Zomato is serving its pricey IPO at the time of a cold tech war in India
India’s current rate of spawning unicorns, or startups with at least a billion dollars in valuation, is almost three per month. But all that action is in private markets; practically nothing of the digital economy trades publicly. Which explains the nervous excitement over this week’s initial public offering by one of the country’s two dominant online food-delivery services. As China cracks down on data-heavy businesses from finance to ride-hailing, Zomato Ltd., backed by Jack Ma’s Ant Group Co., is beefing up its IPO in the Indian market to Rs 93.75 billion ($1.3 billion) because o...
Source: business-standard.com
