Tag: Zomato

Zomato becomes first Indian unicorn to go public raising US$1.26B in successful IPO

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INDIA – Food delivery start-up Zomato has become the first Indian unicorn to go public, successfully raising over US$1.26 billion in an IPO that was more than 38 times oversubscribed.  The food delivery startup which also lets users book tables and aggregates reviews for restaurants debuted in India’s National Stock Exchange (NSE) in July at ₹116 (US$1.56), a 53% premium over the IPO price of ₹76 (US$1.02), and closed at ₹125.8 (US$1.69) per share on its first day.  Zomato has said it will utilise the net proceeds from the fresh issue for funding organic and inorganic growth initiatives and general…

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Zomato eyes 10% stake in e-grocery startup Grofers to counter rising competition from rivals Swiggy and BigBasket

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INDIA – India multinational food delivery company Zomato is angling for a 10% stake in Indian e-grocey startup Grofers to stave-off competition from rivals Swiggy and Big Basket. According to a report by ET Retail, the IPO-bound company has already filed a notification with the Competition Commission of India (CCI) to acquire a 9.3% stake in Grofers.  According to the document filed with CCI, Zomato has mentioned that the transaction will not lead to any impact on the competitive landscape.  The development follows an investment round where Grofers closed a US$120 million investment from Zomato and Tiger Global…

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Zomato files for $1.11bn IPO as food delivery surges in pandemic

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INDIA – India food delivery platform Zomato has filed for a US$1.11 billion IPO as food delivery surges in India amid a raging pandemic that has so far infceted more than 18 million people and killed over 200,000 others. Launched in 2008, Zomato is one of India’s most prominent startups, currently present in 24 countries and reported to employ more than 5,000 people, according to its website. The company, along with domestic rival Swiggy, backed by Accel, dominates the Indian food delivery market, which research firm RedSeer estimates is worth…

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Zomato expands meal delivery in India amid surging covid-19 cases, appoints 4 women to board

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INDIA – Food delivery platform, Zomato has expanded the offering of its meal delivery service to include home-style mini-menus to cater for surging demand of food order amid a worsening covid-19 crisis. The new, curated menus in the delivery app’s platform include options such as khichdi, soups, rajma chawal, and other Indian staples and have been launched in partnership with thousands of restaurants in the country. Chief Executive Deepinder Goyal said that expansion of the meals available on the platform was necessitated by surging demands from people with poor health…

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Zomato raises US$250 million in new funding round even as it re-evelutes its office catering business

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INDIA – Indian food delivery startup Zomato has raised US$250 million, two months after closing a US$660 million Series J financing round, reinforcing the strong confidence investors have in Zomato, which struggled to raise money for much of last year. Kora, Fidelity, Tiger Global, Bow Wave, and Dragoneer, pumped the new capital into the 12-year-old Gurgaon-headquartered startup, Info Edge, a publicly listed investor in Zomato, disclosed in a filing to a local stock exchange. Zomato, which acquired the Indian food delivery business of Uber early last year, competes with Prosus…

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Asia’s online food delivery expected to continue upward trajectory as Covid-19 continues to spread

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GLOBAL – Lockdowns and other coronavirus-related restrictions provided a significant boost to online food delivery players in 2020. The surge in food delivery orders saw players hire more independent contractors as delivery couriers in an effort to cover more ground. In addition, cloud kitchens, which deliver straight from the kitchen to homes, also gained traction in Southeast Asia in the last one year. Food delivery platforms in all corners of the word experienced a surge in business, got higher valuations and attracted some of the largest investments in 2020. Although…

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Indian foodtech unicorn Zomato raises US$660m in a primary financing round even as it prepares for 2021 IPO

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INDIA – Zomato, one of India’s most promising unicorns, has raised US$600 million in a primary financing round, giving the company a valuation of US$3.9 billion. The financing and valuation comes at a time when the company is preparing for its IPO which is slated for early next year. According to a report by Deal Street Asa, the fundraiser saw 10 investors join Zomato including Tiger Global, Kora, Luxor, Fidelity (FMR), D1 Capital, Baillie Gifford, Mirae, and Steadview. According to a statement from Deepinder Goyal, Zomato’s Founder and Chief Executive,…

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India’s Food tech Unicorn Zomato to raise $146m in preparation for 2021 IPO

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INDIA – Indian Food Tech Unicorn, Zomato is in the process of raising US$146 million in series J funding even as it prepares for a landmark Initial Public Offering slated for early next year. The Gurugram-based startup has so far raised an additional ₹37.9 crore (about $5.1 million) from Pacific Horizon Investment Trust, which is managed by UK’s Baillie Gifford and Co. Ltd. Pacific Horizon Investment Trust had previously invested $5 million in the Indian food tech company. According to a report by Deal Street Asia, the ongoing seed round…

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Indian Digest: Online food delivery startups BigBasket, Swiggy and Zomato raise funds

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INDIA – The ongoing Covid-19 pandemic induced lock down has let Indians discover the convenience of shopping for food and groceries online leading to a surge in demand. BigBasket, one of the leading online grocer in the country says that the company is getting a lot of traffic without splurging anything on marketing and promotions as a lot of people who would have never used an online service are now ordering online. To support the Bengaluru-based firm with the much-needed capital, BigBasket has raised US$50-60 million in a bridge round…

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India keen to tap into the growing appetite for healthier eating options

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INDIA – The food and beverage industry in India is seeing a very definite change in the healthy food segment supported by the growing demand for healthy, homestyle food by consumers across cities and towns. The country has recorded an upsurge in new health and organic food products for various segments as consumers are increasingly looking to eat right – a trend that has seen several new fast moving consumer goods focusing more on healthy food segment. According to a recent ET Retail report, online food delivery platforms in the…

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