Indian food delivery firm Zomato surged 65.8 percent in its stock market debut on Friday, giving the startup a valuation of Rs. 98,849 crores ($13.28 billion) and setting the stage for other domestic startups that are waiting in the wings with listing plans of their own.
The 13-year-old company belongs to the first generation of big home grown startups in the country to go public successfully on Indian bourses.
“Zomato is definitely a big event for the startup community, and for the other technology companies that are waiting to come to the capital market,” said Siddhartha Khemka, head of retail research, broking & distribution at Motilal Oswal Financial Services.
Berkshire Hathaway-backed Paytm, hospitality company Oyo Hotels and ride-hailing firm Ola, both backed by SoftBank, are among other Indian startups set to enter markets.
Like US-based DoorDash, Zomato is mainly a food delivery app, having partnered with about 390,000 restaurants and cafes in 525 Indian cities. It also allows customers to book tables for dining-in, write food reviews and upload photos.
Zomato’s opening price…
