Zomato soars in India market debut to $12bn valuation

Shares soared 82.8% after opening at 116 rupees in pre-open trade

The stellar debut, which was advanced by four days, reflected investor interest in internet-based consumer startups that are expected to thrive during the COVID-19 pandemic and comes at a time when India's stock market is near all-time highs. © Reuters

July 23, 2021 14:09 JST

Updated on July 23, 2021 14:54 JST

BENGALURU (Reuters) -- Food delivery firm Zomato shares on Friday nearly doubled in a stellar first listing of a local unicorn in India, setting the pace for a slew of such debuts by internet-based startups that are thriving during the COVID-19 pandemic.

Berkshire Hathaway Inc-backed Paytm, hospitality company Oyo Hotels and ride-hailing firm Ola, both backed by SoftBank, are among the startups set to enter markets, riding on support from foreign funds and local investors.