Zomato, an online meal delivery business, is planning an Initial Public Offering (IPO) to generate Rs. 9,375 crore. The IPO will open for registration on July 14 and end on July 16. The price band is likely to be between Rs 72 and Rs 76 per share, with investors able to bid in lots. A single lot is made up of 195 shares, and a retail investor can bid on up to 13 lots. The meal delivery platform’s Chief People Officer, Akriti Chopra, has been elevated to a co-founder ahead of the IPO.
Here are some key facts about Zomato
Zomato’s acquisitions over the years
According to CrunchBase, the firm has acquired 14 initiatives to date, with Fitso, a fitness-based smartphone app, being the most recent. Uber Eats was bought by Zomato in January 2021. TongueStun, a Bengaluru-based start-up that aggregates caterers and restaurants for workplace canteens, was purchased by the food delivery platform in September 2018. Runnr, Sparse Labs, NexTable, Urbanspoon, and Cibando, among others, have been acquired throughout the years.
How much money has Zomato raised?
Zomato has funded about Rs. 15,629 crore in total, split over 21 rounds, the most recent of which was in February 2021. Fidelity Management and Research Firm and Tiger Global Management are the most recent investors in the company, which has a total of 25 investors. Temasek, Baillie Gifford, Kora, Luxor, Fidelity (FMR), D1 Capital, Baillie Gifford, Mirae, Steadview, and Ant Financial are among the investors.
Zomato’s investments have already seen one exit.
To far, the business has made three investments. Loyall Hospitality received Rs. 111 crore, TinMen received Rs. 1.25 crore, and Grab received Rs. 10.42 crore. Grab was Zomato’s only way out. Zomato claims to have over 55 million members and links them to restaurants in 24 countries.
To mitigate the economic impact of the new coronavirus pandemic, the firm announced layoffs of about 520 individuals, or 13% of its entire worldwide workforce of over 4,000 employees, in May 2021. Not only that, but it has also announced a temporary wage cut of up to 50% for its remaining staff, which will take effect in June.
What will Zomato do with the funds it raises?
Zomato plans to use the funds from the IPO to finance organic and inorganic growth efforts, as well as for general business reasons, according to the company.