In the run-up to food-tech major Zomato's listing last year, the stock market was on an upswing. And the excitement surrounding this initial public offering (IPO) - the first born out of India's start-up boom was at fever pitch. So, it's not surprising that Zomato was “almost cocky” in its investor roadshows, according to a senior executive with a large mutual-fund house. “(Their) ESG efforts were mentioned in passing.” Zomato's management and venture-capital investors were vindicated when its shares almost doubled on day one. The stock scaled greater heights in the following months. But it's a whole other story now: Zomato is trading below its issue price. There are big questions over when it will be able to turn a profit in its food-delivery and e-grocery businesses. So, you can't blame Zomato for laying it on thick with its ESG - environmental, social, governance - narrative. Especially when it comes to its plastic-recycling goals. Earlier this year, the company said it would “voluntarily” recycle more than 100% of the plastic its restaurants used. This means recycling 20,000 tonnes of plastic a year, according to its own estimate. And Zomato still doesn't have a ‘net zero’ target. No wonder, then, Zomato's sustainability pitch is finding few takers among Indian ESG funds
