Food delivery startup Zomato,backed by Ant Group, has filed for an initial public offering of up to Rs 8,250 crore ($1.11 billion), draft papers submitted to the market regulator showed on Wednesday.
Zomato plans to launch an IPO in the first half of this year, as per an internal email sent by founder and CEO Deepinder Goyal to the company's employees last year. The food-tech giant has been on a fundraising spree to fund the fresh issue, raising around $910 million from a bevy of investors throughout 2020 and early 2021. Zomato's valuation presently stands at $5.4 billion.
Earlier this month, Zomato underwent a corporate revamp to convert itself into a public limited company from a private company. The name of the firm has been changed to Zomato Limited from Zomato Private Limited, the regulatory filings showed.
The company passed a special resolution earlier this month, amending its MOA (Memorandum of Association) and renaming itself as Zomato Limited from April 09, 2021.
Meanwhile, board of directors of Info Edge has approved sale of the firm's stake worth Rs 750 crore in Zomato during the IPO. The parent company will offload the shares via offer for sale.
"Zomato Limited is proposing an IPO of its Equity Shares, comprising a fresh issue of Equity Shares by Zomato Limited and an Offer For Sale by Info Edge (India) Limited," Info Edge said in a regulatory filing on Tuesday.