Food delivery company Zomato's Rs 9,375-crore initial public offering (IPO) will open for subscription on July 14, said investment banking sources on Wednesday. The company initially was looking to raise Rs 7,500 crore through the offering. Investment banking sources said the issue size has been increased because of the robust demand from investors.
Shares of Zomato on Friday zoomed nearly 53 per cent in its debut trade against its issue price of Rs 76. The stock made its debut at Rs 115, reflecting a huge gain of 51.31 per cent against the issue price on the BSE. It then hit a high of Rs 138, a jump of 81.57 per cent.
Half of the nation's 100 richest saw gains rising a collective 14% to $517.5 billion, says Forbes. Forbes released 2020's top 100 richest Indians on Thursday, which included newcomers, Sanjeev Bikhchandani, co-founder of Info Edge (India), who owns popular job and property websites; siblings Nithin and Nikhil Kamath, co-founders of discount stock brokerage Zerodha Broking, and three specialty chemicals producers - Vinod Saraf, founder of Vinati Organics, Arun Bharat Ram, the patriarch of SRF, and brothers Chandrakant and Rajendra Gogri of Aarti Industries. Other newcomers included Delhi-based brothers Ramesh Kumar and Mukand Lal Dua of Relaxo Footwears, which owns affordable footwear brands; dairyman, R G Chandramogan of Hatsun Agro; Premchand Godha, who chairs IPCA Laboratories, manufacturing formulations, bulk drugs and drug intermediates; G Rajendran, founder of jewellery chain, GRT Jewellers.
Ramping up globally, the Indian restaurant search service is going as local as possible in its markets to improve its brand's stickiness.
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.
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.
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.
Apart from the telecom and BPO sector, IT and banking sector and auto and pharma experienced significant year-on-year growth during August.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
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.
Projections suggest online food delivery market should grow to $22 billion by 2025.
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.
This year will be the one when GenAI becomes a part of the daily lives of people around the world.
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.
Last year, Zomato was in the news for reportedly dismissing 250-300 employees.
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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.
Portfolio returns, say analysts at Morgan Stanley, are more likely to be driven by bottom-up stock-picking rather than top-down macro forces.
Havelock should be your destination for 2024. It is love at every sight!
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.
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 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.'
'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 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.
Banking and IT lead; see September hiring rise 52%, 34% y-o-y, respectively.
India needs a 1,000 more Ashoka universities, Naukri.com Founder Sanjeev Bikhchandani tells Anjuli Bhargava.
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.
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.
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.
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.
