INSUBCONTINENT EXCLUSIVE:
Zomato witnessed a surge in online food deliveries amid the second wave of COVID-19
Online food ordering and delivery startup Zomato filed for an initial public offering of up to Rs 8,250 crore on
Wednesday, April 28, as food delivery witnessed a surge amid the ongoing second wave of the COVID-19 pandemic in the country
Zomato is backed by China's Ant Group and was incorporated in 2008
It is now one of the most prominent startups in the country
According to its official website, Zomato has its presence in 24 countries across the globe and employs over 5,000 people
Zomato filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India or SEBI
crore will be through a fresh issue of the equity shares
Info Edge, the top shareholder, and the company's earliest backer will sell shares worth Rs 750 crore through an offer for sale or
herring prospectus, Zomato said that it intends to utilise the proceeds for funding the organic and inorganic growth initiatives and for
general corporate purposes
paid-up equity share capital
pandemic, or a similar public health threat, could impact cash flows, business, and overall operations
Zomato also faces competition in the food delivery market
The company, along with domestic rival Swiggy, backed by Accel, dominates the food delivery market in the country, which research firm
fund Tiger Global Management for a post-money valuation of $5.4 billion.
