Food Delivery

Zomato, which is currently valued at USD 5.4 billion, is targeting a valuation of up to USD 8.56 billion through the IPO.

The startup’s food ordering business has grown over 400% year-over-year compared to 2020 and has also achieved gross profitability.

With the latest acquisition, AirAsia is set to “turbocharge” its ambition to become “a leading ASEAN challenger super app,” said the group CEO.

Local restaurants have accused Swiggy and Zomato of sky-high commissions, deep discounting practices, and withholding customer data, among other things.

CEO Daniel Zhang is fortifying Alibaba’s lifestyle services by uniting its mapping, travel booking, and food delivery apps as part of one business unit.

Founded in 2018, Kitopi operates a network of over 60 cloud kitchens in the United Arab Emirates, Saudi Arabia, Kuwait, and Bahrain.

Zomato, which is currently valued at USD 5.4 billion, is preparing to go for an initial public offering next month.

Government caps fees to protect restaurants while riders demand more pay.