ETtech Exclusive: Zomato may invest $100 million in Grofers as e-grocer shelves US IPO plan
SECTIONS
Share
Synopsis
Zomato s investment is likely part of a larger financing round and may value the Gurugram-based online grocery firm at around $1 billion
ETtech
Illustration: Rahul Awasthi
Mumbai: Food delivery app Zomato is in talks to invest around $100 million in e-grocer Grofers, two people in the know told ET, after discussions of a possible merger between the two fell through last year at the onset of the Covid-19 pandemic.
Zomato’s investment is likely part of a larger financing round and may value the Gurugram-based online grocery firm at around $1 billion, sources said. This time the talks have centred around a capital infusion, unlike last year when Zomato
Synopsis
It is expected to be one of the largest initial public offerings ever for an Internet startup in India
ETtech
Illustration: Rahul Awasthi
Eleven years after it was founded, online food ordering and restaurant discovery platform Zomato took a big step toward a public listing on Wednesday.
It is expected to be one of the largest initial public offerings ever for an Internet startup in India.
A DRHP is a publicly available document of a company that is planning to raise money from the public which it files with the market regulator. It outlines critical information and details about its business operations and financials. This includes details about its promoters, reason for raising money, how the money will be used, risks involved with investing in the company, and so on.
Synopsis
Zomato reported Rs 1,367.65 crore in revenue for the period April 1 to Dec 31, 2020, while its losses in the same period added up to Rs 684.15 crore.
Online food delivery and restaurant discovery platform Zomato filed its much- anticipated draft red herring prospectus (DRHP) with markets regulator Sebi on Wednesday, becoming the first big domestic consumer internet startup to soon go public in India.
Zomato said in its filing that it intends to raise Rs 8,250 crore in capital by offering the company’s equity shares for sale, of which Rs 7,500 crore will be through fresh issuance. The rest of the Rs 750 crore will be an offer for sale by existing shareholder Info Edge, Zomato’s earliest backer.
Info Edge to sell Rs 750 crore Zomato shares in upcoming IPO indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Synopsis
Cofounder Deepinder Goyal said this decision was part of broader efforts by Zomato to make the company more inclusive and diverse
ETtech
IPO-bound food-delivery firm Zomato has added five new independent members on its board, four of whom are women, as it prepares to go make its public market debut soon.
In a blog post, published on Friday, Zomato’s cofounder & CEO, Deepinder Goyal, said, “And up until now, we had a largely investor run board. But today, I’m elated to share that we have five independent members on our board of eight people, four of whom are women. More than gender diversity though, what we have always been gunning for is cognitive diversity across levels in our organisation. Evidence based research shows that a key prerequisite for innovation comes from cognitively diverse people.”