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Ant-Backed Indian Food Delivery Startup Zomato Plans to Go Public
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Image credit: Zomato's official website

Ant Group-backed Indian food delivery company Zomato is planning to file for an IPO next year.

In 2018, Ant Group first invested in the company with USD 200 million and thus became the largest shareholder. Early this year, Ant invested again, contributing USD 150 million. So far, Zomato has been financed 15 times, with four injections from Ant Group

Zomato, founded in 2008, was one of the two main early players in the food delivery market in India. Swiggy, Zomato’s largest competitor, saw investment from Tencent, and raised over $100 million from Naspers earlier this year. At the end of 2019, Zomato operated its businesses in 24 countries, with 72 million monthly active users (MAU). After it acquired the food logistics startup Runnr, its order amount surged 11 times compared to 2018, and the food delivery revenue jumped up from USD 17 million to USD 500 million. The company has turned profitable since September 2017. 

Furthermore, in January 2020, Zomato acquired Uber Eats in India with a price of USD 350 million. It paid by shares, which means Uber holds 10% of the stakes of Zomato. 

Editor: Luke Sheehan

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