HSBC slashes Zomato’s valuation by 50%
HSBC's brokerage arm on Monday slashed Zomato's valuation from $1 billion to $500 million. HSBC cited concerns surrounding Zomato’s advertisement-heavy business model, growing competition in the food ordering space and money-losing international operations for the lower valuation. However, Zomato and its largest shareholder Info Edge disagreed, saying that it will become profitable “very soon”.