Zomato files for ₹8,250 crore IPO
- Zomato had recently raised $250 million from investors including Kora Management and Fidelity Management & Research
Food delivery startup Zomato, backed by Ant Group, has filed for an initial public offering of up to ₹8250 crore, draft papers submitted to the market regulator showed. The online food delivery segment has seen significant growth in the last few years with Zomato and Swiggy competing head-on to grab market share.
Zomato's FY20 revenue had jumped over two-fold to around ₹2,960 crore from the previous fiscal.
Founded in 2008 in Delhi, Zomato employs more than 5,000 people. Zomato recently raised $250 million from investors including Kora Management and Fidelity Management & Research Co., valuing the startup at $5.4 billion, according to an exchange filing in February by Info Edge India Ltd., an existing backer. Info Edge India shares were up 1.5%.
In preparation of its much-awaited public listing, Zomato had recently amended its memorandum of association earlier this month to become a public limited company, renaming itself Zomato Ltd.
The online food aggregator Zomato has rolled out home-style meals in association with partner restaurants, as an increasing number of users, sick with covid infections, seek simple meals.
It has rolled out mini-menus on its app. “Over the last few days, one of the most requested features on @zomato has been – a selection of home style food for people battling poor health. We just launched home style mini-menus along with thousands of restaurants across the country,” Zomato’s founder Deepinder Goyal said in a post on social media platform Twitter.
(With Agency Inputs)
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