With the Indian market of express delivery set to reach US$6 billion in 2024, the number of IPOs and capital raisings by delivery platforms is increasing. Following Swiggy and Zepto, Zomato announces a major fundraising and a strategic shift.
In India, meal delivery platform Zomato (2023 sales: US$164 million, up by 71% in a year, net profit of US$4.3 million after a loss of US$11.8 million in 2022) raised US$1 billion. On November 22, 336.5 million shares were issued at US$3, valuing the company at US$30 billion.
Several Indian funds took part in the fundraising: Motilal Oswal (20.81% stake), ICICI Prudential (12.78%), HDFC (8.68%) and Kotak (5.95%). Zomato’s objective is to reduce foreign ownership to less than 50% to become a nati
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Article authors
Morgane Monteiro
Journalist
Journaliste économique pour mind Retail depuis 2024, j’analyse la transformation digitale du commerce.