Zomato Files For $1.11 Billion IPO As Food Delivery Surges In Pandemic Times

Wednesday, 28 April 2021Newsdesk

Food delivery startup Zomato, backed by China's Ant Group, has filed for an initial public offering of up to Rs. 82.5 billion ($1.11 billion) as consumers increasingly turn to ordering food online during the COVID-19 pandemic.

New Delhi, 28 April 2021

As per news report of NDTV, launched in 2008, Zomato is one of India's most prominent startups. It is present in 24 countries and employs more than 5,000 people, according to its website. In February, the company had raised $250 million from five investors including hedge fund Tiger Global Management for a post-money valuation of $5.4 billion. According to draft papers submitted to India's market regulator on Wednesday, Zomato's offering will comprise a fresh issue of shares worth up to Rs. 75 billion.

Source -NDTV