Post raising $60 million, Zomato plans to restructure firm in 2 key business verticals
Online restaurant search and food delivery firm Zomato has disclosed its plans to restructure the company into two key business verticals – Consumers and Enterprise. "We are planning to gradually restructure Zomato into two business verticals -- 'Consumers' side of business will have apps for consumers, and 'Enterprise' will have products that are being made for restaurants," shared Deepinder Goyal, Founder & CEO, Zomato.
On the enterprise side, there will be white-label apps, table reservation software called book, payments product called cashless, and point of sale called base, he added further.
Going forward, the firm is also planning to expand its reach to over 40 countries by the end of 2016. "We will enter around 40 countries by end of 2016 by adding about 18 countries by the end of the next year," revealed Goyal.
When asked if Zomato was also looking for taking inorganic route for future growth, Goyal said, "We are very ad-hoc when it comes to inorganic growth. We are not hunting for acquisitions. It will be mainly organic growth." The CEO further said India and UAE have been profitable for a long time. The other markets that have become profitable are New Zealand, Philippines, Indonesia, South Africa, Qatar and Lebanon.
Zomato is looking to enter countries like Europe, South East Asia and Latin America, as these are reasonably large size markets and many of them don't have a large enough player. The firm currently serves 22 countries and provides in-depth information of over 1.4 million restaurants.
"We have already started looking for people in all these countries, but launching in any country takes around 6 months. We always start with hiring the country manager first and, in general, it takes about three months to find the right person and then all other things become easy," Goyal opined.
Founded in 2008, Zomato has so far secured $225 million in total funding from four Investors - Info Edge, Sequoia India, Vy Capital and Temasek. Recently, the firm bagged $60 million in a fresh round of funding led by Singapore investment company Temasek, with participation from existing investor Vy Capital. With this round of funding, the firm plans to further grow its new business verticals.