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The much-anticipated IPO (<keyword id="20478869" type="General" weightage="20" keywordseo="initial-public-offer" source="keywords">initial public offer</keyword>) of food and grocery delivery giant Swiggy is expected to go live between November 6th and 8th, 2024, with the window for <keyword id="21330641" type="General" weightage="20" keywordseo="anchor-investors" source="keywords">anchor investors</keyword> likely to open on November 5, 2024. The offer consists of around Rs 3,750 crore worth of <keyword id="20953853" type="General" weightage="20" keywordseo="fresh-issue" source="keywords">fresh issue</keyword> and an offer for sale (OFS) of around 18.53 crore shares. All in all, the total issue is expected to be in the range of Rs 11,700 crore and Rs 11,800 crore. Per media reports, the fresh issue component is expected to be pushed up to Rs 4,500 crore, with the company now targeting a diluted valuation of $11.3 billion, as opposed to its previous target of $15 billion. The 25% slash is done to aid retail investors. Per the company, it does not want a "bad IPO." Notably, Swiggy's rival <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword>, which recently reported a staggering 389% YoY jump in its net profits, also recently announced that it is taking the QIP (qualified institutional placement) to raise Rs 8,500 crore. For the quarter ended September 30, 2024, Zomato earned a net profit of Rs 176 crore. Over the last year, i.e., between March 2023 and 2024, Swiggy saw its revenue from operations jump by 34% from 8,714.45 crore in FY23 to Rs 11,634.35 crore in FY24. The company's losses also narrowed down to Rs 2,350.24 crore in FY24, from Rs 4,179.31 crore in FY23. Swiggy's rival Zomato had gone public in July 2021, with an offer size of Rs 9,375 crore. At present, the company's stock was trading at Rs 251.95, having surged a whopping 138.48% over the last year. As of August this year, the company's quick commerce wing, <keyword id="20255906" type="General" weightage="20" keywordseo="Instamart" source="keywords">Instamart</keyword>, has a network of 605 active dark stores across 43 Indian cities. Some of the major existing investors in Swiggy include Prosus, which holds a 32% stake, SoftBank, which has an 8% stake, and Accel, which holds a 6% stake in the company. Notably, <keyword id="23707337" type="General" weightage="20" keywordseo="market-watchdog-SEBI" source="keywords">market watchdog SEBI</keyword> had approved Swiggy's IPO via the confidential filing route. Under this mechanism, companies can file for a DRHP (draft red herring prospectus) without making it public. The company has the power to decide when to make this document available for public view after having incorporated the suggestions of the regulator.

Swiggy IPO likely between November 6-8, 2024. Here's all you need to know

The IPO (initial public offer) of food and grocery delivery behemoth Swiggy is set to open tomorrow and conclude on November 8, 2024. The entire issue is worth Rs 11,327.43 crore and has a fresh issue component of Rs 4,499 crore and an OFS (offer for sale) of about Rs 6,828.43 crore. With a price band of Rs 371-390, retail investors will be required to invest a minimum of Rs 14,820 to get their hands on Swiggy's shares. Swiggy, which will tentatively list on the bourses on November 13, 2024, is seeking to raise Rs 1,952.43 crore more than its rival <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword>, which went public in July 2021 and was looking to raise Rs 9,375 crore. Zomato's offer was oversubscribed around 38.25 times, with retail investors subscribing 7.45x to the issue. Notably, only around 15% of Swiggy's total issue will be made available to retail investors. Moreover, Swiggy's IPO is not garnering the same buzz if its present GMP (<keyword id="938640" type="General" weightage="20" keywordseo="grey-market-premium" source="Orion">grey market premium</keyword>) trends are to be believed. The company's last traded GMP was Rs 7, taking its estimated listing price to Rs 397 (upper end of its price band, i.e., Rs 390 + Rs 7), and its potential listing gains per share at a minimal 1.79%. Last week, Swiggy's GMP was at Rs 25, before tumbling to Rs 18, and then momentarily stabilizing at Rs 22 before its steep fall to present levels of Rs 7. <h2>Strengths and weaknesses</h2> Since its inception in 2014, Swiggy's bottom line has been in red, unlike that of its rival Zomato, which turned profitable in the first quarter of FY24. In FY22, its total income was Rs. 6119.78 crore with a net loss of Rs. 3628.90 crore. While the company's total income increased to Rs. 8714.45 crore in FY23, it also spelled a corresponding rise in its net losses, which surged to Rs. 4179.31 crore. The trend varied a little in FY24 when Swiggy's total income rose to Rs 11,634.35 crore while its net loss reduced to Rs. 2,350.24 crore. However, in the first quarter of FY25, ending June 30, 2024, the company's total income stood at Rs 3,310.11 crore and a net loss of Rs. 611.01 crore. While Swiggy did achieve 42.4% revenue growth between FY2022-223, most of its revenue is sourced from the top 50 of the 500 Indian cities it is currently operational in. Even in this regard, Zomato, which operates in around 1,000 cities across India, has an edge. <h2>Some say invest, some say avoid</h2> Some experts are advising against subscribing to this IPO. Per SAMCO Securities, "As of FY 2024, Swiggy Limited continues to operate at a loss, in contrast to its competitor, Zomato Limited, which has recently achieved profitability. Given Swiggy’s current financial position, competitive pressures, associated risks, and valuation, its IPO appears overvalued. Therefore, investors should avoid this IPO until the company’s financial performance and growth outlook improve. Waiting until Swiggy demonstrates improved financial results and a clearer path to sustainable growth would be a more prudent investment approach. Per Bajaj Broking's IPO note, Swiggy's IPO can be subscribed to from a long-term perspective. However, it also highlights that Swiggy's offer document is missing PAT (profit after tax) and RoCE (returns on capital employed) data. "For the last three fiscals, the company has reported an average EPS of Rs - (14.90) and an average RoNW of - (35.39%). The issue is priced at a P/BV of 11.60 based on its NAV of Rs. 33.61 as of June 30, 2024, and is at a P/BV of 7.31 based on its post-IPO NAV of Rs. 53.36 per share (at upper cap). If we attribute annualized FY25 earnings to a post-IPO fully diluted equity base, then the asking price is at a negative P/E, and based on FY24 earnings also, it is at a negative P/E, as the company has posted losses for those periods. On other parameters, the issue appears aggressively priced," it further adds. Gaurav Garg, research analyst at Lemonn Markets Desk, notes that it might take some time for Swiggy to reach Zomato's level, both in terms of valuation and AOV (average order value). Swiggy's valuation has been pegged at about Rs 95,000 crore, at the upper price band, while Zomato has a market valuation of Rs 2.13 lakh crore. "Almost 50% valuation compared to Zomato gives some comfort, although it should not be considered an arbitrage in valuation. If Swiggy’s EBITDA catches up to 3-4% in the food delivery business, which is currently at 1%, and Average Order Value (AOV) improves to Rs. 550-600 levels in quick commerce with a higher non-grocery share, we can see bridging in the valuation gap. However, this should not be expected in the near term," he adds.

Swiggy's IPO set to open tomorrow. Should you subscribe?

Three years after rival <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword> went public, raising Rs 9,375 crores, food and grocery delivery behemoth Swiggy is set to open for subscription on the Indian bourses between November 6th and 8th, 2024. Looking to raise Rs 11,327.43 crore from the markets, Swiggy has set a price band of Rs 371 to Rs 390 per share. The company is targeting a valuation of $11.3 billion, around 25% down from its initial target of $15 billion. The issue comprises Rs 4,499 crore worth of fresh issue, with the remaining Rs 6,828.43 crore coming via <keyword id="19951016" type="General" weightage="20" keywordseo="OFS" source="keywords">OFS</keyword> (offer for sale), with stakeholders like <keyword id="20294899" type="General" weightage="20" keywordseo="Prosus" source="keywords" meta.keywordsubtype="org" meta.entityname="Prosus" meta.hostid="261" meta.entityid="Prosus">Prosus</keyword> offloading about 5.2% of their stakes, which could translate into proceeds worth $510 million. The offer will conclude on November 8, and listing is tentatively scheduled for November 13, 2024. Other stakeholders who will be participating in the OFS at the present valuation include <keyword id="20064356" type="General" weightage="20" keywordseo="Accel" source="keywords" meta.keywordsubtype="org" meta.entityname="Accel" meta.hostid="261" meta.entityid="Accel">Accel</keyword>, which will sell around $60 million worth of their stake. Elevation Capital and Tencent's stake sale could earn them up to $30-35 million each. Swiggy's CEO <keyword id="20304807" type="General" weightage="20" keywordseo="Sriharsha-Majety" source="keywords">Sriharsha Majety</keyword> and co-founder Nandan Reddy are also expected to offload their shares. Currently, they hold 6.23% and 1.76% stakes in the company, respectively. The sale of around 0.1% stake by each is expected to earn them about $14 million in total. Notably, the company does not have any identifiable promoters, as per SEBI ICDR Regulations and the Companies Act 2013. From funds raised via IPO, the company plans to allot Rs 1,648 million for repaying borrowings made by its subsidiary, Scootsy. The app, which operated independently of Swiggy, offered <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> services from a selected list of high-end bakeries and restaurants in the city. Notably, Swiggy had acquired Scootsy in 2018 at a reported valuation of Rs 50 crore. However, Swiggy's foray into the premium-food delivery segment did not pan out well, and the company decided to shut Scootsy in 2020. However, per the company's RHP (red herring prospectus), Swiggy is planning to reinvest and revive Scootsy for extending their dark store network and making lease/license payments for the same. About Rs 11,787 million would be utilised for expanding Swiggy's dark store network for its quick commerce wing, <keyword id="20255906" type="General" weightage="20" keywordseo="Instamart" source="keywords">Instamart</keyword>. Swiggy has also allocated Rs 11,153 million for enhancing the brand's visibility and outreach. <h2>Negative cash flows from operations</h2>The company has only incurred net losses since its inception in 2014. However, the company's annual losses as a percentage of its revenue from operations has come down in the recent years. From 63.61% in 2022 to 20.90% in 2024, the losses as part of its revenue from operations further narrowed to 18.96% for the quarter ended June 30, 2024. Moreover, Scootsy is yet to receive requisite registrations and approvals for each of the dark store it intends to set up. It does not help that Scootsy has not run into greens over the past 2-3 years. The subsidiary had incurred losses worth Rs 2,953.5 million, which have burgeoned to Rs 4,239.72 million in FY24. Swiggy also lags behind its rival Zomato in terms of monthly transacting users (MTU), along with many other key financial and operational metrics. Zomato has a wider, pan-India presence, commanding a 57% <keyword id="20038792" type="General" weightage="20" keywordseo="market-share" source="keywords">market share</keyword> in FY24. Compared to this, Swiggy's market share stood at 43% during the same period. As of FY24, Swiggy's MTUs, at 12.7 million, are about 31% lower than Zomato's MTU of 18.4 million.

Swiggy sets IPO price band between Rs 371-390/share; offer likely to open on November 6th. Here's all you need to know

Food and grocery delivery behemoth <keyword id="6358977" type="General" weightage="20" keywordseo="Swiggy" source="Orion">Swiggy</keyword> is on a roll, pushing out multiple new services simultaneously, ahead of the festive season, and its much-touted Rs 11,664 crore IPO. Experts anticipate the IPO to hit the bourses in the upcoming months. Earlier last week, the company's shareholders had approved of raising the fresh issue component of the IPO, from Rs 3,750 crore previously to Rs 5,000 crore. This will allow Swiggy to add an extra Rs 1,250 crores to its coffers for future growth. The remaining Rs 6,664 crore will be an OFS (offer for sale), largely paving a way for Swiggy's old investors to exit. In the buildup to its IPO, the delivery giant is dialing up the competitive fever big time with rival <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword>, which went public in 2021. Swiggy recently launched <keyword id="23440051" type="General" weightage="20" keywordseo="XL-Fleet" source="keywords">XL Fleet</keyword> for large-scale <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> and Bolt, which is an <keyword id="23461052" type="General" weightage="20" keywordseo="AI-powered-logistics" source="keywords">AI-powered logistics</keyword> system. Per some media reports, the company is also launching an invite-only concierge membership program called the "Rare Club", which will have an annual fee of up to Rs 50,000. <h2>Who doesn't love a little pettiness? </h2>But that's not it. In the time being, Swiggy is also aggressively looking for ways to gain maximum public attention, one of which is by sponsoring the fourth season of the popular entrepreneurial reality show <keyword id="11924074" type="General" weightage="20" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword>. But here's the catch-a key condition of this deal is to not bring back Zomato CEO <keyword id="19901325" type="General" weightage="20" keywordseo="deepinder-goyal" source="keywords">Deepinder Goyal</keyword> as a shark. Media reports suggest that Swiggy is set to close on a massive Rs 40-60 crore sponsorship deal with the show. But in a seemingly low-ball move, Swiggy has blocked the return of Zomato CEO Deepinder Goyal as one of the investors on the show. Goyal had made his debut on the third season of the show, and was looking to make a comeback alongside long-time regulars such as Anupam Mittal, Aman Gupta, Namita Thapar and Peyush Bansal. <h2>Bolting ahead with XL</h2>In a move that clearly underlines its ambitious expansion plans, Swiggy also recently announced the launch of its new XL Fleet service, which will look to cater exclusively to bulk orders and large-scale food deliveries. Per Swiggy's co-founder Nandan Reddy, XL is a natural evolution of Swiggy's services. As it is, a recent report by Bain and Company highlighted that India's food services market is set to double to a massive Rs 9 trillion by 2030, surging up significantly from its current standing of Rs 5.5 trillion. Not just that, the customer base is also set to expand from 320-340 million as of 2023 to 430-450 million by the end of the decade. Earlier this year, Zomato had also stepped in this segment by launching its large-order electric fleet, which could serve orders for a gathering of up to 50 people. Alongside this, Swiggy has unveiled Bolt, which is an AI-powered logistics system specifically designed to optimize delivery routes, predict demand patterns, and improve overall operational efficiency. The aim is to bring down on delivery time and costs, giving Swiggy a massive competitive edge in the growing food and quick delivery market. With this feature, Swiggy claims that users can get certain meals such as burgers, <h2>Challenges Await </h2>As of FY24, Swiggy's operating revenue stood at ₹112.5 billion, a 36% jump from the previous year. The company also managed to reduce its net losses by as much as 44% to ₹23.5 billion. While these may come across as positive signs, which are also pushing the company's unlisted shares to new heights, Swiggy significantly lags behind Zomato in both food delivery and quick commerce segment. Consider this. Per Morgan Stanely, as of FY24, Swiggy's GOV (gross order value) at Rs 24,700 crore, was far lower than Zomato's Rs 32,200 crore. Swiggy's GOV and AOV grew at a CAGR of 15.5% and 2.5% respectively, between FY22-24. In contrast, Zomato's GOV and AOV registered a CAGR of 23% and 3.7%, respectively. At 12.7 million, Swiggy's MTU (monthly transacting users) for FY24 were also a far cry behind Zomato's 18.4 million. Even when it comes to average order value (AOV), Swiggy's Instamart lags behind Zomato's Blinkit. This is also why analysts believe that despite Swiggy narrowing the gap on most key metrics like AOV, GOV and more, the company's share will command a lower valuation than that of its rival Zomato.

Ahead of much awaited IPO, what is Swiggy upto? Launching XL Fleet, premium membership and kicking out Zomato CEO

<ul><li>Co. looking at fresh issue worth Rs 9,000 crore </li><li><keyword id="23310552" type="General" weightage="20" keywordseo="pre-IPO-shares" source="keywords">Pre-IPO shares</keyword> lapped up by <keyword id="19901337" type="General" weightage="20" keywordseo="Karan-Johar" source="keywords">Karan Johar</keyword>, <keyword id="19898963" type="General" weightage="20" keywordseo="Amitabh-Bachchan" source="keywords">Amitabh Bachchan</keyword>, <keyword id="19923639" type="General" weightage="20" keywordseo="Rahul-Dravid" source="keywords">Rahul Dravid</keyword></li><li>SEBI greenlights company's IPO in November this year</li></ul>Food and grocery delivery behemoth <keyword id="19896956" type="General" weightage="20" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword> is all set to launch its IPO in November this year. The firm is likely to raise around Rs 11,000 crore, which will include a fresh issue of Rs 5,000 crore, via the confidential filing route. In contrast, its counterpart Zomato, which came out with its IPO in 2021, was looking to raise Rs 9,375 crore, which included a fresh issue worth Rs 9,000 crore, and an OFS (offer for sale) worth Rs 375 crore. However, the company's pre-IPO shares have already drawn the attention of multiple prominent investors, the likes of which include Bollywood biggies like Amitabh Bachchan, Madhuri Dixit, Rahul Dravid, Karan Johar, tennis star Rohan Bopanna and cricketing legends like Rahul Dravid and Zaheer Khan. Even market veteran Ramdeo Agrawal, who heads Motilal Oswal Group, has also acquired a stake in the company. First introduced by market regulator in 2022, this method allows companies to keep their offer document, or DRHP (draft red herring prospectus) out of public eye, till the time they strengthen their IPO plans. However, the company will have to put out its updated draft red herring prospectus, or UDRHP for public review, allowing 21 days for them to offer feedback, before proceeding with their IPO. If it goes through, Swiggy will become the first company to go public via this route. Previously, Tata Sky had planned to go public via this way, but eventually ended up dropping its plans. <h2>About Swiggy </h2>Currently valued at a staggering $9.8 billion, the company, which enjoys a duopoly with Zomato in the <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> space, Swiggy has, till date, seen 16 funding rounds, where it has raised a total of $3.62 billion from 57 institutional and 9 angel investors. Per the company's annual reports, the company's net sales during FY2023 was Rs 46,533 million, which rose to Rs 63,723 million in 2024. Recently, the company also saw an uptick in its average monthly transacting users of 32%(from 1.1 million in FY22 to 4.2 million in FY24), and average order value of 16% (from Rs 394 in FY22 to Rs 460 in FY24). The company's quick delivery segment, Instamart, also managed to earn more revenue than Blinkit, which is operated by Zomato. In FY23, Instamart earned Rs 870 crore, while Blinkit raked in Rs 664 crore during the same period. However, estimates suggest that Blinkit is set to earn more than Instamart in FY24. While the company's food delivery segment turned profitable in 2023, the company overall continued to remain in losses. Swiggy incurred a loss of Rs 35,247 million in FY2023, which narrowed down to Rs 17,854 million in FY2024. See also: <div type="Article" hostid="261" msid="113661667" title="The “ultimate Zomato and Swiggy hack” might be opting for COD while placing your order, claim redditors!" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="113658837" title="Hyundai Motor India’s ₹25,000 crore IPO gets SEBI approval – India’s biggest IPO expected to launch in October" mstype="2" mssubtype="0"></div>

Swiggy IPO likely in November, looking to raise Rs 11,000 crore; Rahul Dravid, Karan Johar bite into pre-IPO pie

<ul><li>Zomato’s shares get listed at ₹116 on the NSE, translating into a 51% premium. </li><li>The company launched its initial public offering last week, at a price band of ₹72-76.</li><li>Zomato’s issue was oversubscribed by 38 times.</li></ul>Zomato made a strong debut on the stock exchanges on Friday, July 23, as its shares opened at ₹116 on the national stock exchange (NSE). This represented a premium of 51.32% over the issue price of ₹76. At 10.18 a.m, Zomato shares were trading at ₹132.00 on the NSE, up 72%. Zomato ended the first day of trade about 8% above the listing price, at ₹125.30. The company’s market cap stood at ₹1.06 lakh crore at 10.16 a.m. Zomato was supposed to make its stock exchange debut on July 27, but the company preponed its listing date by four days to Friday. The company launched its initial public offering (IPO) last week between July 14 to 16 at a price band of ₹72-76. The minimum order bid was kept at one lot of 195 equity shares. At a price of ₹76 per share, one lot cost up to ₹14,820. Zomato’s issue was oversubscribed by <a href="https://www.businessinsider.in/business/startups/news/zomato-ipo-to-open-on-july-14-with-shares-priced-at-72-76-apiece/articleshow/84226269.cms">38 times</a>, as it attracted bids for 2,751 crore compared to the issue size of 71.9 crore shares. The shares reserved for Qualified Institutional Buyers (QIBs) were oversubscribed by 51 times. Meanwhile, Non-institutional investors' reserve was oversubscribed by 32 times and Retail Individual Investors (RII) share was oversubscribed by seven times. “The tremendous response to our IPO gives us the confidence that the world is full of investors who appreciate the magnitude of investments we are making, and take a long term view of our business,” Zomato’s CEO Deepinder Goyal, wrote in a blog post earlier today. A day before its public listing, on July 13, Zomato raised <a href="https://www.businessinsider.in/business/startups/news/zomato-raises-4197-crore-from-186-anchor-investors-oversubscribed-by-35-times/articleshow/84399035.cms">₹4,197 crore</a> from 186 anchor investors. The company had allotted 55.22 crore equity shares to these anchor investors for ₹76 per equity shares to some marquee investors like Government of Singapore, Morgan Stanley Investment Fund, Tiger Global Investment Fund, Baillie Gifford Pacific Fund and more.

Zomato makes a strong public market debut at 51% premium

Apologising for unintentionally hurting sentiments, restaurant aggregator <keyword id="830092" type="General" weightage="80" keywordseo="zomato" source="Orion">Zomato</keyword> on Thursday withdrew an ad after it came under fire for depicting the actor who played the Dalit character <keyword id="1339390" type="General" weightage="100" keywordseo="kachra" source="Orion">Kachra</keyword> in the film "<keyword id="20409" type="General" weightage="80" keywordseo="lagaan" source="Orion">Lagaan</keyword>" as items made of recycled waste. The ad, which draws a link between the character Kachra with 'kachra', the Hindi word for garbage, was aired on World Environment Day on June 5. As ire grew and the ad came under attack on social media for being casteist, the company issued an apology from its official Twitter handle and said the intent was to "spread awareness about the potential of plastic waste and benefits of recycling in a humorous way". "Unintentionally, we may have hurt the sentiments of certain communities and individuals. We have taken down the video," it said. The ad, aiming to show the food delivery company's recycling efforts, was termed "disgusting", "blatantly casteist", and "extremely insensitive" by netizens on Twitter. "Masaan" director <keyword id="1005369" type="General" weightage="50" keywordseo="neeraj-ghaywan" source="Orion">Neeraj Ghaywan</keyword>, filmmaker Madhurita Anand and Dalit historian Karunyakara Lella were among those who spoke out. In the nearly two-minute ad, actor Aditya Lakhia, who played the character in the 2001 hit film, is depicted as a lamp, paper, paperweight, watering can, and different types of jackets -- the accompanying text detailing how much recycled 'kachra' was used to make each item. The company in its now-deleted ad on YouTube also claimed it has "recycled 20 million kg of plastic kachra so far". "Zomato voluntarily recycles more than 100% of the plastic used to package orders, and keeps it out of landfills. This 20 million kg of plastic waste, recycled in FY 23 under our 100% plastic-neutral deliveries initiative, can be turned into many items of immense value. We believe in the power of recycling, and kachra - the best spinner in the entire British Raj - does as well," the description of the ad read. Discussing the controversial ad campaign, communications strategy consultant Karthik Srinivasan said Zomato did not think adequately about making the character perform "seemingly dehumanising and menial tasks". "There's a context to Kachra's character in 'Lagaan', and within the larger spectrum of commercial entertainment in India, on how castes are portrayed, and how Dalits, in particular, are portrayed or stereotyped. "Coming from that angle, to see the character perform seemingly dehumanising and menial tasks -- even if he is performing them figuratively, as 'waste' and not his Lagaan character per se -- made the ad seem very awkward," Srinivasan told PTI. He added that Zomato attempted to mine a "kind of sly humour" from the name for waste upcycling/recycling. The video was slammed online for its seemingly casteist overtones. "#Kachra from #Lagaan was one of the most dehumanised voiceless depictions of Dalits ever in cinema. @zomato has used the same character and made a repulsive #casteist commercial. A human stool? Are you serious? Extremely insensitive," Ghaywan wrote on Twitter. Filmmaker Madhurita Anand wrote in reply to Ghaywan's tweet: "That is just so offensive. One has to wonder who these people are who created the advert, approved it and put it online without once thinking about it." Dalit historian and writer Karunyakara Lella also hit out at Zomato for its "Dalit phobic" advertisement. "Why #Zomato is insensitive to Dalit sentiments? Why it takes liberty to hurt Dalit life by humiliating Dalit Identity? #BoycottZomato for #DalitPhobic #casteracist advertisement," Lella wrote. Another Twitter user, Sana Satpathy, said Zomato is "beyond disgusting" and its marketing head should be fired immediately. She used the hashtag #BoycottZomato and called for a public apology. The food delivery company has found itself on the wrong side of marketing in the past as well. In 2017, an outdoor ad campaign in major cities including Delhi, Mumbai and Bengaluru showed Hindi expletives "MC, BC" as abbreviations for mac n' cheese and butter chicken. The company later withdrew the ad after backlash on social media. In 2022, Zomato pulled down an advertisement featuring actor Hrithik Roshan who was shown to be craving for a "thali" (food platter) in Ujjain so he ordered it from "Mahakal". Priests of the famous Mahakaleshwar temple in Madhya Pradesh objected, claiming that it offended Hindu sentiments and demanded its withdrawal. Madhya Pradesh Home Minister Narottam Mishra had issued directives to the police to look into the controversy. The company later apologised clarifying that the "Mahakal" reference was for a restaurant and not the temple. The character Kachra in "Lagaan" is a polio-affected Dalit. When Aamir Khan's character Bhuvan insists on adding him to the cricket team - the central theme of the film -- after spotting his spinning skills, upper caste members openly reject the idea as he is an "untouchable". However, he ends up playing a crucial role in the cricket match. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bajaj-finserv-after-twitterati-scream-foul-about-pesky-calls-rbi-says-will-look-into-it/articleshow/100849176.cms">After Twitterati screams foul about pesky calls, RBI says 'will look into it'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/hiring-in-india-slowed-down-by-7-in-may-foundit-report/articleshow/100848986.cms">Hiring in India slowed down by 7% in May: Foundit report</a>

Zomato takes down ad depicting 'Lagaan' character Kachra as recycled waste items

<ul><li>The food delivery unicorn has filed the draft red herring prospectus for a $1.1 billion initial public offering (IPO) with the bourses.</li><li><keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> is offering equity shares worth ₹8,250 crore, out of which ₹7,500 crore will be a fresh issue, while ₹750 crore is an offer for sale from one of its earliest backers Info Edge.</li><li>Zomato was last valued at $5.4 billion.</li></ul>Zomato has finally moved the <keyword id="63783" type="COMPANY" weightage="20" keywordseo="Securities-and-Exchange-Board">Securities and Exchange Board</keyword> of India (SEBI) for its much awaited public market debut. The food delivery unicorn has filed the draft red herring prospectus for a $1.1 billion initial public offering (IPO) with the bourses. Zomato is offering equity shares worth ₹8,250 crore, out of which ₹7,500 crore will be a fresh issue, while ₹750 crore is an offer for sale from one of its earliest backers Info Edge. <div type="image" title="stake" msid="82286618" hostid="261"></div> Founded in 2008 by Deepinder Goyal and Pankaj Chaddah, the startup’s IPO has been one of the most awaited ones in the Indian tech ecosystem. The firm had made several changes in its management and administration ahead of the market offering – from naming Goyal as a managing director for the next five years to converting itself from a private company to a public limited company - Zomato Limited. Zomato, last valued at $5.4 billion, had also raised funds over the year as it prepared for the market debut. Zomato’s recent fundraising spree <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kora Management, Fidelity Management, Tiger Global, Bow Wave Capital Management and Dragoneer Investment Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$250 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February, 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tiger Global </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$102.5 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September, 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Temasek </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$62 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">September, 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pacific Horizon Investment Trust </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$5 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April, 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ant Financial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$150 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January, 2020 </td></tr></tbody></table> The company has also said that it may go for a pre-IPO placement for an aggregate amount not exceeding worth ₹1,500 crore. “The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company in consultation with the Managers and will be completed prior to filing of the Red Herring Prospectus with the RoC,” the company said. The food delivery giant has grown at least 3 times over in the last four years. Revenue at the end of December 2020, for the preceding 9 months, was ₹1,301 crore, compared to ₹460 crore for the fiscal year ending March 2018. <div type="image" title="zomato loss" msid="82287127" hostid="261"></div> The company also said that it expects the costs to increase over time and “losses will continue given significant investments expected towards growing our business”. Zomato’s IPO comes in the middle of a gruelling second wave of the COVID-19 pandemic in India, which has disrupted the restaurant industry but also boosted online food delivery. Zomato, over the last year, had said that the COVID-19 pandemic had pushed it closer to profitability and that is seen in its DRHP filing. <div type="image" title="zomato unit economics" msid="82287485" hostid="261"></div> “In terms of the size of the business, COVID-19 has set us back by a year or so – but a year is only a small blip when you are building a company for the next 100 years,” wrote Zomato CEO Deepinder Goyal in a <a href="https://www.zomato.com/blog/performance-report">blog</a> last year Zomato is a major player in India’s massive online food market Zomato along with its top rival Swiggy are the major players in the online food industry. As per a CLSA report, the Indian foodtech industry is expected to grow to $11 billion over the next five years – of which the Swiggy currently holds a 47% market share, while Zomato holds 45%. A new entry Amazon is also expected to make a mark in the market. Zomato, in January 2020 had acquired one of its rivals UberEats. The growing competition in the food delivery industry was not missed by Zomato in its DHRP filing. “Our current and future competitors may enjoy competitive advantages, such as greater name recognition, longer operating histories, greater category share in certain markets, market-specific knowledge, established relationships with local restaurants or local delivery businesses and larger existing customer bases in certain markets, more successful marketing capabilities, and substantially greater financial, technical, and other resources than we have,” said the company.

Zomato reveals its much-awaited IPO plan and it’s worth $1.1 billion

<ul><li><keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> has been subjected to a lot of criticism after a social media user pointed out that the same food when ordered online from a restaurant cost much more than when it was ordered offline.</li><li>A Linkedin user shared photos of two bills of the same restaurant — one generated for an offline order and the other for an online order placed from Zomato.</li><li>It is a common practice for restaurants to increase their prices on Zomato and <keyword id="6358977" type="General" weightage="20" keywordseo="swiggy" source="Orion">Swiggy</keyword> to ensure that they are not paying for the commissions.</li></ul>Zomato has come under a lot of fire after a social media user pointed out that the same food, when ordered online from a restaurant, cost much higher than when it was ordered offline. The restaurant aggregator and food delivery company has clarified that it has nothing to do with the prices offered by restaurants. Zomato says its job is limited to presenting the restaurant as an option to order from and enabling delivery. The additional price being charged by the restaurant was for the convenience of a warm meal delivered at the customer’s doorstep. <cmsannotation type="cmsannotation" annotationid="Here’s what happened:" comment="subhead" text="Here’s what happened:">Here’s what happened:</cmsannotation> A Linkedin user shared photos of two bills from the same restaurant — one generated for an offline order and the other for an online order placed from Zomato. The same dishes were priced differently on both the bills. While the offline purchase cost ₹512 including all taxes, the online food cost the customer ₹689, after a ₹75 discount. <div type="image" title="This is why it costs more to order online on Zomato and Swiggy than to dine-in" msid="92798799" hostid="261" sizebytes="50818"></div> The food was 35% more expensive online. <cmsannotation type="cmsannotation" annotationid="Why the difference in the bills?" comment="subhead" text="Why the difference in the bills?">Why the difference in the bills?</cmsannotation> Food delivery businesses like Zomato and Swiggy charge a certain commission — usually ranging between 24%-28% of the order value — from the restaurants that are receiving the orders. This is just the commission for generating business for the restaurant partner, and excludes charges for enabling delivery. Zomato and Swiggy charge the restaurants extra for allocating their own delivery partners to fulfill the order, although the delivery charges are also paid by the customers. While some restaurants opt for their own delivery partners, others choose to go with the option provided by the third-party app. It is a common practice for restaurants to increase their prices on third-party apps like Zomato and Swiggy to ensure they do not pay for the commission. Over the last two years, several restaurants have started accepting orders through their own apps and websites to save on these commissions and provide better offers to their customers. The food delivery companies also charge a certain premium from restaurants for discoverability of their restaurants, placement on the app and other promotional activities. This advertising cost is different for each restaurant based on their negotiated terms with Zomato and Swiggy. Such advertisement charges are also common on other e-commerce platforms like Amazon and Flipkart, to promote certain sellers. “We charge our restaurant partner commissions based on an agreed-upon rate. We remit to the restaurant partner a net amount equal to the cost of food ordered and packaging charges, less the commission and any restaurant-funded discounts. Separately, the restaurant partner may pay us for any food delivery- related advertisement on the platform,” Zomato had said in its red herring prospectus, before going public last year. <cmsannotation type="cmsannotation" annotationid="The issue of discounts" comment="subhead" text="The issue of discounts">The issue of discounts</cmsannotation> Zomato has shared the nitty-gritties of its business model in its red herring prospectus. The company has two types of discounts — the platform-funded discounts and the restaurant-funded discounts. The restaurant-funded ones as the name suggests are given by the restaurant that has taken the order from the customer while the platform-funded discounts are offered by Zomato. Swiggy works on similar lines. Both these platforms faced a lot of criticism from restaurant partners back in 2019 for their deep discounting practices, which forced these companies to decrease their discounts to an extent. “Once we have been able to establish a robust brand presence and achieve a high share of satisfied customers in a particular market, we are typically in a position to decrease marketing expenses on a per-order basis… As a percentage of total income, our advertisement and sales promotion expenses decreased from 88.43% in fiscal 2019 to 24.88% in fiscal 2021,” Zomato noted. And thus, as these discounts reduce, the food ordered online gets more expensive. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/retail/news/dmart-gets-it-mojo-back-from-monsoons-and-school-going-children/articleshow/92796927.cms">Unlockdowned - DMart gets it mojo back from monsoons and school-going children</a> <a href="https://www.businessinsider.in/india/news/indias-most-wanted-borrower-vijay-mallya-gets-sentenced-to-4-months-in-jail/articleshow/92797349.cms">India's most wanted borrower Vijay Mallya gets sentenced to 4 months in jail</a> <a href="https://www.businessinsider.in/india/news/india-will-surpass-china-to-become-most-populous-country-by-2023-says-un/articleshow/92796379.cms">India will surpass China to become 'most populous country' by 2023, says UN</a>

This is why it costs more to order online on Zomato and Swiggy than to dine-in

<ul><li><keyword id="2645087" type="General" weightage="20" keywordseo="rategain" source="Orion">RateGain</keyword> intends to raise ₹1,335 crore through this public issue.</li><li>RateGain is seeking a valuation of $600 million at the upper end of the price band.</li><li>It is a SaaS platform, which solely focuses on the travel and hospitality segment. </li></ul>The initial public offering (IPO) of RateGain Travel Technologies has been subscribed 75% on the second day of its public issue. The issue will open for subscription for the last time today, December 9. The portion reserved for retail investors has been fully subscribed, whereas the portion reserved for qualified institutional investors has not received any bidding so far. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription (times) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.00 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-Institutional Buyers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.08 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.98 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.72 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.75 </td></tr></tbody></table> The software-as-a-services (SaaS) platform, which solely focuses on the travel and hospitality segment, intends to raise ₹1,335 crore through this public issue. The capital will be raised through both fresh issue and offer for sale (OFS) by existing shareholders of the company. The company will likely list on the<a href="https://www.businessinsider.in/business/news/rategains-ipo-opens-today-grey-market-premium-at-85/articleshow/88126120.cms"> stock exchange on December 17</a>. The price range of RateGain’s IPO has been set at ₹405-₹425. The minimum lot size is 35 shares, meaning a retail investor would have to shell out ₹14,875 to buy one lot. The grey market premium (GMP), premium at which investors are comfortable buying the shares before it gets listed on a stock exchange, was at ₹78 on December 8. RateGain is seeking a valuation of ₹4,537 crore (about $600 million) at the upper end of the price band. Founded in 2004 by Bhanu Chopra, RateGain offers travel and hospitality software solutions. It’s softwares covers an entire set of data points including pricing, rating, ranking, availability, room description, cancellation policy, discounting and packages, among other things. The company has over 1,434 customers — across the hotel, hospitality and online travel agency (OTA) segment — spread across 110 countries. It’s clientele includes Lemon Tree, InterContinental Hotels Group, Kessler Collection, GroupOn and Sabre GLBL. Stock brokerages — including Reliance Securities, Prabhudas Lilladher, Arihant Capital, Aditya Birla Capital — have recommended <a href="https://www.businessinsider.in/business/news/saas-firm-rategains-ipo-opens-tomorrow-should-you-invest/articleshow/88125982.cms">subscribing to the issue</a>. “While there is no listed peer available for a direct comparison to RateGain in the domestic market, its valuations at ~50% discount to unicorns like Zomato and Paytm give comfort on the valuation front. In the new era of internet and AI [artificial intelligence]-based software services, we believe the premium valuation of the company is likely to sustain,” Reliance Securities said in its latest report. A unicorn, in startup parlance, is a firm valued at or over a billion dollars. SEE ALSO <a href="https://www.businessinsider.in/business/news/zoho-freshworks-and-top-indian-saas-companies-have-given-500-entrepreneurs-to-the-indian-startup-ecosystem/articleshow/88145310.cms" data-type="tilCustomLink">Zoho, Freshworks and top Indian SaaS companies have given 500 entrepreneurs to the Indian startup ecosystem</a> <a href="https://www.businessinsider.in/investment/news/humanoid-robot-sophia-is-entering-the-metaverse-with-intelligent-nfts/articleshow/88156738.cms" data-type="tilCustomLink">Humanoid robot Sophia is entering the metaverse with ‘intelligent’ NFTs</a> <a href="https://www.businessinsider.in/policy/news/here-is-what-to-expect-from-the-rbi-monetary-policy-today/slidelist/88150941.cms" data-type="tilCustomLink">Six charts explain what the market expects from the RBI’s monetary policy review</a>

It’s the last day to subscribe to RateGain’s IPO — GMP at ₹78

IPO watch: List of upcoming public issues in 2021 – from Zomato to GoAir, over a dozen companies have filed for a listing

<ul><li>The share price of <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> dipped 1% on Tuesday morning.</li><li>The development comes after Zomato announced its decision to enter 10-minute delivery.</li><li>Zomato’s 10-minute delivery will be launched in Gurgaon next month.</li></ul>While netizens discuss the pros and cons of Zomato’s latest decision to enter 10-minute delivery service, the stock market has not shown any strong reaction to it. The share price of Zomato dipped 1% on Tuesday morning trade, a few hours after the company made the official announcement. The company’s shares were trading at ₹79.60 at 9:53 a.m., on March 22. This is very close to Zomato’s issue price of ₹76 at which initial public offering (IPO) investors bought the shares. Zomato currently sits at a market capitalisation of ₹62,660 crore ($8 billion, at current conversion rate), which is almost half of the $15 billion market capitalisation the company reached in November 2021. Rival Swiggy is <a href="https://www.businessinsider.in/business/ecommerce/news/swiggys-raises-700-million-led-by-invesco-to-double-down-on-quick-commerce-valuation-crosses-10-billion/articleshow/89091911.cms">valued more than Zomato</a> ever since it raised $700 million from private investors in January 2021, at a valuation of $10.7 billion. Swiggy plans to invest this capital in order to further enhance its 10-minute delivery and groceries delivery vertical InstaMart. Zomato’s 10-minute delivery will be launched in Gurgaon next month. The company has announced that the quick delivery service will rely on a dense network of “finishing counters”, which will be located in near high-demand customer neighbourhoods. The food delivery app has noted that it will ensure that the food is “sterile, fresh and hot at the time it is picked by the delivery partner” by using “sophisticated dish-level demand prediction algorithms and future-ready in-stations robotics". The development comes only a few days after Zomato acquired robotics startup Mukunda. Deepinder Goyal, founder and chief executive officer of Zomato, noted that sorting restaurants by fastest delivery time is one of the most used features on the app. He had a feeling that “30-minute average delivery time by Zomato is too slow, and will soon have to become obsolete… If we don't make it obsolete, someone else will.” SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/india/news/petrol-and-diesel-prices-hiked-after-more-than-four-months-lpg-price-goes-up-by-50-in-delhi-and-mumbai/articleshow/90366409.cms" style="">Petrol and diesel prices hiked after more than four months, LPG price goes up by ₹50 in Delhi and Mumbai</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-sun-pharma-zomato-and-other-hot-stocks-on-march-22/slidelist/90365793.cms" data-type="tilCustomLink" style="">Wipro, Sun Pharma, Zomato and other hot stocks on March 22</a> <a href="https://www.businessinsider.in/politics/world/news/pro-kremlin-tabloid-reports-that-nearly-10000-russian-troops-have-been-killed-in-ukraine/articleshow/90362722.cms" data-type="tilCustomLink" style="">Pro-Kremlin tabloid reports that nearly 10,000 Russian troops have been killed in Ukraine</a>

You Searched For "zomato public issue" and got 12 results

Swiggy IPO likely between November 6-8, 2024. Here's all you need to know

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Ahead of much awaited IPO, what is Swiggy upto? Launching XL Fleet, premium membership and kicking out Zomato CEO

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Zomato makes a strong public market debut at 51% premium

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Zomato takes down ad depicting 'Lagaan' character Kachra as recycled waste items

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Zomato reveals its much-awaited IPO plan and it’s worth $1.1 billion

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This is why it costs more to order online on Zomato and Swiggy than to dine-in

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It’s the last day to subscribe to RateGain’s IPO — GMP at ₹78

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