Ant-Backed Indian Unicorn Zomato Gains 66% in Trading Debut

Food-delivery platform is first unicorn to list shares locally
Zomato raised $1.3 billion in its initial public offering

A Zomato Ltd. delivery rider in Mumbai, on July 16.
Photographer: Dhiraj Singh/Bloomberg

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By Ashutosh Joshi

July 23, 2021 at 4:53 AM UTC

Updated on

July 23, 2021 at 11:10 AM UTC

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Indian online food-delivery and restaurant platform Zomato Ltd. surged in its trading debut, setting the stage for a plethora of unicorns to follow the service with initial public offerings.

The shares gained about 66% to close at 126 rupees in Mumbai Friday, compared with the IPO price of 76 rupees. Zomato raised $1.3 billion from investors including Morgan Stanley and Fidelity Investments in the share sale last week.