Zomato plans to file a draft red herring prospectus (DRHP) for an initial public offering (IPO) in April. The food delivery start-up plans to raise about $650 million through the IPO, said a Bloomberg report, quoting people familiar with the matter.

Zomato, backed by Jack Ma’s Ant Group, may complete the listing in Mumbai before the end of September 2021. The report also stated that a Zomato representative didn’t respond to requests for comment. However, according to the report, talks are on and details such as the IPO size and timeline could change.

The foodtech unicorn was founded in 2008, and employs over 5,000 people across the country. Recently, it raised $250 million from investors, which valued the company at $5.4 billion, according to an exchange filing in February.

So far in 2021, many companies, including Indian Railway Finance Corporation, have launched their IPOs, and have been listed on the stock markets. Some of these stocks — MTAR Technologies, Indigo Paints, Nureca and Heranba Industries — opened at a price higher than the issue price. While MTAR Technologies made its debut with an 84-percent premium over its issue price of Rs 575, Indigo Paints listed at a 75 percent premium over its issue price of Rs 1,490.

Last year, the pandemic and lockdown led to a surge in online spending, bolstering the fortunes of e-commerce firms, foodtech and edtech companies.

Beauty and wellness start-up Nykaa too plans to list the company in the stock exchange by the end of this year or early 2022 and at a valuation of $3 billion.

Bengaluru-based online retailer Flipkart too has been weighing a US IPO, and its advisers are said to have approached several Special Purpose Acquisition Companies

A February 2021 report by HSBC Global Research said that over $60 billion has been invested in various start-ups in India over the past five years. Of this, $12 billion was invested in 2020 alone, stated a report in Mint.