Zomato will give investors a chance to make money, IPO may come next year. Indian food delivery startup Zomato is preparing to launch an IPO next year. The company has received an investment of $ 160 million (about Rs 1,200 crore) from American investment firm Tiger Global Management and Singapore-based Temasek.
Infoedge has a 23 per cent stake in Zomato. Zomato may apply for an IPO in the first half of next year. In the information given to the Bombay Stock Exchange, Info Edge (India) has confirmed that Zomato raised $ 100 million from Tiger Global Management LLC and $ 60 million from MacRitchie Investments, a subsidiary of Temasek Holdings Limited.
What did the founder say
In an e-mail sent to employees, zomato’s founder and CEO Deepinder Goyal has said that the company is working vigorously to get an IPO in the first half of next year.
He said, ‘We have raised a lot of capital and our cash in the bank is around 250 million dollars. This is the largest cache ever in our history. Tiger Global, Temasek, Bailey Gifford and Ant Financial have participated in the current funding. Many big names are still being added to this round. We estimate that our bank cash will be 600 million dollars very soon.
How much is the valuation
The valuation of the company is about 25 thousand crore rupees from the investments made by the investors. Significantly, the business of food delivery companies like Zomato and Swiggy is also not doing well due to the lockdown and corona crisis. In such a situation, it is important for the company to get large capital. Zomato is headquartered in Gurgaon. In the financial year 2019-20, the company’s income doubled to around Rs 2900 crore