20

Sunday

September    2020

Zomato plans IPO, former staff to get $30 million cash out


Sep 11,

Zomato will be going for an initial public offering in 2021. The company which is more than a decade old is planning its listing in India, sources familiar with the development told media. The company is also in process of closing a $30 million share sale for its former employees which will be one of the most significant ESOP liquidity events in India.

“Our financial and legal teams are working towards offering the IPO sometime in the first half of next year. The value of our business is going up significantly thanks to the hard work and commitment of our team,” said Deepinder Goyal, co-founder of the company in an email to employees.

While lockdown did hurt its business in initial days Zomato said that food delivery business is back in track and has recovered by almost 75% to pre-pandemic days. Although many companies took a short-term hit, many have bounced back and with improved economics.

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