Zomato to raise $1 billion in IPO

Bengaluru: Food delivery company Zomato is set to raise $750 million-1 billion (around Rs 5,480-7,306.7 crore) in an initial public offering (IPO).

Interestingly, no investor in the company is likely to make an exit from the firm, the report said, citing two people.

Further, Zomato co-founder and CEO Deepinder Goyal told employees at a town hall that the IPO will most likely be a primary offering.

The development comes just a week after Zomato raised $250 million (around Rs 1,808 crore) at a valuation of $5.4 billion, according to a stock exchange filing made by Info Edge, another backer of the company. The round was led by Kora Holdings, with participation from Tiger Global, Fidelity Management, Bow Wave, and Dragoneer.