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Profits Growing Beyond Expectations

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Profits Growing Beyond Expectations IPO Note Zomato Ltd rd 13 July, 2021 Technology Platform/ Application Summary of the Issue Highlights Issue highlights Zomato Limited (Zomato) was incorporated on January 18, 2010, as “DC Foodiebay Online Services Pvt. Ltd.” It is one of the leading Food Services Platforms in India in terms of the value of Issue size: Rs 9,350 Cr food sold, as of March 31, 2021, with 32.1 Mn average MAU visiting the platform in India during No. of shares in Cr: 130.20 – 123.3 shares FY21. As of March 31, 2021, the company has a presence in 525 Indian cities with 389,932 Active Face Value: Rs 1/- Restaurant Listings. Its mobile application is the most downloaded food and drinks application (iOS App Store and Google Play combined) in India in each of the last 3 fiscal years. Issue summary Price band: Rs 72– Rs.76 Key highlights Bid Lot: 195 and in the multiples thereafter Strong network effects driven by unique content and transaction flywheels Issue opens: July 14th, 2021 The end-to-end Food Services approach makes Zomato the most unique Food Services platform Issue closes: July 16th, 2021 globally combining the offerings of platforms such as Yelp, DoorDash, and OpenTable in a single Lead Managers: Kotak Mahindra, Morgan Stanley mobile app. Restaurant listings on the platform include a host of data points called Structured India, BOFA Securities, Content such as photos of the menu and premises, address and GPS coordinates, phone Registrar: Link Intime India Pvt. Ltd. number, website, social media presence, cuisine, opening timings, average meal cost, free Shareholding (%) parking availability, seating, and Wi-Fi availability, and live entertainment, among others. Pre-Issue Post-Issue Widespread and efficient on-demand hyper-local delivery network Promoters 0% 0.00% Public 96% 96.43% Zomato operates one of India’s largest hyperlocal delivery networks. In FY21, its delivery partners No promoter & fulfilled 94.1% of the orders delivered. Food delivery is highly complex with food being a highly 4% 3.53% Non Public perishable commodity requiring careful handling while maintaining high levels of hygiene and real- Total 100.0% 100.0% time on-demand service. The company’s precise and real-time demand forecasting, fleet optimization, and intelligent dispatch technology enable it to optimize matching orders and Pre Post delivery partners using machine learning. This gives the company a competitive edge in the issue issue# market. No. of shares (in Cr) 666.09 791.09 EPS 5.8 4.9 Strong consumer brand recognized across the length and breadth of India # - Lower Price Band/ Upper Price Band Zomato enjoys a strong brand name and a brand recall across both large and small Indian cities. Its offerings include both food delivery and dining-out, enabling the company to capture the mind- Issue break-up share of consumers for ‘non-home cooked food’. Its brand has become synonymous with food. Its Shares % of Rs Category delivery partners carry Zomato branded gear including t-shirts, jackets, bags, and boxes, further (in cr ) issue In Cr QIB 97.16 75 6994 enhancing Zomato’s brand awareness on the streets. Non-Institutional 19.433 15 1399 Financial Summary Retail 12.955 10 933 Lower Price Band/ Upper Price Band (Rs Cr) FY19 FY20 FY21 Amount (Rs. Purpose Equity Share Capital 0.03 0.03 0.03 Cr) Repayment and prement of certain Reserves & Surplus 7,643 457 2,356 36.5 borrowings 8,096 2,083 2,597 Net Worth Acquisition and other strategic 83 initiatives Purchase of office premices in 1993.26 2604.9 1312.69 65 Net Sales Mumbai EBITDA -467 -2,304 -2,231 General Corporate Purposes [.] -23% -88% -170% EBITDA Margin (%) Issue Details Net Profit -816.43 -2385.6 -1010.51 The Offer Amount No of Shares Net Profit Margin(%) -41% -92% -77% Fresh Issue Rs. 9000 Cr Upto 125 crs. NAV 15.09 4.77 6.92 OFS Source: RHP; Axis Securities Infoedge Rs. 375 Crs Upto 5.20 Crs Omkar Tanksale Research Analyst Call: (022) 4267 1759, 9819327371 email: [email protected] 1 Objects of the issue Objective Objective Amount (Rs Cr) Funding organic and inorganic growth initiatives 6,750 General and corporate purpose - Total 6,750 Source: RHP Business Overview Zomato Limited (Zomato) is one of the leading Food Services platforms in India in terms of the value of food sold with 32.1 Mn average MAU visiting the platform during FY21. As of March 31, 2021, it has a presence in 525 cities with 389,932 Active Restaurant Listings. Its mobile application is the most downloaded food and drinks application in India in each of the last 3 fiscal years (iOS App Store and Google Play combined). The company’s technology platform connects customers, restaurant partners, and delivery partners, serving their multiple needs. The platform provides services such as enabling customers to search and discover restaurants, read and write reviews, view and upload photos, order food delivery, book a table, and make payments while dining out at restaurants. On the other hand, it provides restaurant partners with industry-specific marketing tools which enable them to engage and acquire customers to grow their business while also getting a reliable and efficient last-mile delivery service. It also operates a one-stop procurement solution, Hyperpure, which supplies high-quality ingredients and kitchen products to restaurant partners. Zomato also provides delivery partners with transparent and flexible earning opportunities. Zomato has a footprint across 23 countries outside India as of March 31, 2021. It has taken a conscious strategic call to focus only on the Indian market going forward. Given the large market opportunity in India, a focused Zomato will enhance the value for all its stakeholders. Platform Offerings The company’s business is built around the core idea of the Indians eating restaurant food more than cooking at home over time. To capture value out of this customer behaviour shift, it has two core business-to-customer (B2C) offerings: • Food delivery and • Dining-out, • Hyperpure Zomato Pro: Another important part of its business is Zomato Pro - a customer loyalty program, encompassing both food delivery and dining-out. B2C, as well as B2B offerings, help increase the value of the platform for customers enabling it to further attract new customers and to deepen engagement with existing customers. Each of the offerings also helps improve the Assortment, Affordability, Accessibility, and Quality (“AAAQ”) of restaurant food for customers thereby helping grow the restaurant industry. Food delivery: Zomato has consistently gained market share over the last 4 years to become the category leader in the food delivery space in India in terms of Gross Order Value (“GOV”). The company generates a majority of its revenue from food delivery and the related commissions charged to the restaurant partners for using the platform as well as earns advertising income for marketing various restaurant partners. For additional information & risk factors please refer to the Red Herring Prospectus 2 3 key stakeholders in the food delivery business Customers: Food delivery allows customers a convenient and on-demand solution to search and discover local restaurants, order food, and have it delivered reliably and quickly. On average, 6.8 Mn Indian customers have ordered food monthly on its platform in FY21 with an average monthly frequency of over 3 times. In FY21, 99.3% of its food delivery orders came through Zomato's mobile application. Delivery partners: Zomato has one of India’s largest hyperlocal delivery networks in terms of a number of delivery partners. As of Mar’21, it has 169,802 Active Delivery Partners and In FY21, its delivery partners fulfilled 94.1% of the Orders delivered. The company’s delivery network collected food from its restaurant partners and delivered it to customers with a median delivery time of less than 30 minutes (delivery time calculated from the time the order is placed on their mobile application to the time the order is delivered to the customer). Restaurant partners: Zomat has 148,384 Active Food Delivery Restaurants on the platform as of Mar’21. Restaurant partner economics: Zomato charges pre-defined commissions to its restaurant partner and remits to the restaurant partner a net amount equal to the cost of food ordered and packaging charges less the commission and any restaurant-funded discounts. Separately, the restaurant partner may pay for any food delivery-related advertisement on the platform. Delivery partner economics: Zomato remits 100% of the tips and delivery charges provided by the customer to the delivery partner (pass- through). Incrementally, it also pays the delivery partner an additional fee. Zomato economics: Zomato retains the commission net of any Zomato funded discounts. Additionally, it also earns food delivery-related advertisement sales revenue from its restaurant partners. Dining Out Customers use their dining-out offerings to search and discover restaurants, read and write customer-generated reviews and view and upload photos, book a table and make payments while dining out at restaurants. Zomato is a preferred destination for dining-out search and restaurant discovery in India. As of March 31, 2021, Zomato has 389,932 Active Restaurant Listings on its platform and in FY21, 61.8 Mn units of CGC were generated on the platform compared to 157 Mn in FY20. In India, it is the largest food-focused restaurant listing and reviews platform in terms of a customer base as of March 31, 2021. It is also the largest online table reservations platform in India with 3.3 Mn covers booked through its platform in FY21. In FY20, 12.2 Mn Covers were booked through their platform. Zomato currently monetizes its dining-out offering through advertisement sales through which restaurant partners pay for enhanced visibility on its platform.
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