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Online food delivery platform Zomato to open Rs 9,375 crore IPO on July 14

Only bids for 195 equity shares or more will be accepted and part of the proceeds will be invested in delivery and infrastructure technology, the company said.  Zomato is set to raise Rs 9,375 crore ($1.25 billion) from its initial public offering (IPO), which will remain open between July 14 to July 16, the company stated in a press release. Zomato was founded in 2008 as a restaurant discovery website and is now one of the main players in the food delivery market along with Swiggy and the new entrant Amazon. The company earns its revenue primarily through food deliveries, it charges restaurants a commission for deliveries and collects delivery fees from customers. The company also operates Hyperpure, which supplies ingredients to its restaurant partners. Zomato has seen a sharp surge in its popularity in recent months as lockdowns have eased across the country. According to RedSeer, Zomato is the category leader in the food delivery space in India. The company had 169,802 active delivery partners and 148,384 active food delivery restaurants during the month of March 2021, Zomato's red herring prospect (RHP) stated. Furthermore, India's food services market is expected to grow to US$110 billion in 2025, the prospect stated. The IPO makes Zomato the first online food aggregator from India to go public. "On an average, 6.8 million customers ordered food every month on our platform in India in Fiscal 2021 with an average monthly frequency of approximately 3.0 times. In Fiscal 2021, 99.3% of our food delivery Orders came through Zomato's mobile application." - Zomato RHP…

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