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Home India News

Zomato Files For ₹8,250-Crore IPO

by Priyansh Sidhwani
April 28, 2021
in India News, News
Reading Time: 2 mins read
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Zomato Files For ₹8,250-Crore Ipo

Zomato

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Online food delivery platform Zomato has made a huge Rs 8,250 crore return through its long-awaited IPO of its stake in Info Edge, India’s largest online food service provider. In a filing with the Securities and Exchange Board of India (SEBI) on Wednesday, Zomato raised Rs 7,500 crore, which will be a new issue, while Rs 750 crore will have been an OFS from InfoEdge.

Zomato also said it could consider a further sale of its stake in Info Edge in the next few months. The move is likely to reduce the company’s proposed new issue, which has been oversubscribed more than 1,000 times.

Online food delivery is expected to grow rapidly, reaching $22 billion by 2025, with CAGR reaching 40%, according to Bernstein in a report last year, and online adoption rising from 7% today to 10% in the next five years, compared with 5% a decade ago. Zomato’s IPO could be Dalal Street’s biggest success, ushering in the long-awaited public offering of India’s largest online grocery company.

Zomato, an online grocery delivery service, counts some of India’s biggest retailers such as Flipkart, Dabur, Jio, and Amazon among its customers. The company has strengthened its balance sheet, with the last round of financing that came in February this year. Tiger Global, Fidelity, and Kora Management were among those who wrote checks to the company during the late fundraising round. Zomato said it will use the funds raised from the issue to expand its operations in India and to research and development and expansion in other markets.

As some people are saying Zomato may be the only major Indian company going public that is not making a profit right now. as mentioned in the tweet and image below

As of Dec, 2020, Zomato had 350,174 Active Restaurant Listings, 1.4 million Pro Members and over 25,350 Pro Restaurant Partners. pic.twitter.com/HH1snlU2CC

Attached below is a follow-up tweet :-

Unit economics of Zomato – Pandemic gave them good opportunity to turn profitable on unit economics – From a loss of Rs31order to profit of Rs23

Strike while the iron is HOT #ZomatoIPO pic.twitter.com/9n62zS8RHr

— Giriraj Daga (@GirirajDaga5) April 28, 2021

The main question still coming in some people’s minds which has become quite a debate on Twitter is “How long will it sustain?”. I suppose we can wait and see to find out the answer.

enjoying our daily dose of tech news so far consider hitting the like,commenting and sharing it with your loved ones.

 

 

Tags: IPOOnline delivery appsSwiggyzomato
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Priyansh Sidhwani

Hi! I'm Priyansh, I write articles about gaming news here at Techstory. To get in touch E-mail: [email protected].

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