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Zomato planning to file $650 million IPO next month

Zomato Pvt, an Indian food delivery startup backed by Jack Ma’s Ant Group, is looking to file the draft prospectus by April for its initial public offering that could secure about $650 million, according to people familiar with the development.

They also said that the company could complete the listing in Mumbai before the end of September, urging not to be identified as the information is private.

Discussions are ongoing and details of the offering such as size and timeline could be altered, the people said. A representative for Zomato didn’t immediately respond to requests for comment.

Founded by Deepinder Goyal in 2008 in Delhi, the company employs over 5,000 people, according to its website. Zomato has recently acquired $250 million from investors including Kora Management and Fidelity Management & Research Co., valuing the startup at $5.4 billion, according to an exchange filing in February by Info Edge India Ltd, an existing backer.

The pandemic has pushed many Indian consumers to move their spending online, boosting the fate of e-commerce firms like Zomato as they intend to go public. Nykaa E-Retail Pvt, backed by TPG Capital, is looking to list the company in the local market and to seek a valuation of at least $3 billion, as reported by Bloomberg News.

Data compiled by Bloomberg show that global IPO volumes are heading for the best quarter since at least 2009 with more than $188 billion raised so far this year.

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