Zomato To Seek Board Approval To Raise INR 8,500 Cr

Zomato’s board is set to review and approve a proposal to raise INR 8,500 crore (approximately $1 billion) through a qualified institutional placement (QIP) at its meeting on October 22, 2024. This would be the company’s first fundraising since its initial public offering (IPO) in 2021. The funds are intended to support Zomato’s expansion plans, including investments in its quick-commerce unit, Blinkit. The company may also seek approval from the Reserve Bank of India (RBI) to limit foreign institutional investors’ shareholding to 49%. This strategic move aims to enhance Zomato’s financial stability and growth prospects4.