On February 22, Zomato announced its latest—and potentially last— round of funding of $250 million from five investors, including Tiger Global Management and Kora Management. The online food delivery unicorn is now valued at $5.4 billion, a 1.4x jump from its valuation of $3.9 billion in January 2020, when it raised $660 million. The company is reportedly gearing up for an IPO next month.
“The fundraise adds to the war chest for acquisitions and price wars as the company readies for its initial public offering [IPO],” says Ankur Bansal, co-founder and director at BlackSoil, a credit platform for startups. “It has recently restructured its capital base to create 8.8 billion new shares and tripled its paid-up capital, indicating its intent in the near term.” Plans for the public listing seem to have been advanced due to Zomato’s better-than-expected performance during the Covid-19 pandemic. Zomato, however, reported a 160.6 percent increase in its FY20 losses, to ₹2,451 crore from ₹940 crore in FY19, while revenue increased from ₹1,255 crore in FY19 to ₹2,485 crore in FY20.
Zomato is part of a crop of internet-based companies, including Flipkart, Nykaa, PolicyBazaar and Paytm, which are planning their IPOs in the coming year or two. According to a report by HSBC Global Research, more than $60 billion has been invested in India’s internet-based startups over the past five years, with around $12 billion in 2020 alone.
Bu hikaye Forbes India dergisinin April 9, 2021 sayısından alınmıştır.
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Bu hikaye Forbes India dergisinin April 9, 2021 sayısından alınmıştır.
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