Zomato IPO Date Update | Indian Restaurant Aggregator And Food Delivery Start-Up Zomato Plans Ipo Next Year
The development comes nearly a week after MacRitchie Investments invested Rs 450 crore in Zomato. MacRitchie is a unit of Temasek Holdings, the state investment branch of Singapore.
- The company’s revenue in the year 2019-20 was 2.89 thousand crores.
- Online food delivery business may have to wait 2-3 months for improvement.
Zomato, an online food delivery company, may launch an IPO by the year 2021. The founders of the company have given this information to the employees via email. Major investors such as Tiger Global, Temasek, Bailey Gifford, and Ant Financial have taken part in the existing funding to invest in the company. CEO Dipendra Goyal estimates that the company will soon have over 4.40 thousand crores in the bank.
IPO expected by the first half of 2021
Company CEO Dipendra Goyal on Thursday emailed the employees to make an IPO. They can bring it in the first half of the year, 2021. The company will use the proceeds from the IPO for merger, acquisition, and market price competition. He informed me that the company has deposits of about 1.83 thousand crores in the bank.
Investment in the company
The development comes nearly a week after MacRitchie Investments invested Rs 450 crore in Zomato. MacRitchie is a unit of Temasek Holdings, the state investment branch of Singapore. Apart from this, the investment of 1.1 thousand crores rupees has been revealed by China’s Ant Financial. The company has so far received over 360 crores from Ant Financial. Info Edge holds a 27.6 percent stake in Zomato. Apart from this, Ant Financial holds 23 percent and Uber has 9.99 percent.
Market valuation increases with new investment
The valuation of the company has increased from 23.88 thousand crores to 24.25 thousand crores with the new investment. Market competitor Swiggy has also raised funds of about 1.14 thousand crores this year. With this, Swiggy’s market value has increased to Rs 26.45 thousand crores. Which is slightly higher than Zomato’s market valuation?
First Consumer Startup IPO
CEO Dipendra Goyal said that after the funding round is over, the bank balance of the company will be up to Rs 4.40 thousand crores. Although the company has no plan to spend money in the coming days, it can increase the cost to compete in the market. According to reports, if this IPO comes, it will be the first internet-based consumer startup IPO in India.
The company’s revenue was 2.89 thousand crore rupees in the year 2019-20. During this time the company has a loss of 2.15 thousand crores, which was 2.03 thousand crores in the year 2018-19. However, according to experts, this will not affect the company’s IPO.
According to the report released in August, Zomato believes that the online food delivery business affected by the Corona crisis may have to wait 2-3 months to improve.