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Zomato raises $1B from domestic mutual funds through QIP

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Zomato raises $1B from domestic mutual funds through QIP

Indian food delivery platform, Zomato, has secured $1 billion through qualified institutional placement (QIP), its first major fundraising since its IPO in 2021. The company has allotted around 21% of the QIP to various divisions of Motilal Oswal's mutual funds. This move is expected to shift ownership towards domestic investors and comes as Zomato faces competition in the quick commerce sector from players like Amazon and Flipkart. Meanwhile, Zomato's competitor, Zepto, has raised $1.35 billion in the last six months. The latest funding round of $350 million was led by Motilal Oswal's Private Wealth division.

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