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Indian tech unicorns, such as the online food delivery company Zomato, are bringing about a turning point in the IPO scene in India. (Source photo by AFP/Jiji)
Business Spotlight

Zomato IPO shows foreign investors fueling India's tech battle

Stock market frenzy despite intense competition among cash-burning rivals

WATARU SUZUKI and RYOSUKE HANADA, Nikkei staff writers | India

TOKYO -- A list of 186 "anchor investors" that bought into Zomato's initial public offering is a symbol of India's stock market frenzy.

The list, which the food delivery company disclosed on July 13 ahead of its stock market debut, includes giant U.S. asset managers BlackRock and Fidelity as well as government-linked managers like the Canada Pension Plan Investment Board and the Abu Dhabi Investment Authority -- some of the biggest names in investing.

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