Indian restaurant search services provider Zomato acquired U.S.-based rival Urbanspoon for about $50 million in one of the biggest overseas deals by an Indian startup and a company executive said it was in talks to raise about $100 million in fresh funding. India's rapidly growing Internet- and mobile-based companies have attracted billions of dollars in funding in the last couple of years from foreign investors including Japan's SoftBank Corp and Temasek Holdings Pvt Ltd.Some of the technology startups have used the private equity investments to acquire local peers to boost presence in a market that has the world's third-largest Internet user base, but overseas acquisitions are rare.The acquisition of Urbanspoon, which marks Zomato's entry into the United States, Canada and Australia, will result in its presence in 22 countries, covering more than one million restaurants, Zomato said.Seattle-based Urbanspoon, which was previously owned by media mogul Barry Diller's IAC/InterActiveCorp, competes with Yelp Inc, a popular website that lets users review and rate restaurants and other services.
IAC/InterActiveCorp (IAC) is a United States-based media and Internet company which consists of more than 150 brands and products. Shares of IACI fell by 1.69% or $-1.04/share to $60.47. In the past year, the shares have traded as low as $56.50 and as high as $80.64. On average, 842062 shares of IACI exchange hands on a given day and today's volume is recorded at 818029.
Yelp Inc. connects people with great local businesses. Shares of YELP fell by 3.66% or $-2.05/share to $54.02. In the past year, the shares have traded as low as $49.11 and as high as $101.75. On average, 3161130 shares of YELP exchange hands on a given day and today's volume is recorded at 2407653.
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