The company announced that it had broken even in India and six other foreign countries, making the Indian e-commerce the first to achieve that milestone. Zomato, valued at over $1 billion, is going to start another funding round before becoming profitable by mid-2016.
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The top online search engine already had the initial discussions with the three Indian startups. Baidu seeks to expand to India due to growing online population and internet user.
Indian-based restaurant search app Zomato acquired $60M from Temasek Holdings and Vy Capital. The search app will use it to expand the business to other countries and to introduce other services like Zomato Whitelabel.
Bangalore, India-based online real estate portal CommonFloor secured INR64 crore in its fourth financing round from existing investors Accel Partners and Tiger Global, as confirmed by co-founder Sumit Jain.
Proceeds from Zomato's recent USD37 million funding would go towards business expansion in 22 countries, chief executive Deepinder Goyal told TechCrunch.
