- Following months of speculation, food delivery app Zomato has filed for an IPO in its native India, targeting listings on both the state-owned National Stock Exchange and the privately held Bombay Stock Exchange.
- In papers submitted to the Securities & Exchange Board of India, the startup said it plans to raise 82.5 billion rupees ($1.11 billion) via the offering.
- Zomato claims in its filing that it is the leading food delivery player in India by market share, and names rival on-demand app Swiggy, cloud kitchen operator Rebel Foods, and fast food chains Domino’s, McDonald’s, and Pizza Hut as its closest competitors.
Why it matters:
Zomato’s float would be one of just a handful carried out by Indian tech startups to date, and could encourage others to follow suit – depending on its success.
The Gurgaon-based startup, which was founded in 2008, has raised a total of $2.1 billion funding to date according to Crunchbase. Its investors include Alibaba and its affiliate Ant Financial, Temasek, Sequoia Capital, Delivery Hero, and Uber – which sold its India food delivery business to Zomato in March last year.
Zomato looks to boost balance sheet, plug China gap in advance of IPO with $52m funding – read more here
Earlier this month, archrival Swiggy secured $800 million in Series J funding from Goldman Sachs, GIC, Naspers, and the Qatar Investment Authority, among others.