Online food delivery and restaurant platform Zomato has filed a petition (DRHP) to present the IPO. It was long awaited. It is the first consumer-based Internet startup in the country, which is preparing for listing.
Zomato has stated in its DRHP that it plans to raise Rs 8,250 crore from the primary market, in which fresh shares worth Rs 7,500 crore will be issued. Apart from this, Info Edge (India) is going to sell shares worth Rs 750 crore from its stake.
On Tuesday, Info Edge had announced its intention by announcing this information in the information given to the market. Apart from Zomato, Info Edge (India) also has businesses like Naukri.com and 99 Acres. The company holds 19 per cent stake in Zomato.
Zomato achieved revenue of Rs 1,367.65 crore from April 1 to December 31, while the company incurred a loss of Rs 684.15 crore during this period. Its information is given in the petition draft. The company’s revenue last year was Rs 2,742.74 crore and the loss was Rs 2,362.8 crore.
During the Corona virus epidemic, demand for food delivery has increased rapidly. “After the lockdown caused by the corona virus epidemic in May 2020, the business was back to normal from the third quarter of the last fiscal year, when our gross order value was the highest,” said Jomato.
Miten thanks for this message. Actually the credit should go to the Zomato team. @deepigoyal @zomato. Our skill lie… https://t.co/gRuSYsq3Dh
– Sanjeev Bikhchandani (@sbikh) 1619584764000
Zomato believes the losses will continue. The company said, “We feel that over time our costs will also increase and our losses may also increase to increase business.”
ET had reported in its report on March 3, 2020 that Zomato intends to raise $ 75 million to $ 1 billion through an IPO. Jomato said that she is going to include five independent members on her board, of which four will be women.
The valuation of Jomauto’s stake in Info Edge is being valued at Rs 7,270 crore in the market. According to ET’s April 15 report, Zomato’s biggest rival Swiggy raised $ 45 million in funding from Softbank and Vision Soft at a valuation of $ 5 billion.
