Zomato to Raise Rs. 9,375 Crore Through IPO. Here’s All You Need to Know

Zomato, the web meals supply service supplier, is ready to boost Rs. 9,375 crore by way of an Initial Public Offering (IPO), which opens for subscription on July 14 and closes on July 16. The worth band is anticipated to be within the vary of Rs 72-76 per share and buyers can bid in tons as nicely. A single lot consists of 195 shares and a retail investor can bid for a most of 13 tons. Ahead of the IPO, the meals supply platform has additionally promoted its Chief People Officer Akriti Chopra to a co-founder.

Here are some key information about Zomato

Zomato’s acquisitions over time

The firm has acquired 14 ventures thus far according to CrunchBase, with the latest one being Fitso, a fitness-based cellular app. In January 2021, Zomato acquired Uber Eats. Before that, in September 2018, the meals supply platform purchased TongueStun, a Bengaluru-based start-up that aggregates caterers and eating places for workplace canteens. Among different acquisitions, over time, are Runnr, Sparse Labs, NexTable, Urbanspoon, and Cibando and many others.

How a lot cash has Zomato raised?

In whole, Zomato has raised roughly Rs. 15,629 crore, unfold over 21 rounds, with the newest being as latest as February 2021. The firm is funded by 25 buyers and its most up-to-date investor is Fidelity Management and Research Company and Tiger Global Management. It’s additionally backed by Temasek, Baillie Gifford, Kora, Luxor, Fidelity (FMR), D1 Capital, Baillie Gifford, Mirae, Steadview, and Ant Financial.

Investments by Zomato embrace one exit already

The firm has made three investments thus far. It invested Rs. 111 crore in Loyall Hospitality, Rs. 1.25 crore in TinMen, and Rs. 10.42 crore in Grab. Zomato has had one exit, Grab. Zomato claims that it connects over 55 million customers to eating places in 24 completely different nations.

Impact of COVID-19

In May 2021, the corporate introduced layoffs of round 520 individuals or 13 per cent of its whole international workforce, consisting of almost 4,000 workers to scale back the financial influence of the novel coronavirus pandemic. Not simply that, it additionally introduced a short lived pay minimize of as much as 50 per cent for its remaining workers that has come into drive from June. 

Where will Zomato use the cash it raises?

Zomato says that it intends to utilise the proceeds from IPO to fund natural and inorganic development initiatives and for normal company functions.