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Zomato raises $1B in first major fundraise since 2021 listing
Zomato has raised $1 billion through a so-called qualified institutional placement, completing its first major fundraise since its 2021 IPO. The $30 Weeks following rival Swiggy's listing, Zomato has raised $1 billion in its first major fundraise since its 2021 IPO.
The $30 billion food delivery and quick-commerce giant, which leads both of those categories, issued approximately 336.5 million shares at ₹252.62 each ($3), according to a stock exchange filing on Friday. Zomato co-founder and CEO Deepinder Goyal said last month that the firm, which already had $1.3 billion in cash reserves, was seeking the additional funds to maintain competitive parity. The company, which recently reported its second consecutive quarterly profit, leads India’s quick-commerce market through Blinkit, competing against well-funded rivals like Swiggy, Zepto, and BigBasket in a sector projected to generate over $6.5 billion in annual run-rate revenues.
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