Back
Applyly
Hey I am on Medial • 8m
Zomato Raises Rs 8.5k Crore in QIP By Applyly November 30, 2024 Zomato Raises Rs 8.5k Crore The food delivery giant Zomato is doing wonders on social media. The startup is in news nearly every week. The startup has successfully raised Rs. 8.5k crore through Qualified Institutional Placement(QIP). This initiative is a major success since it’s Initial Public offering (IPO) in 2021. The startup issued 33.65 crore shares at a price of Rs 252.62 per share. This represents a 5% discount from the floor price. The QIP was opened on November 25th and closed on November 28th, 2024. This saw a significant interest from domestic mutual funds. This heavy amount will help Zomato to strengthen the balance sheet and will also help in expansion plans. The startup can also use this amount to improve the quick commerce and food delivery sectors. A substantial portion of the proceeds, Rs 2,137 crore, has been earmarked for the expansion of Blinkit. This investment will focus on enhancing dark store operations, warehouses, and supply chain infrastructure. To add on, the investment is going to effectively cater to the increasing demand for hyperlocal deliveries.
More like this
Recommendations from Medial
Anonymous
Hey I am on Medial • 12m
Deepinder Goyal-led Zomato's revenue rose 74% year-on-year to Rs 4,206 crore in Q1FY25. Meanwhile, the company's net profit jumped to Rs 253 crore. During the same quarter last year, Zomato posted a net profit of Rs 2 crore and a revenue of Rs 2,
See More
Download the medial app to read full posts, comements and news.