Zomato Ltd has delivered soul food from spicy dosa crepes to soft bread Pav Bhaji with curried vegetables to millions across India. Now, investors get a taste of the fast-growing food delivery giant. The startup soared more than 70 per cent in its Friday debut following a $1.3 billion initial public offering.
Zomato, the first generation of internet unicorns to tap India’s capital markets, has generated a seldom-seen frenzy among the local investment community. Investors bragged on Twitter about snagging shares in the startup, yearning for the sort of returns Facebook Inc. and Alibaba Group Holding Ltd. generated. Its IPO is India’s biggest since March 2020 and got about 35 times more bids from anchor investors than shares it intended to sell.
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Zomato’s listing comes on the heels of food-delivery solid debuts, including DoorDash Inc. and China’s Meituan. It’s the culmination of a 13-year journey for co-founder Goyal, 38. He and Pankaj Chaddah, who has since left, started Zomato as a delivery service in 2008 for their Bain & Co. colleagues.
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