By: Ankita Kulkarni
May 10 2021
True: Indian food delivery giant Zomato has filed for a $1.1 billion IPO.
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Indian startup Zomato has filed the draft red herring prospectus for a $1.1 billion IPO.
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Indian startup Zomato has filed the draft red herring prospectus for a $1.1 billion IPO.Zomato is one of the prominent food delivery startups in India, founded in 2008 by Deepinder Goyal. It is a Gurgaon-based company that was last valued at $5.4 billion in February, backed by Info Edge, Tiger Global, Ant Financial, and is present in 24 countries. It is one of the leading startups domiciled in India, including Policybazaar, Nykaa, Delhivery, MobiKwik, etc. The recent draft papers submitted by Zomato to the Securities and Exchange Board of India (SEBI) noted that its offer would comprise fresh shares worth ₹7500 crores. The company has said it intends to use the proceeds to fund growth initiatives and general corporate purposes. It plans to list on both the exchanges of NSE and BSE. The plan to list on the bourses has come at a time when there is demand for smaller companies, and the index is hovering at all-time highs.