Food delivery major Zomato on Friday announced that it had raised â¹8,500 crore ($1 billion) through a qualified institution placement (QIP) in its first major fundraise since public listing in July 2021.
The company's Board, in a meeting held on November 29, approved the issue and allotment of 336,473,755 equity shares at an issue price of â¹252.62 per share.
The fundraise is aimed at strengthening Zomato's balance sheet and fuelling its expansion plans, as competition is heating up in the quick commerce and food delivery space. As much as â¹2,137 crore will be used to expand Blinkit's network of dark stores and warehouses.
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Loser takes all
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