Online food delivery firm Zomato is likely to go for an initial public offering (IPO) in the first half of 2021, according to an email reviewed by Mint that was sent by founder and CEO Deepinder Goyal to the company's employees on Thursday.
"...We have raised a lot of money, and today, our cash in the bank ($250m) is more than ever in our history. Tiger Global, Temasek, Baillie Gifford and Ant Financial have already participated in our current round, and there are more big names joining the round - we estimate that our current round will end up with us at $600m in the bank very soon," Goyal said in his email as quoted by the Mint report.
Goyal added that while there are no immediate plans on how to spend this money, the cash is being treated "as a 'war-chest' for future M&A, and fighting off any mischief or price wars from our competition in various areas of our business."
According to regulatory filings, Zomato has raised $102 million (around Rs 760 crore) from New-York based investment firm Tiger Global Management, as a part of its ongoing Series J financing.