Although one of the most basic requirements for human beings, food is literally the driving force for many. And in a country as diverse and as busy as India, sifting through the menu cards for your favorite dishes, especially during peak hours, is certainly a huge task. While it is a problem for many, in it lies a huge opportunity that Zomato and many other food delivery platforms are trying to cash on.
Sensing the opportunities and growth prospects, many companies popped up in the online food ordering and delivery space, but Zomato came out to be the reigning king. From its humble beginning back in 2013, Zomato has grown tremendously. After the recent Zomato IPO listing, it’s now a 13 billion dollars company and controls nearly 45% of the on-demand food delivery space. Let’s explore the outstanding rise of Zomato and take a look at numbers that tell the story of Zomato’s growth.
Zomato – The Launch of IPO
After serving the foodie community for 13 years, Zomato released its IPO to gather funds for its further growth and expansion. Zomato IPO opened on 14 July 2021, and the closing date was 16 July 2021. Initially, Zomato hoped to raise around 9000 crores through its IPO with a base price of Rs 72 per share. Investors were allowed to bid for 195 shares minimum and then in a multiple of the same initial offering. Zomato IPO proved to be phenomenal, with investors lining up to be a part of the jaw-dropping growth. Zomato entered the Indian Stock Exchange with much pomp. Such was the frenzy of Zomato’s IPO that the share price rose a whopping 80% and reached Rs 138.70 from the initial price of Rs 72.
Zomato – Current Status
Zomato continues to expand its reach globally and recently reported the total number of orders crossing one billion. However, the company’s loss has widened and stands at 356 crores compared to last year’s Rs 99.8 crore. Interestingly, there was a sharp increase in the company’s total income, which stands at around Rs 916 crore. A significant increase from the previous year’s 283.5 crores. Zomato boasts a staggering 300,000 active delivery partners and a tie-up with over a million restaurants. The road was not easy for Zomato but its founders Deepinder and Pankaj left no stone unturned to make it India’s leading online food ordering and delivery platform. The blazing success of Zomato’s IPO has proven that the future of on-demand food delivery is bright, and Zomato is all set to continue its unbelievable growth for years to come.