- Indian food aggregator Zomato plans to go public by mid-2021.
- The news came after Tiger Global invested Rs 760 crores at a valuation of $3.4 billion.
- Zomato CEO Deepinder Goyal revealed the story in a email to its employees.
After raising a lot of money, fundings, and having enough cash, food aggregator startup Zomato is set to go public by mid-2021.
The news came after American investment firm Tiger Global Management LLC fueled Rs 760 crores ($100 million) in Zomato at a valuation of $3.4 billion.
Zomato CEO Deepinder Goyal revealed the whole story in the email to its company employees. The company is trying hard to launch its IPO (initial public offering) by mid-2021.
Further, Zomato is currently valued at $3.4 billion for its IPO after taking the investment of Rs 760 crores from the Tiger Global investment firm.
“We have raised a lot of money, and today, our cash in the bank, around $250 million, is more than ever in our history. Tiger Global, Temasek, Baillie Gifford, and Ant Financial have already participated in our current round, and there are more big names joining the round – we estimate that our current round will end up with us at $600 million in the bank very soon…,” said, Deepinder Goyal in the email to its employees.
Furthermore, In a regulatory filing, Zomato said that they have raised $100 million from the Tiger Global Management, following $60 million from Temasek Holdings at a valuation of $3.3 billion.
Moreover, If the Zomato wants to get listed in the foreign stock exchange like MakeMyTrip is listed on NASDAQ, Zomato will need to list first on the Indian stock exchange because it is incorporated in the country, to go into the overseas listing.
For the IPO’s plan the company CEO, Deepinder Goyal said, “Our finance/legal teams are working hard to take us to IPO sometime in the first half of next year. The value of our business is going up dramatically, all thanks to the hard work and commitment of our team. We hope to create a lot of value for our current employees who have Esops sometime in the next year.”