Indian Food Guide Portal Zomato Acquires US Based UrbanSpoon For $52 Million

Online food portal Zomato, which recently received an investment from Info Edge last year, has acquired US based food portal Urban Spoon for $52 million. Info Edge made the disclosure to the National Stock Exchange (NSE) in a letter dated January 12, 2015.

Apart from the US, Urban Spoon has operations in Canada, UK, Ireland, Australia, Canada and New Zealand. “The transaction is an all cash transaction amounting to $52 million,” the company said in a letter.

It should be noted that Info Edge has invested nearly Rs 1.85 billion in food guide portal Zomato Media Private Limited. “…Upon completion of the allotment/transfer of shares against the said investment aggregate amount of investment in Zomato will be about Rs 3.27 billion. Info Edge will hold 55.13% of the equity share capital of Zomato. The overall holding on a fully converted and diluted basis will remain at 50.1%,” said the company in the letter.