The company’s CFO Akshat Goyal said that Zomato has bought stake in Grofers with the aim of gaining more experience in this new area and planning and strategy for the business. He said, “We will soon launch online groceries on the Zomato app and with this we will step into this space and see how fast we grow.”
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Zomato’s IPO to open on July 14
Let us tell you that the IPO of Rs 9,375 crore of Zomato is opening on July 14. The price range for the IPO has been fixed at Rs 72 to Rs 76 per share. Earlier this week, Zomato got permission from market regulator SEBI to launch an IPO. The size of the IPO is Rs 9,375 crore and will involve issue of fresh shares worth Rs 9,000 crore, while a sale offer of Rs 375 crore will be made by Info Edge (India) Ltd.
According to Zomato, the proceeds from the IPO will be used to grow the business and for acquisitions, the online food supply segment has witnessed a sharp growth in the past few years, with Zomato and Swiggy being the main competitors. Asked about what would be the market value of the company after the IPO, Akshat Goyal had said that after this the market value of the company would be Rs 64,365 crore.