Abhishek Securities

  The food delivery industry has shown strong signs of recovery, clocking 85 per cent of pre-Covid gross merchandise value (GMV), according to a report by food delivery and restaurant discovery firm  Zomato. Delhi and Mumbai are nearing full recovery (95 per cent of pre-Covid), while metros such as Bengaluru, Hyderabad, and Chennai are still behind the curve (nearly 80% of pre-Covid). Some cities such as Kolkata, Patna, Jamshedpur, Ranchi, and Siliguri have recovered completely and have exceeded pre-Covid levels, said the Gurugram-based startup in its 'Mid Covid-19 report II'. "With the ongoing IPL season and the subsequent festive season, we expect food delivery in both metros and smaller cities to make a full recovery soon – and resume growing over pre-Covid levels," said Deepinder Goyal, chief executive officer,  Zomato  in a blogpost on Wednesday. The development comes after the company, in August, said around 40 per cent of the dining out restaurants may not reo...

  Foodtech major Zomato has raised Rs 760 crore or $102.5 million in its Series J funding round from Tiger Global Management. This funding tranche has come after the company closed a $62 million fund from Temasek’s  MacRitchie Investments. The fresh funds for the Gurugram-based company would help it in ramping up its growth and tackle its deep-pocketed rival Swiggy. Importantly, this is the maiden bet by the US-based hedge fund in Indian online food ordering space. Zomato has made an allotment of 25,313 Class J preference shares at an issue price of Rs 3,09,235 per share to raise the amount, shows regulatory filings. Post allotment, Tiger Global would command a 3.01% stake in the company.  Fintrackr’s  calculations estimate that Zomato would be valued at   $3.4 billion, post-money. The company  was  valued at $3.25 billion  when it raised $5 million from Scotland-based Pacific Horizon Investment Trust in April earlier this year.  So far, Zoma...

  Food delivery firm Zomato, flush with new investor capital and clawing back from the pandemic, plans to go public next year, CEO Deepinder Goyal told employees. Zomato, currently valued at $3.5 billion, plans to file for an initial public offering (IPO) in the first half of next year, although whether it will list in India or the US is unclear. Moneycontrol first reported  on August 9 that Zomato is preparing for an IPO next year, and hence looking to reduce its cash burn and get closer to profits. "Our finance/legal teams are working hard to take us to IPO sometime in the first half of next year. The value of our business is going up dramatically, all thanks to the hard work and commitment of our team. We hope to create a lot of value for our current employees who have Esops sometime in the next year,” CEO Goyal told employees in an email. If the IPO does happen, it will be the first among India’s modern consumer internet startups, and India’s first internet IPO since compa...