Zomato tumbles below its last private valuation

Indian food delivery firm Zomato’s shares fell below 52 rupees apiece, giving it a market cap of $5.3 billion as tech stocks continue to nosedive across the globe. At a $5.3 billion market cap, Zomato is now trading below its last private valuation ($5.4 billion) from early 2021. Swiggy, Zomato’s chief rival in India and a much younger firm, was last valued at $10.7 billion.
The drop in the lossmaking firm Zomato’s market cap, which comes at a time when markets across the globe are crumbling, may hurt the retail investors’ appetite for upcoming Indian IPOs of insurance

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