Zomato, former Indian rival of Uber Eats, prepares to go public

Zomato, an Indian food delivery company, plans to file its IPO file next month, in April 2021. The company’s ambition is to raise $ 650 million for an IPO in Mumbai. in September 2021.

The news, still unofficial, fell just after the sale of the Indian business of Uber Eats to Zomato. The Indian delivery company is backed by Ant Group, the financial arm of businessman Jack Ma’s business empire, now controversial in China. According to a stock market filing made by financial backer Info Edge India in February 2021, Kora Management and Fidelity Management & Research have joined Zomato’s capital, valuing the company at $ 5.4 billion.

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Bloomberg, which reports the information, has not had any official comments from the company and relies on anonymous sources close to the subject. The latter believe that the details of the transaction, such as dates or amounts, are still subject to change.

Created in 2009, Zomato employs 5,000 people. The pandemic, marked by the increase in the use of digital services, has empowered e-commerce businesses, and Zomato is no exception. In general, the Covid-19 crisis is successful in stock market activities. Global IPO volume could reach its best level since at least 2009 with currently $ 188 billion raised since the start of 2021.

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