HSBC Global Research has pegged the valuation of food-tech startup Zomato at $3.6 billion, higher than rival Swiggy's $3.3-billion valuation. The valuation is around 70% higher than Zomato's previous one. Notably, HSBC had earlier marked down Zomato's valuation at $500 million in May 2016 over concerns surrounding its business model, growing competition and money-losing international operations.