Zomato QIP: Rs 8500 Crore Fundraise Complete - Check Floor Price, Investors, Future Plans

Food and grocery delivery giant Zomato has announced that it will raise Rs 8,500 crore via Qualified Institutional Placement (QIP), via an exchange filing. The Issue opened on November 25, 2024, and closed on November 28, 2024.

“The Fund Raising Committee of the Board of directors of the Company (the “Committee”) has at its meeting held today i.e. November 29, 2024, approved the issue and allotment.” Zomato said in a filing.

Zomato QIP: What Is The Share Price?

The food delivery player has approved allotment of over 33 crore shares, at an issue price of Rs 252.62 per equity share. The price includes a discount of ₹13.29 per share, which is 5 per cent of the floor price of ₹265.91.

Zomato QIP: Who Have The Shares Been Allotted To?

The maximum shareholding belongs to various funds of Motilal Oswal, followed by different funds of ICICI Prudential, and different funds of HDFC. Kotak and its subsidiaries remain the smallest shareholder. They have all been allocated more than five per cent of the equity shares offered in the issue.  The fundraise will bring about a change in its cap table, giving ownership to domestic investors.

Zomato Fundraise: What Will The Funding Get Used For?

The proceeds are expected to be used to expand its quick commerce arm, Blinkit , at a time when the sector is witnessing a surge in demand, with rivals Swiggy and Zepto simultaneously bulking up their cash reserves to stay in the competition.

Not The Only One: Zomato, Competitors Seek More Funding

Zomato's rival Swiggy has raised over 5000 crores via an IPO in November 2024. Another competitor, Zepto bagged a funding of Rs 3000 crore from Motilal Oswal.

Zomato has raised multiple rounds in funding, the first one being $1 Million 2010 from Edge Ventures.

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