How Did Zomato Founder Deepinder Goyal Start Zomato
Tomorrow i.e. July 14 is a special day for investors in terms of public issues. The IPO of online food delivery company Zomato will open on the same day, which will remain open till July 16. Through this, the company is preparing to raise Rs 9,375 crore.
The story of starting Zomato is also very special, so let's know
Zomato was launched in 2008 by Deepender Goyal along with his office mate Pankaj Chadha. It happened that Deepender had gone to the office as usual and was waiting for the menu of food in the canteen. He realized that the menu was taking a long time. Then he scanned the food menu and put it on the Internet, people liked it very much and from here he got the idea of a website. In which people can get information about nearby restaurants. In this direction, Deepender, along with Pankaj, opened 'Foodibay' in the year 2008, which was renamed Zomato in 2010.
Zomato, an online restaurant aggregator, is in the news these days with the launch of IPO. It makes home delivery of food and groceries from restaurants to the customers. It also provides photos and reviews of restaurants and hotels. Also does marketing for the restaurant.
How does Zomato work?
The website used to have reviews from the menu of the restaurant as well. For this, Zomato has tied up with restaurants in every city. Through this, Zomato makes home delivery of food from the restaurant to the common people. Along with this, the service of information related to these restaurants such as menu and user reviews is also provided.
The company's business has spread in the country and abroad
Zomato's business is in Delhi, Mumbai, Bangalore, Chennai, Pune, and Kolkata among other major cities in the country. Apart from this, Zomato's service abroad is in UAE, Philippines, South Africa, New Zealand, Turkey, Brazil and Indonesia, Portugal, Canada, Ireland. Apart from this, Zomato's business is also spread in Australia and the US.
Zomato has a debt of Rs 2,400 crore
If we look at the company's financials, its total revenue was Rs 487 crore in the financial year 2017-18, which increased to Rs 2,743 crore in 2020-21. Presently the company is at a loss of Rs 2,385 crore. The company decided to go public for debt repayment and general corporate requirements and moved the market regulator SEBI.
After getting the approval, Zomato has chosen July 14-16 for the IPO launch. According to the exchange filing, the price for investment in IPO has been fixed at Rs 72 to 76 per share. There will be one lot of 195 shares, for which you can apply. However, a retail investor can apply for a maximum of 13 lots. As per SEBI rules, you cannot invest more than Rs 2 lakh.
Rs 4200 crore raised from anchor investors
According to media reports, the company raised $ 560 million (Rs 4170 crore) from anchor investors a day before the launch of the IPO. For this institutional investors paid Rs 76 per share.
Info Edge holds the highest stake in the company
Info Edge has investments in Zomato including Quora Management, Tiger Global Management, Fidelity. The largest stake (18.4%) in the company is held by Info Edge, which will sell shares worth Rs 375 crore through an offer for sale.
Like and Follow us on :
