Indian food delivery app Zomato has raised $1 billion from institutional investors, completing its first major fundraise since its 2021 IPO. The food Weeks following rival Swiggy's listing, Zomato has raised $1 billion in its first major fundraise since its 2021 IPO.

Food delivery giant Zomato raises Rs 8,500 crore through a Qualified Institutional Placement issue to fund its expansion plans. The fundraiser saw significant participation from domestic mutual fund houses,

Zomato raises ₹8,500 crore through QIP, shares trading at ₹280.95; funds to boost growth, technology, and acquisitions.

Zomato raised Rs 8,500 crore through QIP by issuing and allotting 33 crore equity shares at an issue price of Rs 252.62 per share. The company's board approved this fundraising initiative, which was announced last month.

The company's board, in a meeting held on November 29, approved the issue and allotment of 336,473,755 equity shares at an issue price of Rs 252.62 per share

The company opened its Qualified Institutional Placement (QIP) issue on November 25, which closed on Thursday.

Food delivery aggregator Zomato has raised Rs 8,500 crore by selling equity shares to qualified institutional investors, mainly domestic mutual fund houses, to fund its expansion and growth plans

Zomato believes it needs to enhance its cash balance given the competitive landscape, with rivals Swiggy and Zepto gearing up to stay in the competition.