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Food delivery firm Zomato surges 65% in key India debut

Food delivery firm Zomato surges 65% in key India debut

Food delivery firm Zomato surges 65% in key India debut
Jul 23, 2021 1 min, 36 secs

Shares in Zomato, a Gurgaon-based food delivery company and first of India’s consumer tech startups to go public, closed up 65% in its debut day of trading in Mumbai, delivering a key insight into the appetite investors have for the world’s second largest internet market’s burgeoning startup ecosystem.

Zomato’s shares traded all day above the issue price of 76 Indian rupees ($1) and surged as high as 138.9 Indian rupees ($1.87).

The 12-year-old firm ended day one of trading on BSE in Mumbai at 125.8 Indian rupees ($1.69), securing a market cap of $13.2 billion, up from about $5 billion valuation it had attained in private markets during the startup’s fundraise earlier this year.

Friday’s milestone of Zomato has equally been significant for the rest of the industry as startup founders and investors closely watched the firm’s stock performance.

Ashish Dave, India head of Mirae Asset, a backer of Zomato, said the listing and performance of Zomato today have delivered the missing piece of liquidity in Indian startup ecosystem.

It also gives Indian investors a chance to participate in the India tech journey rather than from watching it from sidelines,” he told TechCrunch, adding that retail investors of this generation will finally find a way to get in on the action with the brands they recognize and have grown up with.

— Lizzie Chapman (@ChapmanLizzie) July 23, 2021.

What a debut & pop by #Zomato🥳🥳🥳 Super exciting day for India Internet paving the path for many more Startups… Heartiest congratulations to team @zomato @deepigoyal@pradyotghate @akshant_g…!

Home run for @zomato IPO and a fantastic moment for the Indian startup ecosystem.

congrats @deepigoyal @zomato

Indian tech startups have raised a record amount of capital this year as some high-profile investors have doubled down in the South Asian market

Swiggy, Zomato’s chief rival in India, said earlier this week it had raised $1.25 billion from SoftBank’s Vision Fund 2 and Prosus among others at a valuation of $5.5 billion

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