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Zomato Preps For IPO; Appoints Authorized Advisors, Plans To Rent Bankers

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Zomato has introduced in Cyril Amarchand Mangaldas and Indus Legislation as authorized advisor

The corporate had earlier raised $102.5 Mn from US-based funding agency Tiger World Administration

Zomato has appointed Kotak Mahindra Financial institution because the lead service provider financial institution for the proposed IPO

Indian foodtech unicorn Zomato, which has deliberate its IPO in 2021, is trying to rent bankers and has introduced in Cyril Amarchand Mangaldas and Indus Legislation as authorized advisors.

In September, Gurugram-based Zomato had raised $102.5 Mn from US-based funding agency Tiger World Administration. Beforehand, it has already raised $62 Mn funding from Singapore-based state funding arm Temasek by way of MacRitchie Investments.

If Zomato’s IPO goes per plan, then it’ll be part of the bandwagon of MakeMyTrip which acquired listed in 2010 and Data Edge India Ltd, which was listed on BSE in 2006.

In accordance with a Moneycontrol report, Zomato has appointed Kotak Mahindra Financial institution because the lead service provider financial institution for the proposed IPO.

Earlier this 12 months, Zomato facilitated ESOP sale of ex-employees price $30 Mn to traders, CEO and cofounder Deepinder Goyal had mentioned. “That’s a lot of meaningful wealth creation we have enabled for our people. On an average, people sold their ESOPs at a 4x premium to what those shares were allotted to them back in the day,” he wrote in a mail to his staff.

By way of financials, Zomato reported a robust income efficiency in FY 2020, rising 105% from the earlier 12 months. Over the identical interval, nonetheless, the corporate’s losses grew by 47%. Within the first quarter of 2020-21, the present fiscal 12 months, the corporate’s earnings stand at $41 Mn whereas the losses stand at $12 Mn. 

Launched in 2008, the firm presently operates in 11 international locations and serves nearly 48 Mn prospects yearly. Out of those 48 Mn prospects, India makes up for a whopping 23 Mn, whereas the opposite 10 international locations account for 25 Mn orders.

Nearly 35 startup unicorns in India and some of them are chasing IPOs. What’s extra urgent is that for a lot of, the losses nonetheless run in tens of millions of {dollars}. Out of the 30 main unicorns in India, solely 9 are EBITDA optimistic. These embody ReNew Energy, Zoho, Data Edge, Mu Sigma, BillDesk, BYJU’S, Freshworks, Icertis, and Druva. 



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