Good morning,
With the ringing of the bell by its customers, delivery partners, and restaurant partners, Zomato became the first Indian unicorn to get listed on the stock exchanges.
Zomato opened at Rs 116 per share on the National Stock Exchange (NSE) and rose rapidly to a level of Rs 138, before closing at Rs 125. The foodtech giant exceeded all expectations on day one with a 66 percent rise in share price and a market capitalisation of little more than Rs 98,000 crore ($13 billion approximately).
This makes Zomato one of India’s top 50 companies by market capitalisation, and as of Friday’s closing price, it was more valuable than 76-year-old automotive major Tata Motors.
Earlier in the day, the company’s market capitalisation actually crossed Rs 1 lakh crore, with over 40 crore shares being traded.
Image source: Shutterstock
The listing followed a strong response to Zomato’s initial public offering (IPO) from investors last week, which was subscribed 44 times across all categories.
Zomato’s stellar debut on the stock markets comes on the back of CEO Deepinder Goyal’s hunger to solve consumer problems at scale. An entrepreneur, he now leads a company that caters to an average 32 million monthly active users with nearly 7 million monthly transacting users.
The IPO of the foodtech giant heralds a new era for Indian startup-tech IPOs and for India’s growing foodtech industry.
The Interview
In 2015, Abhishek Agarwal founded Purple Style Labs, a Mumbai-based premium fashion house. It aims to bring together India’s top designers under one platform.
From insights on fundraising to driving value in the premium fashion segment with an omnichannel approach, Abhishek talks about his growth journey.
Editor’s Pick: Empowering women entrepreneurs
When she was the Additional Chief Secretary of Department of Commerce & Industries, Government of Karnataka, civil services officer K Ratna Prabha was involved in drafting a policy for women entrepreneurs and working closely with women associations during INVEST Karnataka.
She formed Ubuntu Consortium, which has been empowering women entrepreneurs in India through its network of 24 women’s associations. Read more.
K Ratna Prabha with Pramoda Devi, the Maharani of Mysuru
Startup Spotlight
Brings premium farm-fresh items to the doorstep
With the pandemic putting curbs on international travel and eating out, several high-end customers generated a pent-up demand for avant-garde food and beverages.
This led Dinesh Shinde and Krysh Bajaj to start Berrika in June 2020 as a premium grocery delivery service. It brings an exotic range of farm-fresh fruits, vegetables, cold-pressed juices, gourmet cheese, imported chocolates, ice creams, and more to the doorstep. Read more.
News & Updates
Before you go, stay inspired with…
“They say it takes a village to raise a child, and we are no exception. Hundreds of people have selflessly played a part in making Zomato what it is today.”
— Deepinder Goyal, Co-founder and CEO, Zomato
Now get the Daily Capsule in your inbox. Subscribe to our newsletter today!
