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

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

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

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

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

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

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

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

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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Zomato acquires Uber’s food delivery business in India to accelerate growth

INDIA – Zomato, the food delivery company backed by Alibaba’s Ant Financial, has acquired Uber Eats India in an all-stock transaction which will give Uber a 9.99% stake in Zomato. The companies did not disclose the value of the transaction, but preliminary reports place the deal at between US$300-350 million. The American food delivery platform has been struggling with its Indian business following Zomato’s entry into the multi-billion dollar market in 2017. Uber Eats has also encountered major competition from other companies. including Swiggy, who have in the recent past…

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Indian foodtech unicorn Zomato appoints Akriti Chopra as new CFO

INDIA – Zomato, an Indian online food delivery platform, has named Akriti Chopra as the company’s new chief financial officer (CFO). Chopra’s appointment follows the resignation of the Sameer Maheshwary in December last year, having spent less than six months in his tenure. Followings Sameer’s departure, Zomato’s chief operating officer, Gaurav Gupta, who also holds a co-founder tag at the company, took over the finance functions. According to a report by paper.vc, the Gurugram-headquartered company Chopra’s appointment was approved by the Zomato board at a meeting held on November 8.…

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