The foodtech behemoth Zomato has made history by becoming the first Indian startup to be listed on the Bombay Stock Exchange (BSE) Sensex 30, which is a benchmark index of the top 30 Indian firms. JSW Steel Limited was replaced by Zomato.

Zomato's impressive performance over the past 12 months led to its placement in the SENSEX. Over the last six months, the stock has increased by 38%, and thus far this year, it has increased by 124.79% and 114.29%. Zomato's shares fell 3.15% to Rs 278.70 on the Bombay Shares Exchange on Monday after being included in the Sensex 30. The company's total market valuation was Rs 2.68 lakh crore, or around $31.9 billion.

Zomato's operating revenue increased by an astounding 68.5% from the second quarter of the current fiscal year to the second quarter of FY24, from Rs 2,848 crore to Rs 4,799 crore. In the quarter that ended in September, the Gurugram-based company's net profit increased by 4.8 times to Rs 176 crore.

During the second quarter of the current fiscal year, its fiercest rival Swiggy reported revenue of Rs 3,601 crore and a net loss of Rs 625 crore. The newly listed company's market value is Rs 1,32,695 crore, or approximately USD 15.8 billion, and its shares are now trading at Rs 592.8 each.

Last month, Zomato also obtained $1 billion from QIIs, or qualified institutional investors. Even if the BSE Sensex is still a smaller reflection of India's investment potential than, example, the 50-share NSE Nifty, the money keeps the company with enough powder for future investments, even as the stock will profit from index investing now.

The inclusion of Zomato in the index is a huge endorsement of its ostensibly high-risk strategy, in which the company has consistently pushed the envelope in an effort to gain a competitive advantage. The company has done enough to meet the high expectations and valuations of investors thus far, whether it is through the acquisition of Blinkit, innovative communication tactics, or investments in other firms. The recent fundraise also demonstrated its willingness to invest heavily where it perceives a need to do so. The Sensex inclusion appears to be a sensible move for the pioneering IT giant, and the big issue on everyone's mind will undoubtedly be what comes next.