Jack Ma-backed Zomato to file for $650 million IPO in April

Food delivery start-up Zomato plans to file a $650 million IPO next month, according to a Bloomberg report. This will be the first food delivery start-up in the country to take the IPO path.

The company, backed by Jack Ma’s Ant Group, is aiming to complete the listing in Mumbai before the end of September.

This is expected to give a boost to its competition like Swiggy which is also looking to hit the IPO market.

Meanwhile, it is reported that Zomato has some strong credentials. According to an ET report, HSBC Global Research has valued Zomato at $5 billion, a significant upside to the valuation. By making stock of Zomato public, shareholder Info Edge could add $2 billion in market capitalisation to Info Edge over 3-4 years, the brokerage firm said.

Meanwhile, deliberations are ongoing and details of the offering such as size and timeline could change, it was reported.

Zomato was founded in 2008. The company employs more than 5,000 people, according to its website. Zomato recently raised $250 million from investors, including Kora Management and Fidelity Management & Research Co, according to an exchange filing by Info Edge India, an existing investor.