Zomato seeks to raise IPO valuation to $10 billion
Global marquee investors like T Rowe Price, Fidelity Investments and Capital Group have expressed interest in investing in Zomato’s IPO Zomato is expected to launch its IPO later this month BusinessToday.In
Updated Jul 06, 2021, 8:32 AM IST
Zomato that will soon launch its IPO is seeking a valuation of $10 billion as the platform witnesses a surge in online food-ordering. The company was seeking an $8 billion valuation about three months ago. The food delivery platform is expected to launch its share sale later this month. It will be the first among a bunch of India’s unicorns to go public.
Zomato revenue up at ₹2,604 crore in FY20
April 29, 2021
Food-tech aggregator intends to raise ₹8,250 crore through public listing
Food-tech aggregator Zomato’s revenue from operations has grown from ₹466 crore in FY18 to ₹2,604 crore in FY20, signifying around 5.5x growth over the three-year period. Revenue from operations for the nine months ended December 31, 2020, stood at ₹1,301 crore.
Zomato said that it has incurred a loss of ₹106.9 crore, ₹1,010 crore, ₹2,385.6 crore and ₹682 crore in fiscal years 2018, 2019, 2020 and the nine months ending December 31, 2020, respectively. The company has disclosed this in a draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI) to raise ₹8,250 crore through an initial public offering. This is the first major offering by an Indian consumer internet unicorn in several years and comes at a time when the food delivery business has seen exponential growth during the pandemic.
Kakao Pay CEO Alex Ryu
Kakao Pay Corp., a unit of South Korea s largest mobile messaging app Kakao Corp., submitted an application for its initial public offering with the Korea Exchange on Monday, set to become the country s first mobile fintech platform to go public, according to investment banking sources.
Unless there is an eligibility issue for its No.2 shareholder China s Ant Group as a major shareholder, Kakao Pay s IPO is expected to win approval in July at its earliest.
The IPO will likely take place almost simultaneously with its affiliate Kakao Bank. The mobile banking app submitted an IPO application on Apr. 15. If listed, Kakao Bank will become the country s first Internet-only bank traded on the Korea Exchange, as well.