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Info Edge to continue investing in Zomato

By BFTLR Team

Zomato filed for an initial public offering of 82.5 billion rupees ($1.1 billion) in April, after which the company will issue fresh shares of 75 billion rupees. These shares will be invested to fund organic & inorganic growth initiatives which include mergers or takeovers. Info Edge, the largest shareholder will sell shares worth 7.5 billion rupees ($101 million). Chintan Thakkar, CFO & executive director at Info Edge is not going to sell the entire stake rather will continue investing in zomato. Info Edge was the first institutional investor in Zomato & currently holds 18% stakes. Zomato dominates the Indian food delivery market worth $4.2 billion. Zomato is facing competition from chain restaurants & cloud kitchens that offer their own delivery services. The pandemic had severely affected the business.

Source: CNBC

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