Food Aggregator Zomato Files Papers for Rs.8,250 crore IPO

Ant Group backed Zomato files for an initial public offering of up to Rs.8250 crore, draft papers has been 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.

Established in 2008 in Delhi, Zomato employs over 5,000 people. Lately, Zomato has raised $250 million from investors including Kora Management and Fidelity Management & Research Co., which in turn escalated its value to $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 percent.

Recently, Zomato had amended its memorandum of association earlier this month to become a public limited company, renaming itself as Zomato Ltd.

The online food aggregator has also included home-style meals in association with partner restaurants, as an increasing number of users, sick with covid infections, prefer simple meals.

In his Twitter handle, Deepinder Goyal, Founder, Zomato states, “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."