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Zomato Files for Rs 8,250 Cr IPO as Demand Surges Amid Pandemic

Zomato was launched in 2008 and employs more than 5,000 people in 24 countries.

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Tech and Auto
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Online food-delivery platform Zomato on Wednesday, 27 April, filed for an initial public offering (IPO) of up to Rs 8,250 crore as it noticed a significant increase in its consumer base during the COVID-19 pandemic.

According to the Draft Red Herring Prospectus (DRHP) filed by Zomato, the company said that it intends to raise RS 8,250 crore in capital of which of which Rs 7,500 crore will be through fresh issuance, while Rs 750 crore will be an offer for sale for its existing investor Info Edge.

Zomato was launched in 2008 and employs more than 5,000 people in 24 countries.

According to The Economic Times, Zomato had declared Rs 1,367.65 crore in revenue for the period of 1 April to 31 December, 2020, while its losses in the same period added up to Rs 684.15 crore.

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The company in a filing stated, “ As lockdowns in response to the COVID-19 pandemic eased in India towards the end of May 2020, our food-delivery business started recovering and in the third quarter of fiscal 2021 we recorded the highest GOV achieved by us in any quarter till December 2020."

Meanwhile, the second wave across the country has dampened investors’ enthusiasm for stocks and IPOs. Several domestic brands such as Barbeque-Nation Hospitality and Macrotech Developers saw a muted response to their stock-market listings in the last few weeks.

(With inputs from Reuters)

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