Indian food delivery startup Zomato applied for an initial public offering on Wednesday, becoming the first Tech Unicorn startup from the world’s second-largest Internet market to do so in recent years.
The Gurgaon-headquartered Indian startup, which counts Info Edge and Ant Group among its investors, has earmarked $ 1.1 billion as the size of its IPO and will raise about $ 1 billion by issuing shares.
Some key insights shared by Zomato in filling:
- Zomato has claimed market leading position in the food delivery market. The startup identified Process Ventures-supported Swiggy, as well as restraints such as Domino’s, McDonald’s and Pizza Hut as its competitors. (But not Amazon, which entered the food delivery market last year.)
- The startup generated $ 183.6 million in revenue between April 1 and December 31. Its losses during this period were $ 91.8 million.
- The startup said it has a history of net loss, and it anticipates an increase in expenses in the future.
- Info Edge, one of Jomato’s largest investors, plans to sell a $ 100 million stake, the investment firm said in a filing.
This is a developing story. More to follow…