With Zomato’s IPO listing out, Uber has managed to make nearly Rs. 9000 crores. It turns out that Uber had already put in its stake in the former earning nearly $350 million from UberEats. This earning through the listing came without investing a single rupee.
So which factors influenced such a big surge?
Factors Which Made Uber A Big Gainer Through Zomato
- InfoEdge had the highest stake in Zomato surging the value to Rs. 15,000 crores. Simultaneously, CEO Deepinder Goyal has his own shares surge to Rs. 5500 crores.
- On 23rd July 2021 i.e., Friday, Zomato’s strong appearance on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) raised its share value to Rs. 116 per share.
- Once the listing was live, 16 minutes later, the company’s market cap went beyond Rs. 1 lakh making it one of the few startups to ever reach that goal.
- Uber has a 9.19% holding in Zomato. Through the above factors, the company was able to profit instantly.
In his letter addressed to stakeholders and investors on the listing day, CEO Deepinder Goyal thanked companies like Uber, Flipkart, and PayTM to have laid the foundation for startups in India to dream big and conquer.
Zomato plans to take the next 10 years and beyond to introduce new features for customers and make amends to its business model as its spans more cities and towns in India. Are you excited to see how the IPO acquisition only adds more value to the brand?
Source: Business Insider
