchandani added. 
 
"Our ad business in various countries has up to 93% gross margin... We are profitable in eight countries as of today" a Zomato spokesperson told the publication. "We are growing fast and are on course to becoming profitable as a company very soon. Beyond this, we do not want to comment on valuation markdown speculations of third parties." 
 
<a href="http://top10wala.in/wp-content/uploads/2013/07/Shri-Sanjeev-Bikhchandani-Co-founder-CEO-Info-Edge-India-Ltd.jpg">Image source</a>

You Searched For "Zomato funding" and got 5 results

Zomato assures hacker will destroy data of 17 million users; says users at zero risk

BI India Bureau

Uber is thought to be selling its Uber Eats business in India for $400 million

Charlie Wood

Zomato, An India-Based Restaurant Directory Startup, Just Acquired IAC's Urbanspoon To Make Its Move Into The US

Maya Kosoff

Info Edge Invests Rs 1.85 billion in Food Guide Zomato

Purba Das

HSBC halves Zomato's $1 billion valuation. Zomato has zero profitable markets, though Info Edge says revenues have doubled

BI India Bureau

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