Zomato files for US$1.1 billion IPO | QSRMedia Asia
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Zomato files for US$1.1 billion IPO

The Indian food delivery startup was valued at $5.4 billion in its most recent fundraise round.

Zomato has filed for an initial public offering, as Asia continues to grow its appetite for food delivery.

In a filing to the local market regulator, the Gurgaon-headquartered Indian startup, which counts Jack Ma’s Ant Group and Info Edge amongst its largest investors, plans to raise $1.1 billion from the IPO, with about $1 billion from issuing new shares.

75% of the IPO proceedings will be used to grow its Zomato Pro membership offering, which allows customers to avail additional benefits, Hyperpure, its B2B supplies business, and also deepen its relationship with restaurant partners.

The company, which has businesses in 24 markets, intends to list on Indian stock exchanges NSE and BSE.

Zomato was valued at US$5.4 billion in its most recent fundraise round and has said it may consider raising an additional US$200 million ahead of public listing.

The company reported US$183.6 million in revenue between 1 April and 31 December, 2020 whilst its losses that period amounted to US$91.8 million.

Zomato also identified "changing regulation in India," ability to raise foreign capital and "political changes" amongst over dozens of risk factors that could potentially affect its business in the future.

As of 31 December, the startup employs 3,469 people across the globe, has 161,637 active delivery partners, 350,174 active restaurant listings on the platform, 132,769 of which are also those that actively delivered to customers.

Photo credit: Zomato Facebook

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