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Zomato to raise Rs 8,500 crore via QIP to fight quick commerce competition
Economic Times
·
9m ago
Medial
Food delivery firm Zomato plans to raise Rs 8,500 crore through a qualified institutional placement. The company aims to enhance its cash position in response to the competitive landscape and the increasing scale of its business. Zomato's rival Swiggy is also preparing for a $1.25 billion IPO, while Zepto, a competitor in the quick commerce space, has recently raised over $1 billion. Zomato's acquisition of Paytm's events and ticketing business for Rs 2,014 crore in August has reduced its cash balance to Rs 10,813 crore.
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Zomato shareholders approve Rs 8,500 crore QIP plan as quick commerce competition heats up
Economic Times
·
8m ago
Medial
Zomato shareholders have approved the company's plan to raise Rs 8,500 crore through a qualified institutional placement (QIP). The overwhelming majority of shareholders voted in favor of the resolution, signaling their support for the company's strategy to raise fresh capital. Zomato's decision comes as the quick commerce industry becomes more competitive and attracts significant investments. The food and grocery delivery firm based in Gurgaon aims to secure additional funds to stay ahead of the competition and further fuel its growth.
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Zomato invests Rs 500 Cr in Blinkit
Entrackr
·
6m ago
Medial
Food tech giant Zomato has invested Rs 500 crore (nearly $60 million) in its quick commerce subsidiary, Blinkit, bringing its total investment in the quick commerce segment to Rs 2,800 crore since the acquisition. The board has Blinkit has passed a resolution to issue 2,537 equity shares at an issue price of Rs 19,70,181 each to raise Rs 500 crore, its regulatory filing accessed from the Registrar of Companies shows. The capital injection into Blinkit comes just two months after Zomato raised Rs 8,500 crore through a Qualified Institutions Placement (QIP). The primary objective of that fundraising was to strengthen Zomato's financial position, enabling business expansion and strategic initiatives, particularly in the quick commerce segment through Blinkit. This marks Zomato's second capital infusion in Blinkit within seven months. In June 2024, it invested Rs 300 crore ($36 million) into the Albinder Dhindsa-led company. Blinkit, formerly known as Grofers, was acquired by the food delivery giant in an all-stock deal valued at Rs 4,477 crore ($568 million).
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Blinkit expansion comes with steep costs for Zomato, hurts bottom line
YourStory
·
9m ago
Medial
Zomato's quick commerce arm, Blinkit, experienced significant growth, with the addition of 152 stores and seven warehouses. Despite expenses associated with expanding infrastructure, Blinkit's gross orders value doubled to Rs 6,132 crore. Zomato's overall profit decreased to Rs 176 crore, as total expenses rose due to higher inventory costs. The company plans to raise up to Rs 8,500 crore through qualified institutional placements and highlighted the need for a larger cash balance in the competitive landscape. Zomato is also launching the District app, focusing on cross-integration with its quick commerce and food delivery segments.
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Zomato To Launch INR 8,500 Cr QIP In December
Inc42
·
8m ago
Medial
Food delivery company Zomato has chosen Morgan Stanley as its investment bank for its qualified institutional placement (QIP) fundraising. It may also bring on board one or two more investment banks for the same purpose. Zomato recently received board approval to raise up to INR 8,500 Cr (approximately $1 billion) through the QIP.
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Blinkit appoints former Flipkart executive Vipin Kapooria as CFO
Economic Times
·
7m ago
Medial
Blinkit, the quick-commerce platform owned by Zomato, has appointed Vipin Kapooria as its new CFO. Kapooria previously worked at Flipkart as the vice president in charge of business finance for mobiles, electronics, and large appliances. Zomato raised Rs 8,500 crore through a qualified institutional placement recently and intends to use a significant portion for expanding quick-commerce operations. Kapooria will work closely with Blinkit CEO Albinder Dhindsa and Zomato CFO Akshant Goyal. Blinkit aims to have 1,000 dark stores by April 2025 and 2,000 by December 2026.
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Quick commerce’s burning brighter as players add more fuel
Economic Times
·
9m ago
Medial
Zomato's decision to raise fresh funds through a qualified institutional placement (QIP) has sparked concerns in the quick commerce sector. Some believe it's an attempt to divert attention from rival Swiggy's upcoming IPO, while others worry about the potential increase in cash burn and negative impact on unit economics. The quick commerce market is becoming increasingly competitive, with players like Zomato's Blinkit, Swiggy's Instamart, and Zepto diversifying into new categories. Zomato aims to raise $400-500 million through the QIP, potentially affecting Swiggy's IPO pricing. However, Zomato's strong track record and profitability may attract more interest in its fundraise.
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Zomato doubles down on investment in Blinkit with a Rs 1,500 Cr bet
YourStory
·
5m ago
Medial
Zomato has invested Rs 1,500 crore in its quick commerce arm Blinkit to counter fierce competition and expand rapidly. This move follows Swiggy’s plan to invest up to Rs 1,000 crore in Scootsy Logistics for similar goals. Both companies aim to strengthen their quick commerce market position amidst intense competition and market entries by major players like Amazon and Flipkart. Zomato's recent $1 billion fundraise marks its first significant funding round post-IPO.
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Zomato secures Rs 8,500 Cr via QIP
Entrackr
·
7m ago
Medial
Zomato Limited announced on Friday that it has raised Rs 8,500 crore through a Qualified Institutions Placement (QIP) of equity shares. Last week, the foodtech firm received shareholders’ approval for the fundraise. The issuance involved 33,64,73,755 equity shares at Rs 252.62 each, including a premium of Rs 251.62 per share. This issuance price represents a 5% discount on the determined floor price of Rs 265.91 per share, the company informed in its stock exchange filings. This capital infusion is expected to bolster Zomato's financial position, facilitating business expansion and strategic initiatives, especially in the quick commerce space via Blinkit. The offering, which opened on November 25 and closed on November 28, received approval from Zomato’s Fund Raising Committee during its meeting held earlier today. Prominent mutual funds, such as ICICI Prudential and Motilal Oswal, were among the significant allottees, with the latter acquiring a total of 6.92 crore shares, accounting for 20.81% of the issue size. After the transaction, Zomato’s paid-up equity share capital has risen to Rs 917.28 crore. For the fiscal year ending in, Zomato achieved a remarkable 68.5% quarter-on-quarter growth in operating revenue, reaching Rs 4,799 crore in Q2 FY25 from Rs 2,848 crore in Q2 FY24. The company also recorded a 4.8x increase in net profit to Rs 176 crore in the September quarter. A recent report by Motilal Oswal highlights that Blinkit, owned by Zomato, dominates the quick commerce market with a 46% share. Zepto holds the second position with a 29% share, while Swiggy Instamart follows in third place with a 25% market share. Compared to the closing price of last Friday (November 22), Zomato saw a 6.8% rise to Rs 282 per share at 11:30 AM on November 29, 2024. The company’s market cap currently stands at around Rs 2,35,481 crore or $28 billion, while its closest rival, Swiggy, is trading at Rs 470 per share with a market cap of Rs 90,712 crore or $10.7 billion.
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Zomato to infuse Rs 300 crore in quick commerce unit Blinkit as battle intensifies with Swiggy, Zepto
Economic Times
·
1y ago
Medial
Zomato is set to invest Rs 300 crore in its quick commerce business Blinkit, bringing the total investment to Rs 2,300 crore since the acquisition in August 2022. The company will also invest Rs 100 crore in Zomato Entertainment Pvt Ltd, its subsidiary running live events and ticketing businesses. This investment comes as the competition in the quick commerce space intensifies, with rivals such as Swiggy Instamart and Zepto. Blinkit reported revenues of Rs 2,302 crore in fiscal 2024 and plans to expand its dark store count to 1,000. Blinkit's contribution to Zomato's market value has surpassed that of its food delivery business.
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Bajaj Finserv-owned Bajaj Finance raises Rs 10,000 crore via QIP, preferential issue
IndianStartupNews
·
1y ago
Medial
Bajaj Finance, a subsidiary of Bajaj Finserv, plans to raise Rs 10,000 crore through a combination of Qualified Institutions Placement (QIP) and Preferential Issue (PI). The company will raise up to Rs 8,800 crore through equity shares via QIP and an additional Rs 1,200 crore through a preferential issue of warrants. The funds will be used for business expansion and to strengthen the company's capital base. After the preferential issue, Bajaj Finserv's holding in Bajaj Finance will increase to 52.57%.
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