Zomato shares inch toward IPO price after slow 2022

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Zomato‘s share price has been inching closer to its July 2021 IPO debut price of 76 rupees (US$0.92), reaching 75.1 rupees (US$0.91) at the time of writing.

The Indian food delivery giant’s current share price has been on a steady climb since February this year.

The rally comes after Zomato slashed its losses by almost half year over year to US$22.7 million for the fourth quarter of its FY2023. It also recorded a 57% jump in quarterly adjusted revenue to US$292.2 million.

The company has also recently been sharpening its focus, exiting markets such as the Philippines and Indonesia.

Selling pressure from a “leading private equity investor” has also been alleviated, CNBC-TV18 reported, citing people briefed on the situation.

Zomato CEO and founder Deepinder Goyal previously said that he expects the company could be worth US$100 billion by 2030.

The firm is now experimenting with generative AI to enhance its offerings, the Economic Times reported.

See also: Can Zomato serve $100b on the menu by 2030?

Currency converted from rupees to US dollar: US$1 = 82.57 rupees.