Zomato’s Remarkable Comeback: From IPO Crash to ₹3 Lakh Crore Market Cap

Zomato’s stock, once a symbol of post-IPO struggles, has transformed into a major market success, rebounding from a nearly 70% crash in July 2022. The company’s market capitalization briefly exceeded ₹3.26 lakh crore by September 2025, trading around ₹300–₹302 per share as of late July 2026.

The journey began with immense investor enthusiasm in July 2021, when Zomato’s IPO listed at a significant premium, pushing its market capitalization beyond ₹1 lakh crore. However, global market shifts and rising interest rates led to a sharp correction, culminating in a drop below ₹45 per share following the pre-IPO shareholder lock-in expiry in July 2022.

Key Milestones & Figures

• IPO Listing: July 2021
• Initial Peak Market Cap: Over ₹1 lakh crore
• Stock Drop: Nearly 70% from post-listing highs
• Low Point: Below ₹45 per share (July 2022)

Initial investor skepticism surrounded Zomato’s acquisition of Blinkit, an all-stock deal valued at approximately ₹4,447 crore, given both entities were loss-making. Despite this, Zomato’s management strategically pivoted towards ‘profitable growth’, focusing on delivery efficiency and strengthening customer retention.

This strategic shift involved expanding contribution margins and scaling its B2B restaurant supply business, Hyperpure. These efforts significantly reduced cash burn and led to consistent profitability within the food delivery segment.

Blinkit’s Unexpected Growth Engine

Blinkit emerged as a primary growth driver, defying initial concerns and benefiting from explosive quick commerce adoption. The segment’s expansion, improved order values, and stronger unit economics positioned it as one of the group’s fastest-growing businesses.

The pivotal moment arrived in FY24, with Zomato reporting its first full year of consolidated profitability, fundamentally altering the investment narrative. This turnaround paved the way for its inclusion in the Nifty 50 in 2025, replacing JSW Steel.

Financial Performance Highlights

• FY23 Group Revenue: Approximately ₹7,079 crore
• FY26 Group Revenue: Approximately ₹67,408 crore
• Q4 FY26 Net Profit: ₹174 crore (346% year-on-year increase)
• Market Cap (September 2025): Briefly surpassed ₹3.26 lakh crore

By late July 2026, Zomato traded around ₹300–₹302 per share, with a market capitalization between ₹2.9–₹3.0 lakh crore. The company now stands as a diversified consumer internet platform, encompassing food delivery, quick commerce, dining and events via District, and B2B restaurant supply through Hyperpure.

Zomato’s trajectory underscores the market’s capacity to reassess businesses, rewarding disciplined execution and a clear path to profitability, even through an initially uneven journey. This demonstrates a significant shift in investor perception driven by tangible results.