Zomato planning to file $650 million IPO next month

Zomato Pvt, an Indian food delivery startup backed by Jack Ma’s Ant Group, is planning to file the draft prospectus by April for its initial public offering that could raise about $650 million, according to people familiar with the matter.

The company could complete the listing in Mumbai before the end of September, the people said, asking not to be identified as the information is private.

Deliberations are ongoing and details of the offering such as size and timeline could change, the people said. A representative for Zomato didn’t immediately respond to requests for comment.

Founded in 2008 in Delhi, the company employs more than 5,000 people, according to its website. Zomato recently raised $250 million from investors including Kora Management and Fidelity Management & Research Co.