Zomato's mega initial public offering (IPO) ended with a bumper 38 times oversubscription on Friday as institutional investors poured money to get a pie of the hottest online food delivery platform. Zomato got bids for 2,751.25 crore shares against 71.92 crore shares on offer, stock exchange data showed. The IPO is India's biggest since March 2020. Institutional investors, who shied away in the first two days of the IPO, bid several times over the number of shares reserved for them.
Food ordering platform Zomato, whose Rs 9,375 crore IPO opens on July 14, is planning to launch a grocery section on its app soon, a senior company official said. The company recently invested USD 100 million (around Rs 745 crore) for acquiring a minority stake in grocery delivery platform Grofers. "It (grocery) is a large opportunity. The online grocery is nascent right now but is growing rapidly not just in India but across the world... "We are actively experimenting in that space and recently invested $100 million for a minority stake in Grofers, with the idea of getting more exposure to that space and building our strategies and plan around that business," Zomato CFO Akshant Goyal said.
After a recent spate of big-bang funding of food discovery and delivery apps, experts believe the sector's consolidation might be over and the remaining players are here to stay and thrive.
Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, a statement said. The deal comes days after Zomato had raised USD 150 million in funding from existing investor Ant Financial, an Alibaba affiliate, at a USD 3 billion valuation.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
This year will be the one when GenAI becomes a part of the daily lives of people around the world.
Projections suggest online food delivery market should grow to $22 billion by 2025.
Apart from the telecom and BPO sector, IT and banking sector and auto and pharma experienced significant year-on-year growth during August.
The Naukri Job Speak Index for last month stood at 1,649, up 20 per cent compared to July 2013.
The Naukri Job Speak Index for March stood at 1,475, showing stability in hiring activity, when compared to the previous month.
Sectorwise, oil & gas and BFSI (banking, financial services and insurance) witnessed the maximum year-on-year growths of 27 per cent and 17 per cent in December 2014.
Abbasi had attacked two police constables with a sharp-edged weapon at a gate of the famed Gorakhnath temple and tried to barge into the premises on Sunday evening before he was overpowered.
Havelock should be your destination for 2024. It is love at every sight!
Last year, Zomato was in the news for reportedly dismissing 250-300 employees.
Portfolio returns, say analysts at Morgan Stanley, are more likely to be driven by bottom-up stock-picking rather than top-down macro forces.
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TPG was one of the first global private equity firms to enter Asia, opening a Shanghai office in 1994.
Year-on-year comparison shows a 14 per cent increase in hiring activity when compared to April 2013, the report said.
India's consumer digital economy which was pegged at $85-90 billion in calendar year 2020, is expected to become a $800 billion market by 2030, according to reports released by consulting firm RedSeer at its flagship event Ground Zero 5.0. The digital economy includes 60 per cent of travel, 40 per cent non-grocery retail, 30 per cent of education, 25 per cent of food and beverages services and 6 per cent of pharma/grocery going through digital channels by calendar year 2030. Online retail is set to become the third-largest market by scale by CY30 with an annual gross merchandise value (GMV) of $350 billion in CY30, said RedSeer.
'My father was asking me what an IPO is. He has no clue and he has never been an investor.' 'My mother, who was the one to ring the bell, has been an investor in Policybazaar for the past 6-7 years and I would say she has made good returns.'
'The consolidation of the world's fifth-largest economy in the hands of 15-20 corporate giants is a once-in-generation event, which we are focusing on.'
The latest acquisitions are a strategic move to establish Zomato's presence in central and eastern Europe.
Zomato is far behind the numbers it promised to its investors for FY16.
Swiggy is shoring up capital to defend its position as India's largest food-ordering app as rivals Zomato and FoodPanda focus on growth after receiving funds
The first day of March 2015 turned into super Sunday of sorts, as Samsung finally unveiled the much expected Samsung Galaxy S6 and S6 Edge mobile phones.
Education technology, grocery, fashion, food delivery and UPI payments surpassed volumes or revenues of February, in the September-October period.
India needs a 1,000 more Ashoka universities, Naukri.com Founder Sanjeev Bikhchandani tells Anjuli Bhargava.
Banking and IT lead; see September hiring rise 52%, 34% y-o-y, respectively.
The 30-share Sensex ended down by 59 points at 27,027 and the 50-share Nifty slipped 7 points at 8,087.
'To all the MBAs that burn the candle at both ends, travel half-a-million miles every year, and spend little or no quality time with their families, the rise to riches of Mr Bikhchandani and Mr Banga, should be true inspiration,' notes Sandeep Goyal.
It has once again returned to strong growth after a brief hiatus, spurred by the return of investors' confidence (and cash) in India's online food ordering sector.
Ajit Mishra, vice president, Research, Religare Broking, answers readers' queries on stocks they own or want to buy. Here are his replies to some of the 'buy, sell, hold, avoid or exit?' e-mails that we have received.
Korean handset maker Samsung on Wednesday said its galaxy range of devices based on KNOX platform have been approved by the US government to handle the full range of classified information.
These stocks are overvalued and, therefore, one should not adopt a buy and hold strategy.
Banking and telecom will see the highest impact of this transition.
Online marketplace majors, e-grocers, Internet of Things firms, app-based companies and transport service aggregators are among those that have had to shut shop or scale down operations. Now, survival skills like upskilling and retraining will determine who makes it.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
India is witnessing its own tech tsunami, and is poised to become the second largest global startup hub by the end of the decade
Internet entrepreneurs are the next big thing in India.
Focus on the best you can do with what you've been given.
'The Chinese thought India would back off. 'They did not expect such a firm Indian response to their expansionist manoeuvre.'
