Zomato IPO: Indian food delivery startup is raising $1.3 billion in major public offering in Mumbai

Food delivery startup Zomato is looking to raise some $1.3 billion this week in an initial public offering in Mumbai, the company said in a recent regulatory filing. It expects to close its books on Friday, and is the biggest offering in the country so far in 2021, according to Dealogic.

The company plans to sell shares priced between 72 and 76 rupees (97 cents to $1.02) per share. At the upper end of the range, Zomato would be valued at almost $8 billion.

Its founder Deepinder Goyal began Wednesday with a nervous tweet: “Just ordered a triple breakfast @zomato. Stress eating.”

Investors are closely watching the offering, which will give some insight into the market’s appetite for Indian startups. The country has a ton of tech unicorns — companies that have reached a valuation of at least $1 billion — but none of them have ever gone public before.

Analysts have expressed concern that Indian startups — many of which have raised hundreds of millions of dollars from private markets at extremely high valuations — need to start showing consistent profits and healthy exits for investors.

“This IPO is in some sense the beginning of the Indian digital ecosystem’s promises starting to get fulfilled,” Ashish Fafadia, partner at the Indian venture capital firm Blume Ventures, told CNN Business.

He said investors will be looking at how the company performs after it lists, along with how well Zomato is able to hit quarterly targets.

“The ultimate long-term test would be if they are able to become a profitable business,” he added.

Paving the way

Zomato was founded in New Delhi in 2008 by Goyal. The company has built a name for itself as one of India’s most successful startups, with a team of more than 5,000 employees and a reach across more than 10,000 cities in two dozen countries, from Sri Lanka and Slovakia to South Africa.

The firm made waves in January 2020 when it bought Uber Eats in India, handing Zomato a big win in its home market. California-based Uber (UBER) picked up a nearly 10% stake in Zomato as part of the deal.

Zomato’s public offering this month could also pave the way for more Indian unicorns to go public down the road.

Walmart-owned Flipkart, which is the only Indian tech unicorn to have been acquired at a valuation of more than $1 billion, is considering a public offering, according to media reports.
That e-commerce firm raised $3.6 billion in its latest round of funding from investors including GIC, the Canada Pension Plan Investment Board, SoftBank’s Vision Fund 2 and Walmart (WMT), the company said this week. Flipkart is now valued at nearly $38 billion.

Zomato’s IPO will also serve as another test for the closely watched global food delivery industry. Deliveroo’s IPO crashed in London earlier this year despite great fanfare, becoming the city’s worst debut on record.

— Michelle Toh contributed to this report.

Meal Delivery Service

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Food & Cooking

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From More Healthy Eating To Free

Since the flesh of certain fruit and veggies, similar to apples and pears, will darken when exposed to air unless used immediately after chopping, they are dropped into an acidulated water to stop this process. An excellent and huge culinary dictionary and glossary that features the definitions and history of cooking, food, and beverage phrases. “I love LOVE these meals and this oven. Seriously. I even have not been dissatisfied by a single meal.” “Loving my oven and my meals. Delicious, filling and it is fantastic to begin the oven and do other things whereas it cooks.”

The demo was accompanied by an Ethiopian coffee ceremony, a social ritual with historic roots. This program related to a piece of the refreshed FOOD exhibition that highlights the entrepreneurial efforts and influences of migrant entrepreneurs on America’s ever-changing food scene.

June 2021 Cookbook Of The Month

She developed a line of super contemporary, flavor-boosting, time-saving sauces for busy residence cooks. And she stopped by HQ to indicate us simply how straightforward it can be together with her tahini-roasted hen thighs recipe—complete along with her Golden Turmeric Tahini sauce and quick-pickled onions and currants. Christopher Kimball, founder Food of Cook’s Illustrated, has a brand-new journal, referred to as Milk Street . In it, you’ll discover one of the best new recipes and methods from across the globe, plenty of nice food content, and no advertisements. Kimball writes on the Milk Street web site, “There is no ‘ethnic’ cooking.

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Chipotle Beef BurgersTender cuts of meat and poultry and varied children of fish and shellfish are very properly suited to grilling, as are greens and even fruits. As with broiling, you’ll need to keep quite close to the grill as flare-ups can occur. It’s easy for a food to go from nicely browned to charred in a flash. The timing varies wildly from food to food, and from grill to grill, so test the doneness of the meals you are cooking as you go.

Mojito Pitcher Recipe

The image above exhibits specific safe temperatures. There are a number of important components that make cooking each an unbelievable and universal expertise, and based on author/chef Samin Nosrat, these 4 fundamentals are salt, fats, acid, and warmth. Nosrat built on these elements in her James Beard Award-winning cookbook, Salt, Fat, Acid, Heat, and now within Cooking the Netflix sequence, she travels the globe to discover how these rules fuel good food. The show comes from the creators of Cooked, and Nosrat is extraordinarily charismatic, making her travels into the homes of households in Japan, Italy, Yucatán, and even Berkeley especially enlightening. , her just-as-watchable cooking present, she makes recipes all about efficiency and really doable for even newbie bakers.

Health district warns consumers not to eat food from Gerry’s Donuts after reports of illness – WFSB

Health district warns consumers not to eat food from Gerry’s Donuts after reports of illness.

Posted: Fri, 14 May 2021 22:58:00 GMT [source]

Many have harkened back to nostalgic meals and treats, while others have adopted fascinating cooking routines and baking workouts. For food and beverage manufacturers, this trend has been a giant win as a end result of it has meant that the grocery stores their merchandise are being sold in have grown all of the extra in style. In the US, a survey of two,000 Americans discovered that 2 out of three members had been eating more comfort foods as a response to the pandemic. This survey acknowledged that in times of stress brought on by the pandemic, 41% turned to nostalgic consolation foods to convey happiness, with the average individual indulging in a comfort or childhood-favorite meal at least 5 times a week. Similarly, in Australia, over 20% of a surveyed inhabitants of 1,000 people admitted to consuming extra snack meals than before Covid-19 struck. During every week of this course, cooks reveal the secrets behind a few of their most famous culinary creations — often proper in their own eating places.

Girl Scouts of America and GrubHub to team up on delivery, lessons in entrepreneurship

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It’s going to take a lot more than a pesky pandemic to stop the Girl Scouts of America from selling their sweet treats.

The organization has partnered with food delivery platform Grubhub to facilitate a contact-free way for cookie fanatics to get their fix. Select Texas markets — sorry, but SA isn’t on the current list — can begin ordering Tagalongs, Samoas and Thin Mints via Grubhub starting February 1.

The online platform, often vilified by restaurants for charging too high a fee to serve customers, is waiving all of its fees for the Girl Scouts so that the organization will get 100% of proceeds from its cookie sales. According to Fortune.com, earnings from cookie sales reach nearly $800 million annually.

Grubhub is also offering free delivery on Girl Scout Cookie orders through February 14 with a minimum purchase of $15, according to a GSUSA press release.

Keeping with the Girl Scouts’ focus on entrepreneurship, the partnership will also provide a hands-on experience in managing e-commerce, allowing scouts to track and fulfill orders, manage inventory, and more — all using Grubhub’s back-end technology.

Should SA never make it to GrubHub’s growing list of Texas delivery areas, cookie connoisseurs can enter their zip code into the Girl Scout Cookie Finder to find a local troop to sate their cookie craving.

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