Zomato‘s market capitalisation has surpassed several Nifty 50 companies as investors appeared bullish after the firm increased its platform fee.

What Happened: Shares of the food delivery giant raced on Monday to touch a record high of ₹232 after it increased the platform fee by 20% to ₹6 in key markets like Bengaluru and Delhi. The stock has shot up nearly 9% in the last five trading sessions. Year to date, the company’s shares have surged almost 83%.

With this, the company has joined the elite group of companies boasting a market capitalisation of ₹2 lakh crore. Zomato's market value has exceeded that of Tech Mahindra, SBI Life Insurance and LTIMindtree in the Nifty 50 index.

Here’s a list of the companies that are now valued lower than the food delivery giant:

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Both Zomato and Swiggy hiked their platform in a bid to improve their profit margins. The companies began charging the fees last year with ₹2 initially in a bid to offset the decrease in delivery fees with their loyalty programme.

Last week, Zomato’s shares surged to a record after global brokerage firm UBS maintained its bullish stance on the food delivery giant. UBS maintained its "buy" rating on the stock and increased the target price to ₹260 from ₹250. 

Price Action: Shares of Zomato were up 2.45% at ₹227.94 on Monday morning.

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