You say Zomato, I say IPO

On July 16, food delivery company Zomato went public on India’s two major stock exchanges. By pretty much any metric, it went spectacularly well—the $1.1 billion IPO received 38 times as many applications as the number of shares on offer. Info Edge, Zomato’s earliest investor, saw the value of its investment increase more than 1,000 times. The IPO catapulted the Indian food-delivery firm’s valuation from $5.4 billion to $12 billion. Not bad for a 12-year-old company from Gurugram, a city south of New Delhi.

What’s remarkable is not the company’s post-IPO valuation (it’s chump change compared to Uber’s historic $82.4 billion post-IPO valuation). It’s where it’s from: Zomato is among the first multibillion-dollar tech startups to list in India, where startups are notorious for not providing exits at all. That’s got investors hoping Zomato’s IPO won’t be the last—fintech players Mobikwik and Paytm have both filed their pre-IPO documents, while others are eyeing startups including beauty e-tailer Nykaa, online insurance aggregator PolicyBazaar, e-commerce logistics firm Delhivery, eyewear retailer Lenskart, and e-grocery platform Grofers.

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