BCCL
One of the most-talked about IPOs would be that of Indian foodtech unicorn Zomato. Currently valued at $3.9 billion, Zomato has also closed a pre-IPO funding of $660 million. With the latest round 10 new investors including Tiger Global, Kora, Luxor, Fidelity (FMR), D1 Capital, Baillie Gifford, Mirae, and Steadview joined Zomato’s board which already had the likes of Info Edge, Ant Financial, Temasek etc.
According to reports, Zomato CEO Deepinder Goyal in an email to his employees said that the company is looking to list publicly in the first half of 2021.
Even while Zomato faced the test of times in 2020, it also brought the food tech startup closer to profitability. VCs believe this ability to bounce back from a crisis where companies even saw no revenue, would only give startups more strength to face the unforgiving public market. “Startups also emerged as winners post-lockdown with increased adoption by consumers while low investor confidence has forced startups to fine tune business models towards profitability, making them more appealing to retail Indian investors,” Bansal told Business Insider.