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Business News/ Markets / Ipo/  Zomato files for 8,250 crore IPO

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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Updated: 28 Apr 2021, 11:12 AM IST
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