HONG KONG : Indian food delivery startup Zomato Ltd will raise $1.26 billion by pricing its shares at ₹76 each in its initial public offering , according to two sources with direct knowledge of the matter. The company, which is backed by Ant Group, will be valued at up to $8 billion following the IPO which is the first for a food delivery group in India. Zomato, launched in 2008, collates restaurant reviews and offers home delivery of food, making it a competitor to the Swiggy and Amazon.com's food delivery service. Swiggy was reported had raised $1.25 billion in a private funding round from the likes of SoftBank's Vision Fund 2 and Prosus. Zomato's IPO was strongly backed by investors attracting bids worth $46.3 billion as it was more than 38 times oversubscribed when the books closed on Friday, signalling confidence about the fast-growing sector.

Source: Mint July 20, 2021 11:26 UTC