Meals supply start-up Zomato planning to file $650 mn IPO subsequent month

Meals supply start-up Zomato planning to file $650 mn IPO subsequent month

Zomato, a meals supply start-up backed by Jack Ma’s Ant Group, is planning to file the draft prospectus by April for its preliminary public providing that might elevate about $650 million, in keeping with individuals acquainted with the matter.

The corporate might full the itemizing in Mumbai earlier than the tip of September, the individuals stated, asking to not be recognized as the knowledge is personal.

Deliberations are ongoing and particulars of the providing equivalent to measurement and timeline might change, the individuals stated. A consultant for Zomato didn’t instantly reply to requests for remark.

Based in 2008 in Delhi, the corporate employs greater than 5,000 individuals, in keeping with its web site. Zomato not too long ago raised $250 million from traders, together with Kora Administration and Constancy Administration & Analysis Co., valuing the start-up at $5.4 billion, in keeping with an alternate submitting in February by Data Edge India, an present backer.

The pandemic has pushed many Indian shoppers to shift their spending on-line, bolstering the fortunes of e-commerce companies like Zomato as they purpose to go public.

Nykaa E-Retail, backed by TPG Capital, is planning to record the corporate within the native market and to hunt a valuation of a minimum of $3 billion, Bloomberg Information has reported.

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