From Zomato IPO to Flipkart funding, India’s tech moment arrives

Bengaluru: Last week marked a watershed for technology startups in India, as a record bout of fundraising shifted attention to the world’s second-most populous market, just as investors were becoming spooked by a crackdown on internet companies in China.

Food-delivery app Zomato Ltd. became the nation’s first unicorn to launch an initial public offering (IPO), raising $1.3 billion with backing from Morgan Stanley, Tiger Global and Fidelity Investments. The parent of digital payments startup Paytm filed a draft prospectus for what could be India’s biggest IPO at $2.2 billion, while retailer Flipkart Online Services Pvt. raised $3.6 billion at a $38 billion valuation, a record funding round for an Indian startup.