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Business India

Zomato: Share prices of Indian food delivery app soar 80% on market debut

The share price of Indian food delivery application Zomato soared by more than 80% on its stock market debut on Friday. The listing was pushed forward by four days and comes as India’s stock market nears all-time highs. The stellar performance reflected strong investor interest in internet-based start-ups that have done well during the pandemic. […]

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Business India

Zomato: Loss making company with high valuation to list in hopes of raising $1.25 billion

Indian multinational corporation Zomato has announced the launch of its IPO to take place on July 14, 2021. “We will utilize the IPO proceedings for funding organic and inorganic growth initiatives, and for general corporate purposes,” said Akshant Goyal, CFO of Zomato. The company hopes to raise about ₹9,375 ($1.25 billion) crore through this. The […]

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Business

Zomato acquires Uber Eats India for $350 million

Food delivery startup Zomato said today that it has agreed to buy Uber Technologies Inc’s Indian food delivery business in an all-stock deal, which will give Uber a 10 percent stake in Zomato, a food delivery company backed by Alibaba’s Ant Financial. A report suggests that the deal value is estimated at around $350 million […]