Food delivery platform Zomato's valuation has improved to nearly $5 billion, an addition of nearly $2 billion over its valuation during the previous fundraising round, according to an estimate by HSBC Global Research.
HSBC said Zomato might add $2 billion in market capitalisation to its listed shareholder Info Edge over three to four years, according to a report by The Economic Times.
HSBC's report, as seen by the paper, said the COVID-19 pandemic had fast-tracked Zomato's path to profitability due to lower discounts.
Moneycontrol could not independently verify the story.
"We do not believe in calculating our worth in terms of valuation. We are building a business for the next 100 years, and are focused on creating value for our users, partners and employees – you can't put a number on that," a Zomato spokesperson told The Economic Times.
HSBC raised its target price for Info Edge to Rs 2,810 from Rs 2,500, the report said. Info Edge is the parent company of job portal Naukri and has invested in insurance aggregator Policy Bazaar.
In January 2020, Zomato raised $150 million from Alibaba-affiliate Ant Financial, in a financing round that valued the Gurugram-based company at $3 billion.
Of this, Zomato has received $50 million but the balance has been delayed due to government restrictions, according to a Mint report.
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