Zomato All Set For 2021 IPO, Appoints Legal Advisors

• Zomato has brought in Cyril Amarchand Mangaldas and Indus Law, a law firm, as a legal advisor.
• So far, The food aggregator unicorn Zomato has raised over $1.2 billion in a total of 18 funding rounds, said reports.

Gurugram-based food tech unicorn Zomato is now all set to become India's first modern consumer internet IPO (Initial Public Offering) to list on the stock exchange next year.

Zomato has recently appointed Kotak Mahindra Bank as the lead merchant bank for its proposed IPO, which has decided to launch next year. The company is currently looking to hire bankers and has brought in Cyril Amarchand Mangaldas and Indus Law as legal advisors.

If the IPO goes as Zomato planned, It will join the bandwagon of an online B2B, B2C marketplace IndiaMART InterMESH Ltd., which got listed in June last year.

Last month, Zomato had raised $52 million (or about Rs 380 crore) in its third tranche of Series J funding round led by US-based investment firm Kora Investments.

So far, Zomato has raised over $1.2 billion in a total of 18 funding rounds, said reports.

Earlier in September, Zomato CEO Deepinder Goyal wrote an email to its employees saying the company is trying hard to launch its IPO by mid-2021.

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“Zomato has picked Kotak Mahindra Capital as the left lead merchant bank for the proposed IPO in 2021. Additional merchant banks, both domestic and international, are likely to be added at a later stage. Law firms Cyril Amarchand Mangaldas and Indus Law are on board as legal advisors,” one of the persons reported to MoneyControl.

During the lockdown, Zomato has delivered more than 90 million orders, saw a 105% increase in revenue, however, the company also reported that the losses increased by 47% compared to the previous financials.

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