Zomato (1) has recently come into limelight with its latest fundraise. India’s food-tech unicorn received everyone’s attention as the latest fundraise is called as it pre-IPO round. Its listing is also giving recognition to Info Edge (2), its first and most prominent investor.
As per the analysts’ reports, the valuation of Zomato will now reach 5 billion USD from 3.5 billion USD. It will make the unicorn as big as its biggest investor. Info Edge has been the earliest backers of Zomato and owns its 22.71% stake.
Info Edge is among India’s first internet companies crawling closer to 6 billion capital. It has four internet companies Jeevansaathi.com, 99acres.com, Naukri.com, and Shiksha.com.
The revenue of Zomato Double while the Losses at the Same Level.
It is interesting to know that both companies are observing the same valuation even though the business of Zomato counties to be at a loss. On the other hand, the companies of Info Edge is among the few to remain profitable. Notably, the 12-year old Zomato is boasting double revenue figures compared to 25-year old Info Edge.
Hitesh Oberoi, CEO of Info Edge had stated that they had made investments in Zomato when it was called Foodiebay. There was no Softbank when Info Edge had started making investments.
He added on the Zomato’s IPO is everyone is waiting for how fast it will get profits. Their business is stable and has excellent service. The IPO will determine the value of Zomato.
Deepinder Goyal, CEO of the food tech unicorn, sent an email to his employees that the company will list publicly in the first half of 2021. He also stated that the company has 250 million USD in the bank will reach 600 million USD as the current fundraising round-up, as per reports.
Notably, in 2020, Zomato has bagged 102.5 million USD from Tiger Global, 62 million USD from Temasek. It also secured 5 million USD and 150 million USD from Pacific Horizon Investment Trust and Ant Financial.