Ahead of its imminent IPO – Zomato CEO says food delivery in India has reached pre-COVID levels

• The foodtech unicorn’s CEO Deepinder Goyal also said that many cities in India have also surpassed their pre-COVID order numbers.
• He added that since the announcement of a country-wide lockdown on March 23, Zomato has delivered a total of 9.2 crore orders.
• This surely comes as good news for Zomato which is reportedly heading for an IPO in early 2021.

Zomato CEO Deepinder Goyal took to Twitter to share that food delivery in India has reached pre-COVID levels. The foodtech unicorn’s CEO also said that many cities in India have also surpassed their pre-COVID order numbers.


Goyal also said that going forward, he expects the food delivery sector to continue to grow at 15-25% month-on-month. He added that since the announcement of a country-wide lockdown on March 23, Zomato has delivered a total of 9.2 crore orders.

In a mid-year report published by the company in September, Zomato had said that Delhi and Mumbai were nearing full recovery (95% of pre-COVID).

And it wasn’t just the order numbers but also the transaction volume that has been increasing for Zomato. “With more premium restaurants, i.e. restaurants where a meal for two may cost ₹1500 and above, now opening up to online delivery, a larger number of affluent consumers are embracing online ordering. Overall spends on such premium restaurants have grown by over 25% over pre-COVID levels,” wrote Goyal in the report.

Good news for Zomato ahead of its IPO

This surely comes as good news for Zomato which is reportedly heading for an IPO in early 2021. While Zomato has a $3.5 billion valuation now, analysts at HSBC peg the valuation to hit $5 billion.

According to reports, Zomato CEO Deepinder Goyal in an email to his employees said that the company is looking to list publicly in the first half of 2021. Goyal also spoke about the company’s funding and said that the company has $250 million in the bank and as their current round wounds up they will have $600 million.

The news came as Zomato raised $102.5 million from Tiger Global Management at a $3.4 billion valuation.

SEE ALSO:
Razorpay is the latest to join the unicorn club with its new $100 million fundraise