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India’s Zomato to raise $1B ahead of rival Swiggy’s IPO
Zomato said on Tuesday its board had approved the company's proposal to raise $1 billion through a so-called qualified institutions placement, its first
Zomato said on Tuesday its board had approved the company’s proposal to raise $1 billion through a so-called qualified institutions placement, its first major fundraise since its IPO in 2021. “Based on our industry interactions, vendors’ take-rate is around 2% of GOV to compensate for running the operations & earning return on investments (working capital). In a shareholder letter, Zomato co-founder and chief executive Deepinder Goyal said the firm needs additional capital “given the competitive landscape and the much larger scale of our business today.”
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