The stellar performance reflected strong investor interest in internet-based start-ups that have done well during the pandemic. Zomato's share of

India Zomato: Shares of food delivery app soar 80% on market debut

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2021-07-23 09:30:06

The stellar performance reflected strong investor interest in internet-based start-ups that have done well during the pandemic.

Zomato's share offering last week drew bids worth $46.3bn as it was more than 38 times oversubscribed, with big institutional investors also placing major bets.

Ahead of the stock market debut, Zomato's founder Deepinder Goyal tweeted "The future looks exciting. I don't know whether we will succeed or fail - we will surely, like always, give it our best."

On the day of our listing, here’s something I want to share with our shareholders, and India’s startup ecosystem. https://t.co/BAIM8bTATY The future looks exciting. I don’t know whether we will succeed or fail – we will surely, like always, give it our best.

In the year to the end of March, Zomato's losses narrowed to around $110m, even as its revenue from operations fell slightly.

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