HSBC Global Research puts food delivery firm Zomato's valuation at $5 bn

Covid-19 has accelerated its path to profitability owing to lower discounts said HSBC Global Research in a report

HSBC Global Research has valued food delivery firm Zomato at $5 billion, a major increase from its earlier valuation of $3.5 billion.

“We now value Zomato at $5.0 billion ($3.5 billion earlier), as Covid-19 has accelerated its path to profitability owing to lower discounts (and higher average order values),” said HSBC Global Research in a report analysing Info Edge (IE), which is an existing shareholder in Zomato.

Among all the potential positive triggers for the  IE’s share, the report said, Zomato is the most critical. It said other companies such as Naukri and Policybazaar are great assets for IE, but