Info Edge, owner of leading job portal naukri.com, today said it plans to invest Rs 4.7 crore in an online food guide and directory, Foodiebay.
Foodiebay is currently present in five cities of the country and plans to use this investment for product development, marketing and to further increase their geographic footprint.
"The space in which they are operating, holds tremendous potential as a vastly scalable business. With disposable incomes on the rise, and options of many cuisines' consumers are increasingly looking at exploring new food options and Foodiebay will provide them a wide range of options," Info Edge Senior VP Corporate Development Vivek Khare said.
Info Edge owns and manages - Naukri.Com, Jeevansathi.Com, 99acres.Com, Shiksha.Com apart from Quadrangle ¿ an offline executive search firm and Naukri Gulf. Info Edge also owns Brijj.Com, a professional networking site and Allcheckdeals.Com, a real estate brokerage firm.
"We plan to use these funds to scale our operations and to develop the next generation of web, mobile and social products that will excite our users and also provide unique opportunities to the local business owners," Foodiebay Co-Founder and CEO Deepinder Goyal said.