Zomato successfully raised $1 billion through a qualified institutional placement, marking its first major fundraise since its 2021 IPO, amidst strong market competition.
The food delivery giant issued approximately 336.5 million shares at ₹252.62 each, attracting significant investments from top domestic mutual funds, aiming to maintain competitive parity.
Co-founder and CEO Deepinder Goyal stated that the additional funds are aimed at sustaining competitive parity in India's quick-commerce market, which continues to grow.
The timing of this capital raise follows Swiggy's $1.35 billion IPO, highlighting a proactive strategy amidst increasing pressure from well-capitalized competitors like Swiggy and Zepto.
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