The popular food delivery platform Zomato is now planning to file for an Initial Public Offering (IPO) by April. The company might raise about $650 million and sources close to the development have said that the company’s listing might be done before the end of September.
Read on to find out all the details!
Zomato To File For Initial Public Offering By April; Plans To Raise $650 Million
As per reports, Zomato will soon be filing for an IPO by April and expects to raise about $650 million. The listing is expected to be completed by the end of September. It was only last month when Zomato raised an additional $250 million from existing and new investors. The primary pre-IPO fundraise was completed at a total valuation of $5.4 billion, which is an impressive increase from $3.9 billion in December.
Sources close to the matter have revealed that deliberations are currently underway. The details of the offering, such as size and timeline are subject to change as well.
Kora Management LP Invests $115 Million; Leads The Round
The funds in Zomato have been raised by Kora Management LP, which invested about $115 million, thereby leading the round. Also, Fidelity Management and Research also participated in the investment round, and infused $55 million. Along with them is Tiger Global Management, which put in $50 million. There also were Bow Wave Capital and Dragoneer Investment Group, who invested around $20 million and $10 million in the company.
The recent round of investment in Zomato is in addition to the $660 million primary fundraise that was invested by 10 new investors, which includes Baillie Gifford, Luxor Capital, Steadview, D1 Capital, and Mirae Asset.
After this round, Info Edge’s stake in Zomato stands at 18.4%. Info Edge is Zomato’s early investor.
The founder and chief executive of Zomato, Deepinder Goyal had stated in December that Zomato is also raising $140 million as a part of the secondary transaction. Zomato is reportedly trying to build a war chest for acquisitions and deal with any possible price wars in the future.
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