Foodtech company Zomato has become the first Indian startup to be included in the Bombay Stock Exchange (BSE) Sensex 30, India’s benchmark index of the top 30 companies. Zomato’s inclusion comes as it replaces JSW Steel in the list, signifying its rising prominence in the Indian market.
The milestone reflects Zomato’s robust performance, with its stock delivering a remarkable 38 per cent gain over the past six months, a 124.79 per cent increase year-to-date, and a 114.29 per cent rise over the past year. However, on Monday, Zomato’s stock dipped by 3.15 per cent, trading at Rs 278.70, with a market capitalisation of Rs 2.68 lakh crore (approximately $31.9 billion).
The financial success of Zomato in the second quarter of the fiscal year further underscores its dominance. The company reported a 68.5 per cent quarter-on-quarter growth in operating revenue, surging to Rs 4,799 crore from Rs 2,848 crore in Q2 FY24, alongside a 4.8X increase in net profit, which reached Rs 176 crore.
In contrast, its closest competitor, Swiggy, reported a revenue of Rs 3,601 crore and a net loss of Rs 625 crore for the same period. Swiggy’s stock is currently trading at Rs 592.8 per share, with a market capitalisation of Rs 1.32 lakh crore (approximately $15.8 billion).
Zomato’s financial position was further strengthened last month with a $1 billion fundraise from qualified institutional investors (QIIs). This funding enhances its capacity for future investments and aligns with its strategy of high-impact initiatives, including the acquisition of Blinkit and investments in other startups.
This inclusion not only highlights Zomato’s remarkable journey but also signals a shift in how Indian startups are perceived in the stock market, paving the way for more tech-driven enterprises to make their mark.
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