Food Delivery Platform Zomato Likely To File For IPO In April, Could Raise $650 Million: Report

Online food delivery platform Zomato is said to be gearing up for filing an initial public offering (IPO) by April, with plans to raise as much as $650 million, reports Livemint.

The company could reportedly complete this listing before the end of September.

According to the report, deliberations are ongoing and details of the offering such as size and timeline could change.

In its latest fundraising round in February, the unicorn founded by Deepinder Goyal had already achieved a valuation of a $5.4 billion. The round saw the company raising $250 million from noted investors like Kora Management LP, Fidelity Management and Research, Tiger Global Management, Bow Wave Capital and Dragoneer Investment Group.

This gains significance as the company's valuation saw a massive jump compared to December when it was valued at $3.9 billion.

Goyal led Zomato has been on a spree to raise funds over the last year as it bolsters its cash reserves for future acquisitions, possible price wars and expansion. It's latest fund-raising round came in addition to the $660 million primary fundraise undertaken by the firm last year.

Meanwhile, the company is also in the process of raising $140 million as part of a secondary transaction which is expected to give a partial exit to Chinese investors in its portfolio Ant Group and Sunlight Fund.